One of the most exciting times for someone can be when a property is being bought or sold. In these situations, both parties usually stand to gain something important whether that be property or money. That being said, it’s important to ensure that you are being represented properly during these times. You don’t want to end up having your property foreclosed upon. In fact, statistics from 2013 found that one out of every 96 homes were forced to enter a state of foreclosure. Many people consult a real estate attorney for assistance while purchasing or selling a house. With that in mind, here are four benefits of hiring a real estate attorney when buying or selling a property.
- Ensuring There are no Uncertainties During a Sale
In certain situations, a brokerage agreement is utilized. Unfortunately, these types of agreements fail to cover a large amount of potential legal issues that might arise. One area where confusion often occurs is in regards to brokerage commissions. In certain situations, people going into real estate contracts without being prepared can end up paying these fees even if the home doesn’t actually sell. Considering that, a real estate law firm can help you avoid making such costly mistakes.
- Help With Purchase Agreements
One of the most important document types to receive while buying or selling property is the purchase agreement. A purchase agreement is often a form that requires a lot of explaining. Having a lawyer on your side to help look over real estate contracts is an extremely wise decision to make. Many issues can arise while looking over purchase agreements. Hiring a lawyer can help ensure you have quick access to someone to can help you resolve these issues with another party.
- Reviewing Title Status
Statistics gathered from the National Association of Realtors found that 77% of those purchasing a home have an inspection conducted before actually buying a home. With that in mind, it’s important to ensure that all possible aspects of a home purchase are looked at closely. You’ll find that having a real estate lawyer on your side is valuable while inspecting a title. A lawyer will help ensure that you know what is and isn’t covered by insurance as well as ensuring all descriptions of these documents are accurate.
- Assistance With Preparing Closing Statements
After completing purchase agreements, you’ll begin to enter the closing phase. The time it takes you to reach the closing date depends on various factors including the terms laid forth in your purchasing contract. Statistics show that four to ten weeks is the typical time range to reach the closing phase. In certain situations, you might be asked to create what is known as a closing statement. A closing statement helps to point out many details related to a property including debit and credit amounts that will be either be paid for or paid to either party. A real estate attorney can help ensure you’ve prepared a closing statement that is fair and explains the costs accurately to everyone involved.
To summarize, there are several beneficial reasons to hire a lawyer when dealing with real estate contracts. A lawyer will help ensure that there are no discrepancies occurring throughout the entire selling process. Lawyers also provide help in ensuring that documents including purchasing agreements and titles are prepared in a proper manner. Lastly, a lawyer is beneficial to have while preparing closing statements. It’s important to have a lawyer help you prepare these statements as they indicate costs that involve all parties.