In any real estate transaction, your money couldn’t be better spent than on the services of a real estate attorney. Here are some reasons why you need a real estate attorney and what he or she can do for you.
In the course of any real estate transaction, you will be presented with all types of documents, and it is very important that these be examined by an attorney specializing in real estate. These include the purchase contract, the home inspection, the appraisal and the settlement documents when you get to closing.
As knowledgeable as your real estate and mortgage professionals are about the inner workings of a real estate transaction, questions may arise that are outside their areas of expertise. They will be the first to tell you that their expertise is limited to their respective fields and that questions on contractual issues are best left to a good real estate attorney. They also will suggest that your attorney is the one to ensure that the other party in the transaction (buyer or seller) is complying with the terms of the contract.
A real estate attorney is totally neutral in your transaction. He or she is paid the same regardless of how much your home costs and can bring an objective eye to all the documents and other elements involved in your sale or purchase. This is especially important when you are purchasing a short- sale or foreclosure property.
In looking for a real estate attorney, try to find one where real estate transactions represent a sizeable percentage of their business. Those who handle more than a few transactions a month will be more up-to-date on the legal aspects of real estate.