3 Reasons You Need An Attorney When Buying A House
If you are currently in the market to buy a house, there are some things to consider first. Not only do you want to contact lenders and get pre-approved for a loan, but you should also think about the legalities of buying the home. One way to help you through the legal process of real estate investment is by getting a real estate attorney. It is not mandatory, but highly recommended. Here are some reasons to consider hiring an attorney for the real estate buying process.
They Are Useful When There is a Short Sale
When you begin looking at houses, you might find some that say "short sale" in the advertisement. This means the buyer is trying to sell their home for less than what they still owe on the mortgage. They usually turn to this option when they can no longer afford their mortgage payments and are trying to avoid foreclosure. When you buy a short sale house, it becomes a more complicated process. After putting in your offer, it has to be approved not only by the seller, but their lender as well. There is also a lot more legal paperwork and contracts to go over. This is where the benefit of having a real estate lawyer comes in.
You Might Have Legal or Tax Questions
Another reason to consider getting a real estate attorney is if you end up with tax or legal questions during the buying process. You might be confused about the legal documents that need to be filed, how to go through the inspection process, or what types of property taxes and taxes on the purchase itself will be involved. A real estate attorney keeps up-to-date on tax information in your area, and has a wealth of information in regards the legal process of buying a house. Just having a lawyer to answer your questions can be very useful.
They Can Review Your Real Estate Contracts
A real estate attorney, such as Levin & Levin, LLP - Attorneys at Law, can also help review the contacts that are involved when you buy a new house or property. It is important to at least have an attorney review them, even if they don't help prepare the contracts. However, if you can have a real estate attorney handling all of the contracts and other legal paperwork from beginning to end, you are able to protect your finances and investments. If there is an issue with these contracts, the attorney will be able to spot them and address them before you sign anything.