Why Do I Need a Real Estate
Attorney?
The Real Estate Attorney performs
the Real Estate Closing on your property and
works for you to ensure you are receiving
the property free and clear of any encumbrances and that
all the terms of the contract are met.
Continental Title Company, Inc,
wants all parties involved to have a positive experience
and to make sure all parties understand the process of
purchasing and selling your property. Here,
Continental Title Company, Inc. wants to offer information and resources to
help you understand why it is important to have
a Lawyer represent your best interests in this exciting,
and sometimes perplexing, process.
Why
You Need a Real Estate Attorney When Buying a
Home
If you’re buying a home, you should always use a real
estate attorney to help you through the process. Even
the best home-buying experience
comes with a lot of
complicated language and legal jargon, while some
unscrupulous sellers take advantage of naïve home
buyers who don’t hire an attorney.
Here’s
exactly how a real estate attorney can help
you:
Negotiating the Purchase and Sale Agreement: The first
important hurdle when buying a home is the Purchase
and Sale Agreement (P&S). The P&S outlines how long
you have until closing, any repairs that the seller
needs to make to the home, how much deposit is
required and when, and other important information.
Use a real estate attorney to make sure that important
items are addressed in the P&S.
If you don’t have a real estate attorney on your side
to insist on the proper language to ensure repairs are
completed in time, or to negotiate reasonable
deadlines, you might find yourself in a P&S whose
terms you simply can’t meet. If you default on a P&S,
you typically lose your deposit, so make sure you
consult a real estate attorney to ensure the terms of
the P&S are agreeable to you.
Protecting Your Interests: The seller is interested in
protecting his interests, not yours, and the seller
will have a real estate agent working on commission on
his side. A real estate attorney examines all the
legal documents before you sign them and can ensure
that you’re not signing something that isn’t in your
best interest.
A real estate attorney is also better equipped to
negotiate with the seller’s attorney; something that
most buyers can’t do successfully because they’re too
emotionally involved in the purchase. Always make sure
you consult with a real estate attorney before you
sign any legally binding documents to avoid signing a
contract that puts you at a disadvantage.
Administering Escrow and Ensuring That Payouts Are
Properly Distributed: Retaining a real estate attorney
also means you don’t have to worry about payouts being
properly disbursed. When you have a real estate
attorney, you must secure financing and provide a
deposit, but the attorney handles the payoff and
disburses any funds to the sellers, inspectors or
title examiners. You don’t have to worry about whether
something was paid properly; that’s the real estate
attorney’s job.
If funds are being held in escrow
as part of the sale,
a real estate attorney has the authority to administer
escrow. The attorney can then disburse funds as
appropriate according to the terms of the escrow.
Article by
Dachary Carey
/
life123.com
