Buying and Selling Homes: Why Lawyers are Involved
Buying a house is one of the biggest financial transactions an individual will be a part of. Houses are expensive—to purchase, build, or renovate. When the time comes to sign your name on the line and get your keys, you want to make sure nothing was overlooked.
Because buying and selling a house is a complicated process involving many parties and a great deal of money, lawyers are critical players to have on your team. A well versed, experienced real estate lawyer can help you through the process and make your transaction successful. Their knowledge will protect your new investment.
What do Real Estate Lawyers do?
Real estate lawyers look over a variety of documents that are part of your real estate transaction. They can help you by making sure everything is in order, correct, and legal while protecting your best interests. Real estate lawyers will look over multiple documents including:
- The Purchase Agreement: A purchase agreement is a contract outlining the conditions of the sale, price, etc. between the seller and buyer. It is the most important document in your real estate transaction. A lawyer can walk you through forms, clearly explaining and making changes or additions to reflect the buyer or seller that they represent. A lawyer will also check to see if the property has been legally maintained. They will check if additions were legally built, if the buyer’s future plans/changes to the property can be done, what legal consequences will occur if the transaction fails, and what will happen to the down payment. Lawyers will also ensure the process is moving along as scheduled and no deadlines are missed. Involving an attorney in this step, along with a realtor, is highly beneficial to both buyers and sellers.
- The Title of the Property: If a property changes owners, the title of the property must be amended to reflect the new change. A lawyer will perform a title search to find if there are any current restrictions on the property. They will also ensure the legal land location is correct. If no problems are found, your lawyer will fill out the necessary paperwork to transfer the title to you.
- Closing Documents: When everything has been reviewed and agreed upon by both parties, it is time to complete the transaction and close the deal. A lawyer will help explain the amount and fairness of the closing costs to you. As a buyer, you will sign the deed and the mortgage papers, which again the lawyer can walk you through to make sure you understand everything. Once everything is signed, the attorney will release the money to the appropriate party and notify the municipality of the change in ownership.
Buying and selling a house is an exciting, yet stressful, time for individuals. Negotiations, paperwork, and the back and forth nature of real estate transactions can take a toll on a person. Lawyers can assist with all of this, making sure documents are in order, and your investment is protected. Juriscorp has helped over 500 people purchase their dream home, and they would be happy to help you buy yours, too.