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6 Reasons to Hire a Real Estate Lawyer

Monday, October 10, 2022

If you're thinking about buying a home or an investment property, congratulations! Now is a great time, as housing prices are finally starting to cool nationwide.

Still, housing prices are still out of reach for many Americans, which is why it's so important to do your diligence before taking out a 30-year mortgage. For that, you'll need the help of an experienced real estate lawyer. Here are some reasons why! 

1. Providing Clarity

Nobody expects you to know everything a real estate agent or real estate attorney knows. If you did, why hire either one?

Have you ever brought your car to the shop and heard a bunch of words that had no meaning to you? You're bound to experience the same during the homebuying process and even more so with the legal aspects. Having an experienced lawyer for real estate can help provide the clarity you need.

For example, mortgages, deeds, liens, tax laws, and other complicated legal documents in your prospective home include a lot of laws and regulations. Nobody expects you to learn these overnight, but having someone with you who understands these and who can clarify them for you can make a world of difference.

2. Providing Support During Closing

Nowhere in the homebuying process is more riddled with legal documents than closing. If you come unprepared to the closing, you may just sign your life away by mistake.

Having a lawyer present for the closing can help ensure that you're signing the right documents and that mistakes are corrected immediately. This is your final chance to negotiate without having to settle any legal disputes in court after the fact.

Also, they can draft and review any agreements or documents before closing, which is essential. This will help you enter your closing day confident in your agreements before signing anything. 

3. Helping With Research

Real estate agents are great at discovering what's wrong with a house. However, a real estate attorney is your best option when it comes to legal loopholes, title research, and issues with the sale itself. It's part of a real estate attorney's job to investigate the following: 

  • Property taxes and special taxing districts
  • Researching past and present property surveys
  • Researching the title history and outstanding liens
  • Territory rights of the property owner (boundaries, road allowances, etc.)
  • Local regulations (water, sewage, etc.)

The list goes on. This will be your home or investment property for years and potentially for life. Understanding these details is essential before making a final decision.

This is even more important if you're planning on purchasing an investment property. There are plenty of extra laws regulating commercial and other investment properties that your average real estate agent may not know about.

4. Assisting With Negotiations

We know that real estate agents are there to negotiate a fair price. However, real estate lawyers can bring an entirely different approach and expertise to these negotiations. They understand tax law, title histories, and much more.

Having a legal expert at the negotiating table can help you save money. As we mentioned, housing prices are starting to cool, but they're still near all-time highs. As we slowly shift toward a buyer's market, having extra help during negotiations can save you thousands of dollars.

Also, this can entirely offset the cost of hiring an attorney or even help you save overall. That's on top of helping you find the right property and know what you're signing, which are worth every penny on their own.

5. Expert Opinions

When it comes down to it, there's no substitute for having an expert on your side, especially when you're making one of the biggest decisions of your life. Buying or selling a home or investment property comes with major financial consequences. Having an expert check the files with your real estate agent can make a difference.

We all know to hire an agent, which is incredibly helpful. However, even the most experienced agents are no substitute for real estate attorneys.

Sometimes, insurance agents mislead or misrepresent statements about a home. If you're a buyer, having an expert to help find and explain the truth will help you make an informed decision and protect yourself from potential scams or misleading claims.

6. Peace of Mind

Buying a home is challenging. It's one of the reasons why Americans consider moving to be more stressful than divorce. That's one of the reasons why we hire real estate agents to take some of the weight off of our shoulders.

Well, that same logic applies to attorneys. Remember, real estate lawyers are there to help you get the best deal, not hover over your shoulder and make things more complicated. They can help simplify and explain the process every step of the way.

This will help ease your mind throughout the buying process. Then, you can rest assured that you're getting a good deal for your investment and get excited for the next steps after closing!

Hire a Real Estate Lawyer Today

Now that you know some of the key reasons to hire a real estate lawyer, enjoy these benefits for yourself. There's no substitute for professional, expert advice when making such an impactful decision. It's best to surround yourself with the right professionals and take your time!

Stay up to date with our latest legal tips, and don't hesitate to contact us with any questions or for help finding the right legal assistance!

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