Most states do not require prospective home buyers to retain the services of a real estate law firm. Consequently, many people find themselves questioning whether or not investing in these legal services is truly worth it or if they can just as easily complete the home buying process with the help of their real estate agent or even on their own. The answer to this question will vary from case to case, however, while the law may not require you to hire a lawyer some benefits come along with deciding to seek legal counsel.
Identifying Issues With Real Estate Contract
The law provides a relatively short window for reviewing and signing a real estate contract. In many states, this task must legally be completed within just a few days from when the contract is drafted. Assuming that you are not an expert in real estate law, this is a very short period of time for you to effectively review the contract, identify any potential issues, negotiate a resolution for these issues, and amend the contract or insert contingency clauses if necessary. As a result, you could end up signing a contract that does not truly represent your best interest. Having this contract drafted or reviewed by a real estate law firm can help you to avoid making this type of mistake.
Resolving Title Search Issues
Before purchasing a home a title search will need to be completed. The purpose of this search is to identify any type of liens or other legal issues that may prevent the seller from being able to legally sell you the property. If any issues are discovered as the result of your title search, a real estate law firm will be able to help resolve these issues. An experienced lawyer may even have the ability to negotiate a lower purchase price on your behalf due to the inconvenience that was caused by any delay resulting from the title search.
Protecting Your Best Interest
Real estate law firms typically charge a flat rate for closing on a home. This fee structure varies dramatically from that of your real estate agent who is paid a commission once you successfully close on your home. Therefore, your real estate lawyer will not have the same motivation to push you towards a closing that may not be in your best interest. This allows you to really enjoy peace of mind knowing that there is an experienced legal professional in your corner who is really looking out for you and your financial investment.