Are you in the process of selling or buying a home? If so, it's possible that you need a real estate attorney to help you with this big purchase. Here are some common questions about using the services of this type of lawyer.
Is a Lawyer Necessary?
If it is your first time buying or selling a home, it can be helpful to have a lawyer on your side to help you through the process. They will read through all of the paperwork, make sure that everything is correct before you sign, and even help review offer letters to make sure that you have clauses that can help you back out of a purchase or sale if necessary.
However, know that some states require that you use a lawyer when buying a home. Even if you are familiar with the process, you'll need a lawyer to assist with the legal end of buying a home.
How Does a Lawyer Assist With Selling?
There are several reasons to use a real estate lawyer to assist with selling a home. It can be especially helpful when you're selling a home in another state and are not there to sign the paperwork. You can give your lawyer the power to sign the paperwork for you so that you do not need to attend the closing. Short sales are often much harder to sell and can involve more paperwork unique to that situation. Homes with existing damage can be more complicated to sell due to navigating disclosures that must be agreed to by the buyer.
How Does a Lawyer Assist With Buying?
Lawyers can be helpful for first-time home buyers that have never gone through the process before. You'll learn everything that needs to be done by your lawyer, and you'll be more prepared for the next time you purchase real estate. However, lawyers can also assist in the same way they help sellers, especially with out-of-state sales where you are unfamiliar with real estate laws in different states.
How Does a Lawyer Get Paid?
Be aware that it is common for real estate lawyers to not be paid unless the home is purchased or sold. They know that you are in the market to purchase or sell your home, and the goal is to hope that you continue using your services for the next attempt to buy or sell. This makes the lawyer more appealing to use for future real estate transactions.