For many adults, buying a home is the single biggest financial transaction of their lives. They commit years of their income to acquiring a single asset. Despite how important a home purchase can be for a buyer’s financial future, they may try to handle the process on their own.
Even those who recognize that they need professional support may only hire a real estate agent instead of securing the guidance of an attorney. Real estate lawyers provide additional support and guidance beyond what a real estate agent can offer.
There is so much at risk during a real estate transaction that having the most support possible is often the best option for a buyer. What types of support do real estate lawyers offer?
Due diligence and title search support
Real estate sellers have an obligation to disclose property defects in writing. Every real estate transaction involves disclosure paperwork, but the details on those documents may not be comprehensive. Similarly, a title search is typically mandatory when people have financed transactions, but not all title companies perform adequate research before issuing policies. Partnering with an attorney can facilitate the research and due diligence stages of the home-buying process. A lawyer can help review the ownership records and other key information to protect the buyer from unfavorable transactions.
Creation of custom paperwork
Many real estate agents reuse the same basic documents for every transaction. They have a template that they plug a few details into when making an offer on behalf of their clients. Those documents may not provide adequate protection for the buyer. A lawyer can draw up customized offer documents expanding on a buyer’s needs and limiting their exposure. An attorney can help a buyer select the right contingencies to include in their offer. An attorney can also help a buyer if they have to arrange for a post-closing occupancy agreement because the seller cannot vacate the property immediately. Custom documents offer substantially more protection than the basic paperwork often used by agents.
Support in the event of a dispute
Occasionally, issues arise during real estate transactions. The seller could damage the property as they exit or might fail to leave the property at the agreed-upon date. In such scenarios, buyers may need to take their issues to the civil courts. They may need to evict the seller or hold them financially accountable for the damage to the property. An attorney already familiar with the property, the buyer and the transaction can take necessary legal steps immediately when issues arise instead of requiring days to learn about the situation and reach a conclusion about the best options for the buyer.
Partnering with a real estate lawyer, in addition to securing the representation of an agent, can be a smart choice for those about to become homeowners. First-time homeowners, in particular, may benefit from the guidance and protection of an attorney familiar with real estate contracts and laws.