Many buyers feel having representation from a real estate attorney may be money they can save themselves by not hiring one. We would like 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 and that contract will control what the buyer and seller are allowed to do, or not do, when buying or selling the house. Unlike a lease where there are a lot of laws to protect a tenant there are no laws that protects the Buyer. A good real estate attorney will know what to include in the purchase and sale agreement to protect the Buyer throughout the transaction.
Second, Sellers are not required to disclose to you what they know about the house unless you ask them directly. A good real estate attorney who helps people buy and sell houses everyday knows important things to ask a seller and will include those questions into the purchase and sale agreement so that the Seller is bound by the answers.
Third, your own attorney will help protect your deposit and ensure that you obtain any required extensions to the mortgage contingency date so that if something goes wrong you do not get approved for a mortgage, you can get your deposit back. And, most importantly, your own personal attorney will be there as your personal resource to help you figure out solutions to any problems which arise and to help you understand your obligations and liabilities. They will also look out for easements, title issues and many other things that sometimes come up.
The last and most important aspect to hiring an attorney to represent you 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 everyday they do not go to court and litigate. A true real estate attorney never goes to court to litigate anything because they are too busy working with home buyers, home sellers and people refinancing their homes. You may be wondering why this is so important. It is important because many times litigation attorneys are argumentative by nature and they turn every aspect of a contract negotiation into an argument instead of realizing that the buyer wants to buy and the seller wants to sell so it is there job to make that happen by also protecting their client. It is also not easy to get in touch with an attorney if they spend most of their days in court. Remember 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 Purchase and Sales agreement or prepare a HUD statement. So please keep all of this in mind when hiring an attorney.
That is it for “Why you need a Real Estate attorney when buying a home.”