When you buy a home, it's probably the largest purchase you will ever make. When you are making such a large investment, you don't want to encounter any legal consequences from mistakes or omissions during the home buying process – these can be major sources of trouble!
With all of the legal aspects involved, you may be wondering if you need a real estate agent or a real estate lawyer, or both?
Buying a house is no simple task; since it is often very time-consuming, most people find it easier to navigate the process with a real estate agent. It can be very helpful to have a seasoned agent deal with the inspectors, and addressing who will pay for repairs, all of which is second nature to an experienced agent.
An agent will also have relationships with inspectors, mortgage loan officers, and others who will streamline the buying process for you.
If you've done a good job educating yourself about the market and found the property you want, you may want to hire a real estate attorney instead of a real estate agent. An attorney who specializes in real estate law will:
- Review the purchase contract
- Work with your mortgage loan officer, the seller's agent and attorney to ensure that the dates are set for home inspection, mortgage commitment, attorney approval, and other contingencies
- Review the deed, bill of sale, mortgage documents, title, and title insurance
The decision to hire a real estate agent, or a real estate attorney, or both, depends on how you feel about working with an agent, and whether you have the time to do a lot of the legwork yourself.
Whether or not you hire a real estate agent, it is a good idea to hire a real estate attorney, especially if you are a first-time homebuyer. Only an experienced lawyer who is closely familiar with the legalities involved in real estate transactions can catch problems, errors, omissions, or mistakes, which can cost you a fortune to correct them.
When you hire a real estate attorney, you won't regret having a seasoned professional looking out for your legal interests. Like the old saying goes, "An ounce of prevention is worth a pound of cure."
To get solid real estate advice from an attorney with over 30 years of experience, call Attorney Steven R. Lovett at (888) 577-1518.