If you're in the market for a new home, you may be wondering if you need a real estate lawyer. Having an attorney when buying a property is always a good idea. However, there are some instances in which having a lawyer is required or necessary to prevent future problems. Check out these three reasons you want a real estate attorney in your corner.
1. Your State or Lender Requires One
Naturally, you'll need a real estate attorney if it is legally required for you to have one. Some states require attorneys for certain parts of the transaction, such as closing. These transactions are considered "practicing law" in these states. The regulation also prevents real estate agents from performing transactions for which they aren't qualified.
In some cases, the lender you use requires an attorney. This is to better ensure the contract is understood and written, which will prevent future problems down the line for the lender.
2. There Are Contractual Concerns
Buying a house is a major decision and investment, and contracts are always involved. If you have any concerns or questions about the contract you are signing, you want an attorney. An attorney will be able to explain the contract to you and argue for a better contract, such as a lower interest rate.
One common contractual concern is a short sale. Short sales occur when the owner cannot afford their home. Instead of going into foreclosure, they sell the house for less than what is owed on the mortgage. In some cases, part of your neighbor's property may cross the property line. If the original homeowner gave the neighbor permission to use the property, it may be an easement, which usually transfers with the sale of the home.
3. You're Being Discriminated Against
The US Constitution's Fair Housing Act protects home buyers from being discriminated against for a multitude of reasons: skin color, race, religion, national origin, sex, disability, and familial status (having a child under the age of 18). In addition, some states have prohibited discrimination based on sexual orientation, source of income, and marital status.
If someone is preventing you from buying a home in a certain area because of your race, disability, etc. you should contact a real estate attorney immediately. Not only will it be your best chance to get the house your want, but you may be able to file a claim or sue the offending person.
Buying a house is stressful but exciting. You can reduce the stress by having a real estate attorney help you. If you would like to know more or if you're ready to start house-hunting, contact a real estate attorney in your area today.Share