Not every home is purchased with the help of a real estate attorney. However, if you will be purchasing a property that is worth a lot of money, it might make sense to hire a real estate attorney rather than having all of the legal issues handled on your own. There are several things you can expect your real estate attorney to do for you.
Drafting and Reviewing the Contract
With the purchasing of real estate, it will be necessary to draft a contract. These contracts are best drafted by experienced real estate attorneys who have handled the sale of properties like this before.
If your own real estate attorney is not drafting the contract, you will at least want to have the attorney review the contract to make sure that your interests are protected. For example, the real estate attorney might insist that a provision be added to guarantee that certain repairs will be done.
Obtaining a Loan to Purchase Real Estate
If you intend to obtain a mortgage to pay for your new property, a real estate attorney will assist you with the process of completing the paperwork. For example, you will need to understand the terms and conditions before you sign. You might also ask your real estate attorney to speak with the bank and negotiate a better mortgage.
Performing a Title Search
An important role for a real estate attorney is to perform a title search on the property you are purchasing to determine who owns the property. It's necessary to officially own property to be able to sell it. There might also be hidden claims on the property.
Looking for Liens
The real estate attorney will search the liens on the property to find out if there are any liens that still remain. The owner of the property might be required to pay off a lien before they are able to sell the property to you. If you are concerned about whether the lien has been satisfied, a real estate attorney will be able to confirm whether it has been paid or not.
Performing a Comprehensive Search of All Records
The real estate attorney will search the deeds, tax records, bankruptcy court records, financial judgments, and divorce records to search for any evidence that might suggest that the ownership of the property is in question. This is essential before you move forward with purchasing the real estate.
Contact a real estate attorney for more information.
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