There are many different ways to conduct a residential real estate transaction. Some buyers work with a real estate agent who searches for properties, arranges tours and helps with the necessary documents for the transaction. Other times, buyers do not work with an agent but instead try to handle the whole process on their own.
Additionally, many people decide to partner with real estate attorneys as well or instead of agents. The following are just a few of the benefits that people may derive from hiring a lawyer to assist when they want to purchase real property.
Protective real estate documents
Boilerplate paperwork is efficient but not necessarily as protective as buyers might hope. The best contracts are usually documents custom-created for a specific situation, such as one of the largest transactions a buyer may ever complete.
Having a lawyer assist with a residential real estate transaction means being able to present a custom offer instead of just choosing options on basic documents. Buyers can include useful contingencies that protect their earnest money or terms that reduce the risk of a seller failing to leave before their possession date. A lawyer’s assistance in creating custom documents can make a big difference during a real estate transaction.
Thorough title investigations
Title history research is crucial for a buyer’s protection during a real estate transaction. What a seller offers is technically their ownership interest in the property. It is necessary to validate that the individual listing the property is the only one with leadership interests. Issues including unresolved liens or other parties with a potential interest in the property could lead to claims against the buyer’s home in the future. Massive title companies often rush through the research process and could overlook blemishes that an attorney conducting an in-depth title examination might locate.
Support for pre-closing challenges
A residential real estate transaction is not done when a seller accepts a buyer’s offer. There are still inspections, appraisals and financing issues to address. Issues can arise between submitting the offer and reaching the closing table.
It can be very difficult for a buyer anticipating a move in a matter of weeks to properly navigate issues related to their pending real estate transaction. An attorney familiar with real estate laws and the transaction is in the best possible position to negotiate on behalf of a buyer. Whether the appraisal comes in lower than expected or the inspection shows worrying property defects, a lawyer could help overcome those challenges so that the transaction can move forward.
Those who have the right support may incur less at risk during a residential real estate transaction. Working with an attorney instead of, or in addition to a real estate agent, can be a smart decision for those navigating the real estate market.