Are you in the process of buying a house? Buying real estate is a significant purchase in which a large amount of money is exchanged, often between lenders more so than individuals. It is for this reason that a real estate attorney is required for the buying and selling of property.
As a part of the home buying process, a real estate attorney/housing lawyer will be involved in a variety of ways.
A Real Estate Attorney Ensures that you are making a Quality Purchase
If you think buying a lemon of a car is bad, you definitely don’t want to buy a lemon of a home. A home inspection is a required part of buying a home, thanks to real estate law. Every home inspection is reviewed by a real estate attorney for authenticity. Every potential issue with the home should be completely transparent to the buyer so that there is no mystery and no surprises after purchase.
Housing Lawyers Review Contracts Between Real Estate Agents and Buyers
When you work with a real estate agent to buy a home there is typically a contract the buyer will sign agreeing that a certain percentage of the sale profit will go to the real estate agent or their firm. A real estate agent may want you to sign an exclusive agreement, which may be best reviewed by a lawyer before signing.
Interpret Vague or Unclear Terms in Paperwork with the Help of an Attorney
Contracts, agreements, documents, and other paperwork can be worded in a way that is confusing or deceiving. It’s very important that you have all paperwork reviewed by a trusted real estate attorney before signing. Property law can be complicated, which is why a housing lawyer is necessary for accurate interpretation.
Purchase Agreements are Drafted and Interpreted by Housing Lawyers
When a buyer reaches the point in the home buying process where they are ready to enter into a purchase agreement, a housing lawyer can draft the document and/or review the document to make sure that everything in it is completely legal. The purchase agreement includes information such as changes that were made to the property in the past, the results of the home inspection, financing and down payment information, and other details.
Title and Title Insurance is Reviewed by the Real Estate Attorney
Before a home can exchange hands it must have a clear title. A real estate attorney can review that status of a title or the insurance on a title to determine what is covered. If there are any liens on the title or questions regarding previous ownership, the attorney can help to settle title matters.
The Final Closing on a Home Most Often Takes Place in an Attorney’s Office
The closing is the process of signing the paperwork that makes the sale final, thus ending the home buying process. The attorney prepares the paperwork that will be signed by the buyer in the presence of witnesses and a notary. On the day of the closing the buyer will receive the keys to the home and officially take over ownership of the property.
The Role of the Real Estate Attorney is Crucial in the Process of Buying a House
It’s not possible to purchase real estate without an attorney being involved, nor would you want to. Property law dictates that legal representation is required for property to exchange hands. An attorney assures that the buyer is getting what you are paying for. The buyer, seller, and any lenders involved are held to the legal terms of the sale documents.
Kelly Legal Group Provides Real Estate Law Services
Wherever you are in the home buying process, call Kelly Legal Group today at (512) 505-0053. Experienced, knowledgeable real estate attorneys are available to help you every step of the way to make sure your purchase goes smoothly from the day you meet your real estate agent until your final closing date. Request an appointment today.