If you are in the process of buying a house, you might be wondering if it is necessary to have a lawyer. There are definitely complex buying situations where hiring a real estate attorney is a good idea, but it is not necessarily something everyone needs to do. Here is what you should know about hiring a lawyer for real estate purposes, and how to know when you need one.
Are you a first time home buyer?
If this is your very first home purchase, it is highly recommended that you have a good real estate attorney. You will be dealing with purchasing contracts and home loans, and this can get confused if you don't have experience with it. The attorney will get more information about the mortgage loan officer you have chosen, help you get through the legal paperwork and contracts, and even assist you in finding a good inspector to make sure the house is sound before you sign on the dotted line.
Do you need help with documents?
There are a lot of legal documents that will need to be understood and signed during a house purchase. As it is one of the biggest purchases you will make in your lifetime, you should make sure you understand everything in these documents. Unless you are familiar with legal and real estate jargon, you will benefit from having a real estate attorney. They will review all documents used in the sale, including the bill of sale, deed, mortgage loan documents, plat of survey, legal descriptions, title, and the title insurance policy. They will also be there while closing the purchase.
Have you caught all mistakes and errors?
Another benefit to hiring an attorney when buying a home is their great attention to detail. When going through paperwork, they are able to catch minor and major mistakes made. Whether it is an illegal part of a purchasing contract or a name that has been misspelled, you can count on your real estate attorney to catch all of these mistakes. By correcting them before any paperwork is signed, you avoid even more complicated procedures if they are not found until after you have signed the legal documents.
Attorneys that handle your real estate investments are usually paid by the hour. The amount of hours you need their assistance will depend on the individual circumstances of the purchase. If it is more of a complex real estate investment, you can expect to pay more for their working hours than for a simple house purchase. Contact Micheau & Young for more information.
