Why You Need a Real Estate Attorney When Buying a Home
May 11, 2015
Some buyers feel having representation from a real estate attorney when buying a home is not needed. These buyers think they can save money by not hiring one. In this blog we are going to explain why it’s certainly money well spent.
First, in Massachusetts, when you sign a Purchase and Sales agreement it is a binding contract which controls what the buyer and seller are allowed to do, or not do, when buying or selling a home. A good real estate attorney will know what to include in the Purchase and Sale agreement to protect the Buyer throughout the transaction.
Second, your real estate attorney will help protect your deposit and ensure that you obtain any required extensions that may be needed such as a mortgage contingency date extension if you do not get approved in time for your mortgage. Your real estate attorney is your personal resource to help you figure out solutions to any legal or title problems which may arise and to help you understand your obligations and liabilities. Additionally they will look out for easements, title issues and other issues that sometimes come up.
Third, buying a home for most people is the biggest investment of one’s life. Nowadays it is not uncommon for people to spend several hundred thousand dollars to buy a home. Spending an additional $750 (rough number fees vary) on legal counsel to ensure that your interests are protected is only a tiny fraction of the overall transaction and is most certainly well worth it.
The last and most important aspect to hiring an attorney to represent you in your home purchase is to make sure you hire a real estate attorney. This is so important yet it is too often overlooked by buyers and sellers. A real estate attorney is someone who represents buyers and sellers every day; they do not go to court and spend their days litigating. A true real estate closing attorney never goes to court because they are far too busy working with home buyers, home sellers and people refinancing their homes. It is very difficult to get in touch with an attorney if they spend most of their days in court. In addition to that no one can be the jack of all trades so just because they may be good at litigation does not mean they know how to negotiate a proper Purchase and Sales agreement, do title research or prepare a HUD statement. So please keep all of this in mind when hiring a Real Estate attorney.