Your real estate agent and your mortgage professional are highly qualified to assist you in the purchase of your home.
They’re the linchpins of your home-buying team, and they should be all you need to make it to the closing table. Well, almost.
While these two professionals are experts in their individual areas, you will almost definitely also want to have a real estate attorney on your home-buying team. There are several reasons for this.
The most important reason involves title or ownership issues regarding the property you want to buy, such as an old or existing lien.
Your other two professionals will quite rightly be uncomfortable offering you advice on these issues, which can get very involved very quickly; title issues usually aren’t within the scope of their expertise.
The other area where a real estate attorney will be invaluable is in contract review. It’s always to your benefit to have a second set of eyes on this document.
If something was overlooked in the contract or phrased in a way that was different from your understanding of it, your real estate attorney will catch it.
If, for example, you were expecting the appliances to come with the property and the seller hoped to remove them, a contract that is unclear on this point may mean the appliances end up with the seller.
Your real estate attorney, not the seller or the seller’s attorney, will ensure it’s spelled out clearly at the beginning of the process.