Why You Need An Attorney When Buying A House
Many people don’t consider hiring an attorney when buying a new home because of the expense. However, it is often worth the extra expense to hire an attorney to help you through the process of buying a house.
Title Searches and Liens
Title searches are an often overlooked service that attorneys can provide to you. Title searches are done to ensure that the home or property in question does not have any liens or judgments on it. This is important because you need to make sure the seller is actually able to legally sell the house or property.
There may be a situation in which a title search uncovers the fact that the seller has an outstanding court judgment or has a lien to pay before they can legally sell their home. The real estate attorney will make this work to your advantage. They may ask the seller to compensate for the resulting extended wait time in the form of a price reduction on the property. The attorney may also help resolve the situation by providing the seller with financing resources and solutions so that the seller can pay off their liens and claims before proceeding to sell the home.
The real estate lawyer may then also help you acquire the necessary proofs that the liens have been satisfied by the seller to prevent any issues from arising in the future. This is especially crucial if you are going to get a mortgage or other loan against the property value of your new home.
Usually you will need to file real estate deeds at both the county and state levels. Your real estate attorney can easily take care of this efficiently. They will be able to navigate through any state regulations pertaining to the property, especially if there are special considerations involved (e.g. if certain types of constructions you are planning aren’t allowed in the area).
If the transaction involves dealing with a corporation, partnership, or trust, the negotiations and contract will be more complicated than it otherwise would have been. A real estate attorney will know how to quickly and efficiently navigate through the relevant legal matters, ensuring that your contract complies with the local laws as well as the charter agreements of the corporation, partnership, or trust.
When you are buying your new home, make sure you get good legal counsel to make sure that you are following your state’s law and that you and your new home are protected from unforeseen legal headaches in the future. For more information, contact an attorney such as Iannello Anderson.