Buying a home is a complex financial task, and on top of this, many people make the error of overlooking some of the legal aspects of these exchanges. Unfortunately, this can lead to major problems because you may not be protected if disputes with the transaction arise. As a result, you should make it a point to have legal counsel during these transactions, and there are two ways that an attorney can help you to ensure that this transaction goes as smoothly as possible for you.
Protect You From The Costs Of Unforeseen Repairs
When you buy a home, it is normal and recommended to have it thoroughly inspected by a professional to verify that it is free of structural problems. While these inspections will uncover the vast majority of problems, there can be instances where something is missed. If this happens, it can leave you liable for making unexpected repairs to the home you recently purchased.
Fortunately, your residential real-estate lawyer will be able to help protect you from this problem by ensuring that the contract of sale includes provisions that hold the seller responsible for making future repairs to the property. These clauses will often include a time frame during which the buyer can report problems to have repaired.
Comprehensively Research The Title
Another common point of contention between the buyer and seller is the condition and verification of the title. A title is essentially a document that outlines the legal and ownership history of the property. Unfortunately, errors in this document may also leave you liable for unexpected expenses. An example of this type of problem comes from tax debts on the property because these transfer from owner to owner. As a result, it is possible that your property may have a large tax debt you will have to pay once you buy it from the seller.
Your attorney will be able to thoroughly research the history of the property to ensure that none of these problems are present. Once this research has been done, you can purchase title insurance to further protect yourself from this common problem. If an error is found in the title history of the property, this insurance will compensate you for the costs of correcting the problem.
Buying real estate can be a complicated task due to the financials alone. Not surprisingly, many people can feel overwhelmed when the legal aspects must also be addressed. By understanding these two benefits of working with a real-estate lawyer, you may be much better informed about how these professionals can help you during these transactions.
Do you understand the legal jargon involved with a real estate transaction? Neither did I until I started buying houses every few months. When I started flipping houses, it forced me to become much more familiar with real estate paperwork. Unfortunately, I realized that a few of my earlier mistakes may have led me to make errors that cost me money. From that point on, I decided to hire a real estate lawyer to go over all of my paperwork before it was submitted. After I started working with my lawyer, it was incredible to see how much easier things were.