It’s always a good idea to involve a real estate attorney when you’re buying or selling a home. If you’re not aware of that just yet, you’re going to know why soon enough.
One of the main reasons is to help with the meticulous closing process in general. Each one of those 50 pages you have to sign stands for a reason why you want legal representation. In all seriousness, you might not have to sign 50 pages, but that’s probably not too much of an exaggeration.
While the closing process, in general, is reason enough to have a real estate attorney on your side, think about alternative financing solutions and what they call for. Have you ever owner financed a home? Maybe you’ve purchased one using owner financing. When you do this, you want a lawyer to make sure everything is drawn up appropriately, and you’re protected by the agreement. Both sides want this, both the seller and the buyer.
I purchased a vacation property using owner financing, and while I and the other party are close friends, we still did everything through an attorney. You’re not just protecting yourself when it comes to doing business with other people, but you want everything legally and in the books correctly. The papers that the lawyer drew up along with my title to the property is what I keep in a big blue folder proving that I own the condo once it’s paid off.
If you’ve been considering whether or not you need a real estate lawyer during the buying or selling process, ask yourself a different question. Ask yourself why you wouldn’t want to use one. The only thing I can think of is the associated costs. However, there are different ways to handle these costs, and once you know this, that becomes yet another reason why you should go ahead and hire one. The reasons for hiring an attorney are much greater than any reasons you can come up with not to hire one.
People even try to get away with not having an agent these days. Even for a vacation property that was owner financed, I had both an agent and a lawyer. I needed the agent to be my eyes and ears because I was in a different state. If you don’t have reason enough for a real estate attorney right now, there are plenty more reasons why you should hire one. Don’t even think about making such a major purchase decision without one.