Many people assume that a real estate agent is the only professional whose assistance is necessary when buying a home. However, there are clear limits to the support a licensed agent can provide. They likely only have a baseline understanding of the law. They cannot offer legal guidance.
They often focus primarily on helping people evaluate different options rather than optimally protecting themselves throughout the transaction. Those who recognize the lifelong implications of a real estate transaction could benefit from hiring a lawyer to assist them.
What important services can a real estate lawyer provide buyers looking to acquire residential properties?
Drafting customized documents
All of the most important terms of a real estate transaction are included in purchase agreements and other critical documents. Creating customized documents is often the best way to ensure optimal financial and legal protection. Buyers may need to integrate specific contingencies into an offer to protect their earnest money. They may need to establish a post-closing occupancy agreement that protects them if the seller fails to move out as quickly as they should. Agents tend to rely on boilerplate documents, but attorneys can help real estate buyers create customized documents that offer optimal protection.
Assisting with due diligence
Frequently, real estate agents look at listing information, such as seller disclosures. They may not put much effort into reviewing the title history of the property or other potential issues that could undermine the long-term economic value of the transaction for the buyer. Attorneys can assist with title research and other important elements of the due diligence process. They can help buyers identify issues that could increase the amount of risk involved in the transaction.
Reviewing closing documents
The paperwork signed at the closing table includes dozens of pages of complex legal documents. Most people don’t have the patience to read those documents or the legal knowledge necessary to truly understand them. An attorney can review closing documents on behalf of clients to ensure that they are accurate. They can warn their clients if any of the terms included in the final paperwork deviate from the arrangements outlined in the original purchase agreement. They can help buyers secure corrections to their documents.
Having an attorney on standby during a real estate transaction can also be valuable if issues arise. Buyers never know when sellers might damage a property or try to cancel their closing without justification. People who have the right support during a real estate transaction benefit from being less vulnerable to misconduct or oversights that could affect the success of their home-buying efforts.