Whether you are buying your first home, moving up to your dream home or purchasing an investment property, it is important to protect your rights. A lot of things can go wrong on the road to a real estate closing, from problems with the title to undisclosed issues with the property itself. If you do not have the right legal representation, you may come to regret it.
Some home buyers question the need for a real estate lawyer. They may think that the real estate agent has dotted all the Is and crossed all the Ts, or that they can handle all the legal details on their own. That would be a big mistakes, since few things are as complicated and fraught with potential peril as the closing of a real estate deal.
Even if you trust the seller implicitly, it is important to have a legal professional on your side before you reach the closing table. All sorts of problems can crop up at the last minute, and you do not want to be caught unaware should that happen.
Do Not Get Caught Flat-Footed
You may not know what to do if a last-minute problem with the title search raises its ugly head when it comes time to close the deal. How will you know if the problem is serious enough to scuttle the entire deal or just another bump in the road? You are not a legal or real estate expert, after all.
If you have a lawyer in your corner, you will not have to worry about those unexpected problems. A good real estate attorney will be able to guide you through the process. The lawyer may provide reassurance that the last minute issue is no big deal and the closing can go ahead as planned. On the other hand, the attorney may tell you that the title problem is a major problem and that you may need to call the deal off. No matter what the final outcome, you will be glad you had the right representation.
Real Estate is a Complicated Matter
In an ideal world, buying a home would be a straightforward process. You would simply look at houses in your price range, make an offer on the property you want and wait for the seller to agree to your price. You and the seller would shake hands, agree to the terms and the money would change hands without a hitch.
In the real world things are rarely that simple. Real estate transactions almost never go that smoothly, and there are plenty of bumps in even the most routine buyer and seller transactions. From issues with the home inspection to problems with the appraisal, there are literally hundreds of things that could go wrong and present you with problems.
Even when the property is about to close, last-minute issues can cause the deal to be scuttled. If you have a real estate lawyer in your corner, you will have one less thing to worry about. You will know that everything has been taken care of, so you can go to the closing with confidence and take possession of your new home or investment property.