First-time home buyer? You may want a real estate attorney
Buying a home is part of the American Dream for many people. It is the largest purchase most will ever make. Because so much money is involved in property transactions, and most buyers borrow on a 30-year contract, the process can be complicated and confusing. Those entering the market for the first time may feel overwhelmed and feel like they are drowning in contracts and paperwork they don’t understand. While getting a real estate agent is a good first step, and real estate agents have some legal education, a real estate attorney can provide additional protection and experience.
If this is your first time on the market, you may want to have a highly qualified expert on your side. Unlike typical contract attorneys, real estate attorneys are trained in the particular nuances of property transitions, requiring additional education, training, and specialization. You should choose one who is familiar with the area in which the potential property is located, as they will be the most knowledgeable about what is appropriate and normal and what is not in your purchase contract.
Real estate attorneys are not typically paid in the same way as real estate agents. Realtors are paid a percentage of the property’s value at closing, which means it is in their best interest to see the transaction go through no matter what, and it is better for them if your home costs more. On the other hand, your attorney will be paid a flat fee, typically $ 800 or $ 1,500, which means their only priority is to make sure you are treated fairly. The fee is usually negotiated in advance, which means you know what kind of financial commitment you are making.
Your attorney will make sure the title to your home is clear, which means there are no claims or links. You want to own the house you buy, which is why it is very important. If there is a problem with the title, it could affect your ability to use the property. You can also review the terms of your mortgage with your bank and, if necessary, adjust them for a better deal.
Often times, first-time home buyers are looking for a really good, sometimes risky deal. If the property you hope to turn into your dream home is in foreclosure or bank-owned, has structural problems, or is in a problem area that can make it prone to flooding, tornadoes, or waste, consider an attorney from real estate to help you navigate these often more complicated transactions. In these cases, you will want to find someone who has handled cases like yours in the past. It’s your first time, but you certainly don’t want it to be theirs.
Even if your first property purchase is simple and straightforward, it may be a good idea to get some additional help from someone with more experience. If you are unsure of the terms or have complications, you will need an experienced real estate attorney who can help you explore the details and nuances of such a long-term contract.