Four Reasons to Work With a Real Estate Lawyer When You are Buying a Home

 Posted on June 23, 2019 in Real Estate

If you are looking to buy your first home, you are probably excited about taking a big step toward achieving the so-called “American Dream.” Whether or not you buy into such an idea, the reality is that your home will likely be the largest investment you have ever made. There is a good chance that the same is true if you are a current homeowner looking to buy your next home.

Many homebuyers—including some who have been through the process before—often do not realize how many steps are involved and just how complicated each step can be. Along the way, you will need to account for many different variables and be wary of potential pitfalls.

A Real Estate Agent Is Often Not Enough

As you started the process of looking for a home, you may have enlisted the help of a real estate agent or broker. You might have contacted a particular agent based on a specific listing, or maybe you chose the agent first to help you find a suitable property. It is important to keep in mind that your agent, while certainly helpful, is just one piece of a larger puzzle. You should also consider working closely with an experienced real estate attorney for several reasons:

Reason #1: Advocacy

A real estate broker is likely to be friendly, charismatic, and knowledgeable about where to look for a quality home, his or her main job is to facilitate a sale. Thus, a broker will generally serve as an intermediary between the two sides. An attorney, on the other hand, is tasked with representing and protecting the best interests of their client—in this case, you—even if the sale does not come together.

Reason #2: Legal Guidance

Your real estate agent is not permitted to offer you legal advice that is specific to your situation. Doing so could land the agent in a great deal of trouble from a professional standpoint, including the possible suspension or termination of his or her broker’s license. A lawyer, however, is equipped and allowed to review local ordinances, state laws, and other regulations or rules that could affect your purchase. Your attorney can also provide case-specific legal counsel before, during, and after the sale.

Reason #3: Interpreting Contracts

Real estate transaction documents, including purchase contracts, are often drafted using complex terms and confusing language that leave the average person wondering what the documents actually say. On your own, it is very easy to misunderstand or misinterpret the “legalese” that spells out the rights, responsibilities, terms, and conditions of your purchase agreement, mortgage documents, and other important paperwork. Your lawyer will make sure you fully understand everything before you sign.

Reason #4: Background Research

A real estate transaction is generally a matter public record, but it can be challenging to track down a particular property’s history. A qualified real estate attorney has the resources and knowledge to conduct a title review, research all previous transactions involving the property, and any concerns that might have arisen in the past. The results of the lawyer’s research could give you the leverage to negotiate a more favorable deal or proof that you should reconsider the deal.

Call a Libertyville Real Estate Lawyer Today

Making a preventable error during the home-buying process could cost you thousands of dollars and countless hours of stress and frustration. For help with avoiding such a mistake, contact an experienced Lake County residential real estate transaction attorney. Call 847-549-0000 for a free phone consultation at Newland & Newland, L.L.P. today.

Sources:

https://www.investopedia.com/articles/mortgages-real-estate/08/real-estate-attorney.asp

https://www.thebalance.com/when-to-hire-a-real-estate-agent-or-lawyer-4092926