Whether you're buying a home or selling one, closing the transaction of a sale can be a tedious process that sometimes requires legal advocacy. Though fees for hiring a real estate attorney for your purchase transaction may be the last thing you want to dole out during closure, there are certain instances where having someone on your side can save you considerable trouble. So if you are new to real estate negotiations, title transfer, or financing of a new home, there are a few reasons why you may want to hire a real estate attorney.
Some States Require One
Although many states allow you to seal a real estate deal with a broker or title agency, there are few that actually require you to hire either a real estate attorney or a closing attorney. Before you initiate any process of sale or purchase, it's best to look up the guidelines of your state and do research into the transaction requirements before you write up the bill of sale.
They Can Clarify Jargon
Even if you don't need an attorney to close a real estate deal in your state, hiring one can help you to have a clear understanding of obligations for both you and the other party. An attorney is sometimes helpful so you can comprehend legal jargon that brokers or agents aren't required to explain. So if you've read and reread the paperwork and still don't understand, hiring an attorney is the only way you'll have an adequate idea of how your transaction should go.
Complications Can Arise
Complications in clearing titles, non-familial joint ownership, adjustments, and even non-disclosed damages to the property can all be issues that will not be easily or quickly cleared through a real estate agent. Liens, unpaid taxes, dual or non-familial ownership, and even probate or foreclosure standings are herrings that can leave you with unresolved issues for years after your sale or purchase. And since these circumstances fall outside of the legal obligations of even highly-qualified brokerage or agent firms, hiring a real estate attorney can help you resolve problems that can otherwise haunt you for years to come.
The Agent's Interests Aren't Yours
Beyond a sales team or broker, your attorney works to make sure you understand all aspects of contracts and entitlement, giving you a fair shot if there are any problems with the other party, the home, or mortgaging agents. Sometimes your interests may not be in the best interests of the broker, whether they're negotiating for you or the other party. Though some states have fluidity in transferring titles between one party and another under a licensed agent or broker, there are situations that can hinder easy transfer and complications that can cause you legal headaches even beyond finalization of sale. It's always good to have a third-party advocate that works to help you. Contact a lawyer like one from Beran Law Office for more information.