The median home price in the US is almost $280,000. It varies greatly by location, of course, with median prices in West Virginia coming in at $159,000 on up to $619,000 in Hawaii.
Regardless, a real estate deal will always represent a large investment.
To protect yourself from any costly pitfalls, it’s a good idea to hire a real estate closing attorney. Here are 3 reasons why.
1. Contracts Are Tricky
It is always a good idea to have a lawyer look over any contract you are planning to sign. It’s even more important when you’re talking about the stakes involved in a real estate deal. You could potentially lose a lot of money if you don’t understand something about your contract or purchase agreement.
You might think that’s what your real estate agent or broker is for. It’s true that your agent will advise you on the best course of action and help you protect yourself. But agents aren’t lawyers. They aren’t as well-versed in the law and they aren’t contract experts.
A lawyer will make sure that all the proper verbiage is there to protect you in any situation that could arise.
2. The Title Search
It is extremely important that the title document is correct. This is what gives you the legal right to own the home. If there is something wrong with the title you could end up not being able to sell the home in the future.
In some states, it is not normal to pay title insurance. This makes having a lawyer involved even more critical. The lawyer will carefully review the title and ensure that there are no errors in the legal description or problems with previous owners.
Even if title insurance is included in the deal, an attorney is helpful. They can explain the effects of things like easements, restrictions put in place by the previous owner, and zoning laws.
3. The Closing Process
You’ve come a long way from that first day you googled “houses for sale near me“. The closing process has finally begun. But before you start celebrating, you have to make sure the deal is done.
A real estate attorney is immensely helpful in ensuring that all the paperwork is taken care of properly.
Closing a real estate deal is stressful because it is both complicated and confusing. A lawyer can help you sort through all the unfamiliar terms. They can also explain things like how closing costs get calculated and distributed.
Perhaps the most important consideration is that every party involved in the closing process will have its own attorney. If you don’t have one, you could lose out if there is a dispute or misunderstanding.
Peace of Mind with a Real Estate Closing Attorney
A real estate deal is stressful enough without going into it underrepresented. A real estate closing attorney is well worth the cost for the peace of mind that comes with knowing you got everything you were entitled to during the process.
Now you can enjoy your new home with no worries in the back of your mind.
To learn more about when you should definitely hire a real estate attorney, check out this blog post!