Are you in the process of buying a home, and are being told that you need a lawyer to help you do it? If so, you're likely wondering what the lawyer does and how they help out with the home closing process. Here are some reasons why you need a real estate lawyer.
Perform a Title Search
The first thing that a lawyer is going to do when you make an offer on a home is to perform a title search. The goal of the title search is to make sure that there are no issues with the home's title, such as someone not having the right to sell the property, that will prevent you from taking ownership. The goal is to catch problems early on in the home buying process so that you do not move forward with purchasing a property with any issues.
Clear Up Liens
Another issue that can come up when selling a home is to discover that there is a lien on the property. This means that someone else has a right to the home based on a judgment filed against the previous owner. It could be back taxes, a court judgment, or something in that nature where the home is being used as collateral. Any issue regarding a lien will need to be cleared up, which will include having the owner pay off the lien before you buy the home.
If the owner does not have the funds to pay off a lien, then an agreement will need to be made to pay it off with the proceeds from the sale of the home. This will ensure that all legal matters have been cleared up for the home to change possession.
Draft and Review Official Paperwork
There is a lot of work that needs to go into all the paperwork that is drafted during the real estate buying process. Even the initial offer letter should be reviewed by a real estate lawyer to ensure that nothing is wrong with the wording. For example, do you have any clauses that let you walk away from the home and not lose your earnest money? You'll want to be able to get that money back if there is a bad home inspection or your mortgage falls through.
In addition, you need someone to review all the paperwork that you are signing for the home, which includes the mortgage documents from your lender. Don't make the mistake of signing documents blindly, since you don't want to agree to terms that are incorrect or unfair in your paperwork.
For more information about how a real estate attorney can help with buying a home, contact a local law office.
Share28 September 2020
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