On the market for a new home? You’re not alone—over 1.8 million new home buyers took the plunge in 2016. Ideally, all real estate sales contract processes would go smoothly, but there are times when the process requires a real estate attorney.
So how do you know when you should hire a real estate attorney and when you’re fine going at it on your own? We can help you decide! Read on to learn all about it.
1. Your State Requires It
Some states don’t allow home purchasers the option to choose whether they want to hire a real estate attorney. They require it. In these states, at a minimum, a real estate attorney must be present at the time of closing. The extent of the attorney’s involvement with the transaction varies from state-to-state and even within the state.
The states that require real estate attorneys include Alabama, Connecticut, Delaware, DC, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia.
2. There Are Title Defects
Every state and county make a strong effort to maintain title records. Unfortunately, these records may not be the best, especially when a property is being passed down through generations of a family and it’s not clear who owns the property. There can also be issues with the property when a home has a construction lien or easement attached to it.
Unless the house you’re looking at has a super clean title, it’s best to retain counsel to make sure that you are buying a property with a free and clear title.
3. You’re Buying a Short Sale or Bank-Owned Property
Buying a short sale or bank-owned property is notoriously complicated. One wrong move and the property can slip through your hands, or you may end up with a property that has a lot of issues that you didn’t know about. You should always hire a real estate attorney when you want to buy a short sale or bank-owned property.
4. You Want Peace of Mind
Finding the best real estate lawyer to represent you in your home-buying process makes a huge difference in the amount of stress you’ll deal with. Regardless of whether your state requires that you have a real estate lawyer to buy a home, hiring one can help detect problems with the title of your property. They’ll help you tackle any problems head-on so that they don’t cost you a ton of money.
If there are any potential issues, you should retain representation if you want a smooth process.
Need Help with Your Real Estate Sales Contract?
It’d be wonderful if every real estate sales contract went off without a hitch. Unfortunately, there are some cases where it’s necessary, and even required, that you hire a real estate attorney to carry out the sale of your new home. A real estate attorney is also a great option if you want peace of mind.
Want more great articles that’ll make your life easier? You’ve come to the right place! Check out the rest of our blog for everything you need!