Why Would Someone Hire an Attorney When Buying or Selling a House?
Last week’s blog was about the importance of being honest when disclosing material defects for a property you are selling. If you missed that post, click here. https://kellybrandlaw.com/blog/detail/id/276/The-Importance-of-Being-Honest-When-Disclosing-Material-Defects-of-a-Property In that blog, we noted that an attorney can provide legal advice on what constitutes a “defect.” This week’s blog will provide a quick overview of the services an attorney can provide to both the buyer and seller.
For both buyers and sellers, an attorney can help customize the standard forms to realize the client’s goals by including favorable terms and omitting unfavorable terms. This service helps ensure the buying and selling process moves efficiently to a successful closing.
For a buyer, an attorney provides a layer of protection from both real estate brokers and the seller of a property. A buyer can employ an attorney to read the agreements with the real estate agency and bring any issues to the buyer’s attention. A lawyer is also able to create an Offer to Purchase when the buyer finds a home or other property. If you are not keen on negotiating the purchase price, a lawyer may also be useful. An attorney is also helpful during the home-buying process because the lawyer can guide a buyer through the steps of the process. From advising on the terms of financing options, to assessing the title insurance commitment an attorney may be useful. For many people, buying a home is an unfamiliar process because they don’t do it very often. But for experienced attorneys the process is very familiar, and having an attorney’s guidance can help a buyer feel confident in their purchase. Additionally, an attorney can protect a buyer from a potentially seller-friendly Offer to Purchase and closing documents. An attorney can also help ensure that a buyer will be able to make desired changes to the property, or put the property to certain uses, before the buyer is obligated to purchase the property. Finally, a buyer can use an attorney to represent them at the closing of a sale to ensure a smooth end to the transaction.
For a seller, an attorney can offer an extra layer of security in the process of selling a property. An attorney can look over the real estate broker’s agreement with the seller and make sure the listing is consistent with the seller’s intentions. An attorney will also evaluate any Offers to Purchase received and can also handle the negotiation process. Once a price has been agreed upon, a lawyer can draft the final documents including the deed. Like many buyers, many sellers are not familiar with the process of selling a home. An attorney can provide sound advice during the closing and make sure the sale is completed efficiently.
Now that you know the kinds of services an attorney can assist you with during the buying or selling of a house, you may have questions about your own situation. Blog posts can serve as introductions to various legal issues, but they should never be considered legal advice. Contact an attorney at Kelly & Brand, Attorneys at Law, LLC for personalized legal advice about your own home purchase or sale.