Buying a home is an exciting milestone for most homeowners. After poring over dozens of listings and calculating how much mortgage money they can put down, prospective buyers finally make the leap into homeownership. However, buying a home is also a significant financial commitment and requires care and caution from all parties involved. As such, it’s imperative that you have legal representation when making the deal. Here, NYC-based legal professional David Fleischmann Esq shares 5 reasons why you should hire a real estate attorney when buying a house:
You Need Legal Advice
Before you sign anything, you need to know the full extent of your agreement with the seller. You’ll want a real estate attorney who can answer your questions and help you navigate any legal pitfalls that may lie ahead. While the law varies between states, most real estate contracts contain a multitude of terms that are not clearly explained. It’s up to you to know the rules and use them to your advantage. A real estate attorney can help you navigate the real estate process with ease and minimize any missteps. A real estate attorney can also help you navigate the legal aspects of your deal, such as how to properly assign or re-title your property. In certain scenarios, you may need to re-title your property or adjust your ownership documents in order to buy your new home. Your real estate attorney can also help you address potential issues that may arise, including a possible title or ownership issue.
You’re Making a Big Purchase
Buying a home is a significant financial commitment. Therefore, it’s essential that you know what you’re getting into before you buy. You can’t simply assume that the home you’re purchasing is a good investment. Instead, you need to determine if the home you’re looking at is a good deal, financially and structurally. This means you need to know what you’re getting yourself into. Hiring a real estate attorney to represent your interests will help you make an informed decision. Your real estate attorney can help you determine what type of mortgage you should get, the amount of mortgage you should put down, and what interest rate you should be able to afford.
As David Fleischmann Esq explains, you also need to be able to make sure the house you buy is actually worth the price. Your real estate attorney can help you find out the value of the home you’re purchasing and help you ensure you don’t overpay. Your real estate attorney can also help you get any required inspections on time and help you make sure your home is structurally sound. You can’t just assume that the house you’re buying will be worth more in the future. You need to make sure you’re getting a good deal now.
There’s More to the Deal Than Just the Property
Most people don’t think of the deal as including aspects other than the property itself. This is a huge mistake that can hurt you in the long term. For example, David Fleischmann Esq adds, you need to know where your new home falls in relation to the property line. This is relevant because it determines the extent of your property rights. If you buy into a neighborhood with a strict “neighborhood covenants” code, you may be limited to certain uses of your property. You also need to make sure you get the right title. A title that’s incorrect can mean you don’t have full ownership of your home. A title issue can also result in a re-assessment, which can drastically increase your taxes.
The Seller May Be an Unscrupulous Bad Actor
Before you enter into a deal with your seller, you need to know the full extent of their wrongdoing. Your seller may be desperate to sell the home and have borrowed money against the property. In this situation, the seller may have broken the law and is trying to sell the home without paying the mortgage. This could lead to various legal and financial issues. Hiring a real estate attorney to represent your interests will allow you to determine the full extent of the seller’s wrongdoing. Your real estate attorney can help you determine if your seller is breaking any laws by selling the home without paying the mortgage. Your real estate attorney can also help you determine if the seller has any financial issues that can impact your deal, such as an inability to pay the purchase price.
Hiring an Attorney Helps You Avoid Fraud and Mistakes
When you’re buying a home, you’re making a significant investment. Unfortunately, there are plenty of scammers that want to take advantage of this situation. This is why you need an experienced real estate attorney such as David Fleischmann Esq. Your attorney can help protect you from fraud and help you avoid any mistakes that could drastically impact your deal. A common fraud is a “short sale”. A short sale refers to when the seller owes more than the property is worth. In order to purchase the home, you have to assume the original lender’s debt. A short sale is usually a sign that the seller has financial issues. Your real estate attorney can help you determine if the seller’s financial situation is to blame for a short sale. Your attorney can also help you avoid mistakes, such as failing to verify the accuracy of the seller’s information.
It Increases Your Chances of Success
Success in real estate is about more than finding the perfect property. You need to make sure you’re prepared and ready to close on a deal. This means you need to get your financing in order. This means you need to know how much you can afford to put down on a loan, what interest rate you can afford, and what type of loan you want to take out. Your real estate attorney can help you navigate the process and make sure you don’t miss any steps. Your attorney can also help you determine if you’re getting the best terms out of the deal. You need to make sure you’re getting everything you’re entitled to. Your real estate attorney can help you ensure you’re getting the best deal possible.
Conclusion
Buying a home is an exciting milestone for many homeowners. However, this decision is also significant and should be made with caution and care. Before you buy a house, you need to make sure the seller is willing to sell and you’re getting the best deal possible. Hiring a real estate attorney to represent your interests will help protect you from fraud and help you navigate the process and make sure you’re getting the best deal possible.