When my husband I decided to start a business, we didn't think about the legal aspects of doing so. We didn't realize that purchasing business insurance, getting building permits and making investments all required some type of legal advice. But after speaking to a close friend, who also happens to own a small business, we contacted a business attorney. Now, we have the legal smarts to make the best decisions for our business, as well as the legal representation in case something happens to our company. I hope that you find my blog helpful and informative for your own business. It's a great resource for finding the legal advice, resources and guidance you need to get your company up and running.
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Buying Your First Home? 3 Reasons You Need A Real Estate Lawyer
Ronnie Mills
After carefully saving a down payment and searching for the perfect home, nothing is more exciting than putting in an offer on your first place. Unfortunately, most people quickly discover real estate negotiations can be complicated and confusing, which can add an element of stress to the transaction. However, with the help of a real estate lawyer, you might be able to breeze through the process, even if it is your first time. Here are three reasons you need a real estate lawyer:
1: Contracts Aren't Always Easy to Understand
Those fun real estate shows might mention the total sales price of the house, but what about addendums, interest rates, and counteroffers? Mortgage terminology isn't always easy to understand, which is why it can help to have a trained professional at your side. Real estate lawyers can go through contracts and clarify them for you, so you know what you are signing. Unfortunately, most people shy away from this valuable service because they don't want to pay legal fees. However, paying for a lawyer to go through your documents can save you thousands of dollars down the road.
Real estate attorney fees start at around $200 per hour, but many firms offer flat-rate charges for reviewing contracts. However, misunderstanding a single clause in a real estate contract could end up costing you ten times that amount in a few minutes. For example, if you skip over the section regarding a home inspection and unintentionally agree to take the home as-is, you might inherit a bad roof or a cracked foundation, which can cost thousands of dollars to repair.
Do yourself a favor and work with a real estate lawyer. Buying a home is likely one of the largest transactions you will ever make, so it pays to have a professional walk you through the process.
2: Real Estate Politics Can Be Tough
On television, real estate agents banter playfully, and sellers are always friendly and reasonable. However, things aren't always that simple in real life. The seller's agent might be difficult to work with, or the couple selling the house might be going through a messy divorce. Fortunately, real estate lawyers understand how to navigate the tough political world that comes along with large transactions. Here are a few things a lawyer might be able to worry about, while you sit back and relax:
- Negotiations: Oftentimes, real estate negotiations are long, drawn-out, and emotional. As the buyer and seller feel each other out and argue about the sales price, things can get elevated in an instant. However, your lawyer can work with the seller's agent for you to state your demands and offer solid reasons for the price.
- Financial Terminology: Interest lock rates and banking regulations can be confusing, but not when you are working with a lawyer. If you have questions about your payment, lock rate period, or potential transaction fees, your lawyer will be able to research the issue, explain the charges, and help you to work with your lender.
- Business Relationships: A real estate lawyer who has closed other deals in the past will have relationships with different institutions. This might make shopping for homeowner's or title insurance a little easier, and help you to get a better rate.
Instead of going into real estate negotiations timidly, you can bravely walk into that boardroom with an advocate by your side.
3: Due Diligence
One of the most important responsibilities of a real estate attorney is performing your due diligence. When you first put in an offer on your home, you will list due diligence deadlines, during which you will need to research the property and any potential complications. Although it is possible to do this job on your own, it is much easier with the help of a trained professional. Here are a few things that your lawyer can check for you, so that you don't end up with a house you don't want:
- Property Lines: Your lawyer can research property lines, so that you know where your neighbor's yard ends and yours begins.
- HOA Regulations: Homeowner's associations can regulate anything from the color of your fence to your ability to park on your property. Fortunately, a real estate lawyer can go through the local HOA guidelines and let you know what you are getting into.
- Geological Survey: Is your home in an earthquake zone? Real estate lawyers can carefully evaluate the national geological survey, so that you don't have to worry about your home sinking into the ground.
Working with a professional real estate lawyer can help you to avoid buying a lemon, so that you can live happily ever after. Click here for more information.
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