It’s not every day that you put down hundreds of thousands of dollars to make a purchase, so it is understandable that many people are quite nervous when buying a home. The purchase of a house is one of the most important transactions you will make, and such a purchase can go wrong in a multitude of ways. Because of this, you will sign reams of legal documents during the home buying process.
The ownership of a home is an exceptional proposition. It is unlike owning any other asset. With it come unique issues and conditions that can be complex and protracted. Without understanding the issues you are facing and the papers you are signing, you are at great risk of agreeing to something altogether different from what you think you are consenting to. This is one reason why homebuyers feel more confident entering the sale with an attorney by their sides.
Filling in the legal gaps
The purchase and sale of real estate is steeped in law. Unless you have time between your job and your family to learn the intricacies of real estate law, you are likely to come across terms or issues you do not fully understand. Without this knowledge, you are less capable of standing up for your rights throughout the transaction.
A real estate attorney is trained and experienced in exactly those confusing issues. A lawyer’s job is to remain current on changes in local laws, such as zoning and taxes that may affect your investment. Additionally, you may not be familiar with the ability you have to negotiate for better terms along the way. An attorney will be looking out for your best interests and aware of any situations that may place you at risk.
More than anything, a home purchase involves contracts. You may sign a broker contract, a purchase agreement, a financing commitment and numerous other legal documents. Before allowing you to sign, your attorney will read these contracts with the understanding of a trained legal mind to prevent you from agreeing to terms that will not be to your benefit.
Remember that once you sign a contract, you are bound by law to its terms. Signing a document you do not understand can have repercussions that affect you personally and financially for many years. Whether you have legal counsel on a consulting basis only or your attorney is with you from purchase agreement through title search to closing of the sale, you may find you are able to proceed with the purchase more confidently when an attorney is assisting you along the way.