If you are in the process of buying a new home, you've likely heard that you need to have a lawyer on your team to help complete your real estate transaction. Here is what you need to know about why a lawyer will be needed to assist with this very important purchase.
A Lawyer May Be Required
Be aware that there are many states that require a lawyer to be involved in the purchase of a home. While you may not need individual representation for you as the seller, you will need a lawyer involved in aspects like the title search. Make sure that you understand your local laws regarding the need for a lawyer and that you are using one when appropriate.
A Lawyer Helps At Several Points In The Process
There are many times where it helps to have a lawyer on your side when purchasing a home. It all starts with the initial attorney review period, where you draft and review contracts that are signed by both the buyer and seller to move forward with the sale of the home. You'll want a lawyer to look over these contracts, especially if you have never bought a home before.
There is also the mortgage contingency period, which is when the title search is performed on the property to see if the seller can legally sell the property to you. The loan approval period will require having documents reviewed by your lawyer. Finally, the closing date on the home will be the big day, where the lawyer makes sure that everything is in place and correct so that all you have to do is sign a stack of documents.
A Lawyer Can Represent The Buyer And Seller
There are a lot of shared documents that need to be drafted and signed by both parties. It is actually possible to use the same lawyer to represent the buyer and seller. This is a bit different than the advice of not using the same real estate agent to represent the buyer and seller because you want to work with someone with your best interests in mind. However, a lawyer is going to help explain legal documents to you in an unbiased way, and it is up to you to decide if you want to move forward and sign them.
Reach out to a real estate lawyer in your area for more information on their services.