Those eagerly entering the home buying market understand that the purchase is one of the biggest yet most potentially rewarding that they will make in their lifetime. Considering that property laws go into effect, a wise home buyer will be intent on having a lawyer present during all facets of the real estate transaction.
Home buyers do not require the presence of an attorney when purchasing a home. A few make it through the contractual process with the aid of a real estate agent. However, a real estate agent is far from qualified to make accurate assessments about legal terms and processes. This is where a skilled real estate lawyer makes a welcome entrance.
The benefits of consulting an attorney when buying a house are as many and varied as the homes available on the market.
The following are the top reasons you should invest in the services of a real estate lawyer when eyeing that ranch house, country cabin or one-story bungalow.
The written contract between the buyer and seller can contain within its innumerable pages a humdrum of confusing jargon and legal speak. A real estate lawyer working on the home buyer’s behalf is instrumental in sorting out the legal terms and presenting a clear, well-defined contract that is understandable to the average layperson. The real estate lawyer can also ensure the legal document is endorsed with the appropriate signatures.
The purchase agreement is an important document when transacting the sale of a home. If you, as the home buyer, wish to amend the purchase agreement to better reflect your desires for the property, a real estate lawyer is the most suitable legal professional to undertake this task.
A home that is up for sale can possess infinite issues, from termites to radon and asbestos to lead-based paints. An engineer hired to detect such flaws has the obligation to inform the potential home buyer of the problems. Along the same lines, hazardous waste may be found in the property, leading the buyer to question his legal options. What happens next in either of these instances? Your real estate lawyer has the authority to spell out terms suitable for the buyer and seller.
2. Title Search
If a seller is under the obligation to pay a lien before selling the home, a lawyer can be helpful in moving the deal forward. An experienced real estate lawyer can recommend the seller reduce the initial price, given the potential buyer has to wait out the period before the lien is satisfied. Alternately, a savvy real estate lawyer can suggest to the seller reasonable methods for financing.
In either case, the attorney possesses the legal wherewithal to obtain proof that the lien is fulfilled. The last thing a buyer wants to do is be responsible for a lien that is associated with the purchased property.
Professionals in attendance at the closing include the lender’s attorney, real estate broker, title closer, the seller and buyer. The closing event is a muddle of legalese, not only for the buyer, but equally for the seller. Attend the closing with a real estate lawyer by your side and be prepared to secure your rights as a home buyer.
Expect an eruption of disputes regarding wide-ranging cost adjustments, from taxes to fuel. Without your lawyer present, you will be single-handedly dodging critical issues related to the deliverance of possession and personal property.
The real estate lawyer’s expertise is key in the event the closing fails to occur, and the potential home buyer is left in the dark about the down payment. An interested home buyer also benefits from knowing whether or not the lawyer has the capacity to hold the down payment in escrow, and what are the accepted down payment options.
Scams make headlines, and real estate fraud is no stranger to the tabloids. Sellers may fool eager home buyers with false identities, only to snatch away the closing funds and leave the distraught buyer without a roof over his head.
A diligent lawyer who is involved early in the home buying process will steer novice home buyers and even experienced ones away from the complex world of real estate schemes before they have a chance to take their destructive toll.
5. Professional Advice
Legal advice should be sought when making the decision to purchase a home, especially if it is a problematic property. Sink holes, undesirable neighboring structures and zoning issues in relation to a property require the expertise of a real estate lawyer. Buying a home from a deceased owner masquerades as its own tricky situation and demands the advice of a knowledgeable attorney, who will ensure the property has properly undergone probate.
If the unexpected situation arises where you need to exit the contract for any reason, including financial ones, it is critical for a real estate lawyer to step in on your behalf. On the other hand, the seller may back out of the contract, forcing you, as the buyer, to seek the guidance of a real estate attorney.
Work with a Real Estate Attorney
Before heading out to your next real estate showing, make note of a dependable real estate lawyer who can help you navigate the multifaceted home buying process. Allen Gabe Law, P.C., offers dedicated legal services to those starting their journey toward a new home or who are on the verge of purchasing a property.
Our real estate attorneys at Allen Gabe Law, P.C., provide expertise on all matters of real estate, including the buying and selling of residential and commercial property, title searches, closings and housing court issues. As our client, expect to experience an easy home-buying process, where the complex legal terminology is clearly explained and all gainful options are presented.
Contact Allen Gabe Law, P.C.
Allen Gabe Law, P.C., serves the greater communities of Schaumburg, Illinois. Avoid the hassle of real estate entrapment’s and seek the expertise of a legal firm experienced in real estate law. Allen Gabe Law, P.C., offers a his advice in initial consultation to those embarking on a home buying venture.
Give us a call at 847-241-5000, 121 today to get started.