Buying Your First Home? Why It's a Good Idea to Hire a Real Estate Attorney
Real estate transactions can be confusing and stressful, especially for untrained consumers. If you're about to purchase your first home, you know that you need to work with the right real estate agent. But, that's not the only person you need to have on your team. You also need to have a real estate attorney on your side. Many people think that hiring a real estate attorney is an expense that they can forego, but that's not the case.
If you've decided to proceed without a real estate attorney, you can read on to learn three reasons why hiring a real estate attorney is a crucial component when buying your first home.
1. Prevent Contract Issues
If you've never read a real estate contract before, you might not understand everything that's included in the document. Unfortunately, that can cause serious problems when negotiating the purchase of a home. In fact, you could end up paying too much for your home. Or, you could end up with terms that benefit the seller. To avoid any of those issues, you need to consult with an attorney about the language and terms included in your real estate contract.
2. Avoid Disclosure Omissions
When you buy an existing home, you'll need to pay attention to the disclosures. Sellers are required to provide full disclosure for any issues that affect the value of the home. These disclosures can include any of the main operating systems for the home, such as plumbing and roofing. But, they can also include issues involving any crimes that might have been committed at the home. Unfortunately, not all sellers provide full disclosure, which is where a real estate attorney comes into the picture. A real estate attorney will ensure that all issues regarding the home are properly disclosed.
3. Eliminate Walk-Thru Issues
If you're ready to buy your first home, you'll need to prepare for the final walk-thru, which usually happens right before the close of escrow. During the final walk-thru, you'll have the opportunity to make sure that everything is still in good working order. Before you go through the final walk-thru, you should hire an attorney. They can help to make sure that issues are resolved before the final closing of your home purchase.
Don't make mistakes with the purchase of your new home. Before you begin the search for your new home, speak to real estate legal services as soon as possible.