First Time Buying A Home? 4 Reasons You Might Need A Real Estate Attorney
Posted on: 2 June 2016
If you're buying a new home, you may want to speak to a real estate attorney before you make any decisions. You might not think that a simple real estate transaction would require legal intervention. However, a simple transaction can turn sideways quickly, especially when problems arise. If they do arise, you want to make sure you have a lawyer in your corner. Here are four reasons why you should hire legal counsel before making any real estate transactions.
Illegal Additions
If the home that you're trying to purchase has room additions that were not built legally – meaning the owners didn't obtain the proper permits – you may need an attorney to help you through the process. Purchasing a home that has illegally build additions may leave you responsible for bringing them up to code. You may also be left with the responsibility of demolishing the additions. Before you purchase the home, have an attorney do a permit search for you. They'll be able to help you avoid problems with the additions.
Co-Owners Being Non-Cooperative
If you're trying to purchase a home that is owned by two or more people, it would be beneficial for you to consult with a real estate attorney before proceeding with the transaction. This is particularly true if one of the sellers are refusing to cooperate with the transaction. An attorney will be able to help you overcome obstacles to the purchase.
Purchasing a Foreclosure or Short-Sale
If you're going to be purchasing a foreclosure or short-sale home, you're going to need a real estate attorney in your corner. These types of real estate transactions require additional paperwork, including title searches to ensure you're dealing with the entity – such as bank, credit union, mortgage company. If the loan has changed hands several times – such as the original lender sold the paper for the home – it can be difficult to track down the legal loan servicer. An attorney will be able to conduct a title search for you to ensure your purchase goes through without a hitch.
Problems with the Appraisal
If you're trying to purchase a home, and there are problems with the appraisal, you're going to need an attorney to help you through the process. Appraisals can be difficult, especially when the seller's appraisal is not matching the appraisal that the lender is attaching to the home. Before you lose out on the home of your dream due to appraisal issues, sit down and speak to a real estate attorney.
Don't get caught in a real estate nightmare. Before you purchase a new home, sit down with a real estate attorney or real estate agent like RE/MAX EXECUTIVES PLUS. They can help you avoid the problems like the ones described above.
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