Four Reasons to Hire a Real Estate Lawyer When Buying a Home

 Posted on March 09, 2016 in Real Estate

Buying a home is likely to be the largest investment you ever make during your lifetime. If you have never bought a house before, you may not be aware of just how complicated the process can be. There are countless variables to consider and potential pitfalls to avoid, and attempting to navigate the process yourself can be costly, both in terms of time and money.

You may, of course, consider working with a real estate agent or broker to help facilitate finding the right home for you and your family. An agent, though, should be just part of the equation. You should consider hiring an experienced real estate attorney to be sure you are fully protected.

A real estate lawyer can make the process of buying a home easier for you in a number of ways, including:

• Being your advocate: A real estate agent or broker can be helpful, but he or she is more likely to act as an intermediary between you and the seller. An attorney is tasked with representing your interests and yours alone;
• Providing you with legal guidance: Regardless of his or her best intentions, a real estate agent cannot offer you advice regarding the law. Your lawyer, on the other hand, is equipped to review local ordinances and state statutes to ensure you—and the seller, to certain extent—remain in compliance with the law at every step of the proceedings.
• Understanding complicated contracts: Once you have made the decision to buy a home, the purchase agreement is just one of many confusing legal documents that will need to be completed. You will also, most likely, require a mortgage, which often contains countless provisions for repayment and other responsibilities that a qualified legal professional can help you better understand;
• Preparing a complete property history: Your lawyer will also be equipped to thoroughly investigate the home's chain of title and all previous transactions. This can help you be aware of any potential problems that the real estate agent or the seller may have failed to disclose. Doing so can help you possibly negotiate a more favorable deal or, in certain cases, demonstrate that it is best to find another property.

By working with a real estate attorney, you may be able to save a great deal of time, money, and stress. Mistakes in the home-buying process can be financially disastrous, as even the smallest of oversights at the beginning can grow exponentially over time, ultimately costing you tens of thousands of dollars and countless hours of frustration.

To learn more about how we can help you with buying a home, contact an experienced Joliet real estate attorney. We will help you review your situation and assist you finding the right home for you and your family. Schedule your free introductory consultation at the Law Offices of Tedone and Morton, P.C., by calling 815-666-1285 today.

Sources:

http://homeguides.sfgate.com/real-estate-lawyer-do-6871.html

http://legal-dictionary.thefreedictionary.com/Chain+of+Title