When you realized that you were tired of renting and that you’d save money by buying your own home, you started looking into what you needed to do to find the right property for you. You reached out to local real estate agents, and you have had a lot of help finding properties in your area that are within your budget.
One thing you hadn’t thought of was the need to work with an attorney when buying your house. While it’s totally fine to work with a real estate agent, it’s usually smart to work with an attorney as well. Why? There will be contracts exchanged, and you want to do everything you can to protect yourself.
Complex process of buying a home
When you reach an informal agreement with a seller, you’ll enter into a formal written contract for the sale and purchase of the home. You then have to get financing for the property, and a title search is performed to make sure the home is legally able to be sold to you. At the end of all this, once everyone involved is satisfied, the home is transferred to you, the buyer.
While this all seems relatively straightforward, the truth is that there is a lot that can go wrong. You’ll want to have an attorney on your side to make sure every agreement you enter into is fair. For example, you will want to have your attorney review your purchase agreement. This important document points out many issues that may need to be addressed, including information on how the property can be changed and what happens if the property is discovered to have termites or asbestos.
The purchase agreement should also have wording that allows the buyer out of the sale if they cannot obtain financing, since the majority of buyers will have to pursue financing through a lending institution. Otherwise, a buyer might be on the hook for the home with no way to pay for it, which could lead to a lawsuit.
Working with an attorney protects you while you make one of the biggest investments of your life
The truth is that working with an attorney protects you while you’re making one of the largest purchases of your lifetime. For most people, buying a home is the greatest expense they have. Making sure to buy the right home with the money they are able to obtain through financing is the key to owning a good property in the future.