Purchasing a home is a huge opportunity and a huge responsibility — one that should not be taken lightly. Especially for first-time homebuyers, including a lawyer in your home-buying team can help you avoid some extremely costly missteps in the home-buying process.
This is not always because one party or another is attempting to do anything wrong or underhanded — it’s simply that real estate law is a complex field that varies between states or regions, and often there are very specific conflicts that can arise if they are not anticipated by a trained professional. One common issue that can be identified and dealt with efficiently is when the seller is using standardized forms that may not deal with some of the state or zoning-specific issues of that specific piece of property or structure. A real estate lawyer is trained to understand and correct these kinds of issues in a document.
A lawyer can also help make sure that you do not end up stuck with the obligation to pay certain fees or commissions if the sale itself does not go through. The cost of hiring a lawyer is almost certainly made back several times over if it keeps a buyer from having to pay out for a sale that never actually occurs. Even once the sale is completed, the lawyer can help the buyer understand the various contracts that are subsequently brought up, like insurance, and also break down the new tax obligations that owning a home will entail.
Especially if you are purchasing your first home, it is wise to make a lawyer part of your home-buying team. As soon as something goes awry in the purchasing process, you will almost certainly be glad you brought extra ammunition to the conflict. An experienced lawyer not only helps the whole process go smoothly, they can help protect your rights and your budget when the unexpected happens.
Source: Findlaw.com, “Why You Need a Lawyer When You Buy or Sell a House,” accessed Oct. 06, 2016