Buying a home is one of the most significant decisions anyone can make in his or her life. The investment also involves a substantial amount of money; this means you need to be extra careful when making any transactions. There are also specific laws that touch on real estate property that are not in other transactions, so you may get into issues concerning foreclosures, mortgages, titles, and local authority regulations, amongst others. In order to avoid these hassles, it is desirable to hire a real estate lawyer to guide you through the buying process.
The real estate lawyer helps authenticate if the seller is the legal owner of the home he or she is selling you. He or she then checks if there are any liens due in the house; these could be loans where the house is attached as security, or expiring lease agreements. If these are not resolved before the transfer of the house into your hands, you become liable to servicing such liens. Furthermore, the lawyer enables you to get more information on the house than you would otherwise have not accessed. This could mean underground pipes running beneath the house, a filled toxic waste pit nearby, by-laws that prevent erecting of some structures, the rearing of certain animals, or the probability of natural disasters such as earthquakes or lightning.
Furthermore, the lawyer drafts the sale agreements between the parties and goes through any communication from the sellers advocate. He or she also explains any difficult terms and exclusions. After this, the lawyer negotiates for better terms in the final contract. Then, together with the seller’s advocate, the lawyer drafts the final contract and has you sign it. This helps you secure fair terms for your purchase. The lawyer also clarifies terms of mortgages and helps negotiate better terms with your bank. He or she also scrutinizes any adjustments, including taxes to be paid, prior to the final transaction. Where there is a risk of title defects, he or she may organize title insurance to protect you from losses.
After the conclusion of the contract, the lawyer goes to the land office to oversee the processing of the transfer of documents and the new title deed. He or she ensures that the new title does not have any defects, except the liens that you accepted. Some states require one to register a new social number before moving into the house, and as such, any issues that may crop up after acquiring the house would be resolved with the help of the lawyer.
It is advisable to ensure that you have a real estate advocate to safeguard your interests when buying a new house, or any other type of property. Do not risk your lifetime investment just to avoid the costs of hiring a competent real estate advocate, as this could end up costing more in the end.