Do I need an attorney if I am a buyer?
I highly recommend you retain an attorney regardless of what part of a real estate transaction you are involved in. With real estate, there’s much at stake. Here are a few examples of why you need an attorney.
1) Contracts- I prefer to be involved right from the first contract, which is the offer. It is important right from the beginning that you add important information from the start. There are many times, that once an offer is accepted and the purchase agreement is being prepared, no other important major terms can be added. One example is an appraisal clause. Time and time again, I am not seeing appraisal clauses in the offer and buyers are unable to later add to the purchase agreement. Once you have an accepted offer, it is important that you have an attorney draft or review the purchase agreement and then review it with you, so you fully understand what your agreeing too.
2) Title- Whether you’re on the seller side, or buyer side, a title will be ordered and will have to be reviewed. Either you have to clean up title or as a buyer you want to know what is on the title and how it affects the home. This is important because this can affect the equity you have on your home. Your attorney can verify information, secure title insurance, and advise you of circumstances that may affect your investment.
3) Negotiation- There will be times when issues arise, and you will need your position supported. Your attorney is there to advocate for you, which will make these stressful processes, a little less stressful for you. The seller is always represented by an attorney and you should be too.
4) Law- Real estate regulations are complicated. How you handle transactions, rules, and procedures, are difficult to keep track of, and having an attorney can keep you informed and protected throughout the entire process.
There are many more reasons why having an attorney in your corner is important. Real estate transactions can be complicated, time-consuming and involve some risk. With an attorney by your side, you will be both informed and protected. Give me a call, 508-846-6021.