Here is story about how a real estate attorney can save you time and money. After all, you like to save money, right? And, I bet you like to save time when you can. And who doesn’t like a good story, am I right?
Meet Tom and Jane
Tom and Jane recently get married. They both work. Now that they are married, Tom and Jane want children.
Tom and Jane dream of home ownership. They cannot wait to become homeowners. Tom and Jane are are so excited to buy their first home. They are ready to set roots and start a family.
So, Tom and Jane do all the right things before buying a house. They research the area to find a perfect location. They save for a down payment. Tom and Jane even obtain pre-loan approval. Finally, Tom and Jane meet with a realtor to start their dreamhouse search.
They see a sign for an open house in their favorite neighborhood. Tom and Jane decide to check it out with their realtor.
The house is perfect! It’s everything they wanted and it’s in their budget. After talking to the listing agent, they put in an offer and it’s accepted.
Now do they hire a real estate attorney or not? Of course they do! Keep reading to find out why.
A real estate attorney can save this couple a lot of time and money.
So how do real estate attorneys save you time and money? Oh, let me count the ways.
They Represent You
An attorney represents the party hiring them – typically the buyers. Title companies and seller’s agents do not represent the buyers. So having an attorney on your side is definitely beneficial.
Your real estate attorney will offer you guidance, suggestions and advice. He or she will thoroughly research the property’s legal situation. Your attorney ensures the property is free of liens, inheritance issues, or any other issues . This level of research saves the buyers a lot of time and help avoid added costs.
Purchase Contract Review
A real estate attorney reviews your purchase agreement. If an issue exists, your attorney brings the issue to your attention. He or she discusses the issue with you. You both decide how to proceed.
How familiar are you with legal terms? Unfortunately real estate purchase agreements contain legal jargon. Some terms are not familiar to a non-lawyer. However, a lawyer went to school to learn what these terms mean. a lawyer also knows how to explain those terms to you in clear, understandable language.
Do like to get a good deal? Well, a real estate attorney is trained to negotiate to get the best possible deals for his or her clients.
A real estate attorney will look out for your best interests. He or she can make sure your contract terms are fair.
A real estate lawyer can negotiate more favorable terms for you. Need to lease back your property for a couple of months until you close on your new house? Want the appliances left in the house you are buying? Want a more favorable purchase price? Your real estate attorney can help you negotiate these items as well as others.
Avoiding Title Issues
A real estate attorney performs a title search. Why is that necessary? Well, you want to make sure you have good title to your house before you buy it, right?
A title search reveals that the property’s ownership has been properly and legally transferred from the original owner all the way to you. The last thing you want is someone coming out of the wood work making an ownership claim on your recently purchased property! If that happens, you might be in danger of losing your new house! Yikes!
A title search also reveals defects on the property. You need to know if someone else has a right of way, or right to enter, your property, wouldn’t you? And, I’m sure you would want to know whether easements exist on the property.
Oh and how about covenants and restrictions? You need to know beforehand what you can and can do with your property before you buy it.
Your deed must be properly written in order to convey proper ownership. You need to make sure no ambiguity exists. You also need to make sure the actual property you intend to convey is conveyed.
Once a deed is recorded, the deed is public record. As an owner, you need to make sure your ownership of the property is clear to everyone.
Improper recording of a deed can cause legal issues down the road. An improperly executed deed potentially subjects you to competing ownership claims. You may find that what you purchased was actually less than what was conveyed.
A real estate attorney knows what must be included in a deed. He or she knows how to clearly and properly state the property ownership. Most importantly, a real estate attorney will make sure the proper legal description is included in the deed.
Peace of Mind
Real estate is typically the biggest investment people make. Buying and selling real estate can be stressful and time consuming. So, why wouldn’t you want to hire a real estate attorney to take the burden off your shoulders.
Leave it to the experts. It is well worth the cost of a real estate lawyer to have that extra level of review and expertise.
Oh and remember Tom and Jane? They hired a real estate attorney to help them. Tom and Jane were so relieved to know they were in good hands.
Whether it’s the first home purchase or the tenth, it always makes sense to work with an experienced real estate lawyer when purchasing real estate. Contact Schweizer and Associates for your Raleigh area real estate law needs.