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Just about everyone would agree, even those that decide to sell a home themselves using the By-Owner method, that selling or buying a home is a long, tiresome process. The only thing that keeps most people going throughout it is knowing there is a warm, comforting light at the end of that tunnel that will help keep them warm for generations to come.
The great thing about buying a home is how many people you have on your side helping you out. In most cases you have:
• A realtor who knows the ins and outs of the local market and makes sure that you´re getting the best possible deal for the home you´re buying.
• An appraiser who is checking out the home and making sure that you´re not buying a lemon.
• A loan officer who is making sure that you aren´t overpaying for your home.
The list of people helping you out goes on beyond those three people, but the person that some wonder if they need more than anyone else is a lawyer. When you consider how much money is changing hands during a home purchase, it only seems like common sense that you would want a lawyer present. Let´s take a look at the pros and cons of hiring a lawyer when you buy a home.
• Know the law in your state. In some states, you don´t have much of a choice when it comes to buying a home and hiring a lawyer. In some states, it is mandatory that you hire a lawyer for all major real estate transactions, in others, it isn´t. Make sure you know the laws of your state before you even think about buying a home since the cost of hiring a lawyer can add to your overall expenses quickly.
• Don´t over estimate your experience level. For most seasoned real estate investors, a basic real estate contract is a simple enough to understand, but if you´ve never taken part in a real estate purchase before, it might be a good idea to hire a lawyer to check for any problems in the real estate contract. Most contracts don´t allow for much in the way of funny business, but there are clauses that the seller can insert to protect themselves in case they need to pull out of the deal at the last minute. These clauses can put the buyer in a bad spot and, in most cases, if they are caught they are removed. If you´re not use to dealing with real estate contracts, you might want to hire a lawyer your first few times until you learn the ropes.
• If you have decided to hire an attorney, but you don´t know where to turn, ask your realtor. Not only are they indispensable through the entire home buying process, but they also have a wealth of information for you regarding just about anything having to do with buying a home. If you need an appraiser, ask your realtor. If you need a lawyer, ask your realtor. Just about the only thing they aren´t guaranteed to have is a Tic-Tac, and who knows, they just might have one of those too!
• In most cases, real estate lawyers have fixed fees. The number of things that you´ll need your real estate lawyer to do are somewhat small and most of them come with a set price so there isn´t much in the way of negotiating to do. However, rules vary from state to state, so make sure you know what you´re getting yourself into before you hire a lawyer.
Deciding to get a lawyer when you buy a home can be a big decision. Fees differ from place to place. If you hired a real estate lawyer when you lived in one state and the fees were fixed it doesn´t mean that it will be the same setup where you live now.
A final piece of advice is to trust your gut. If you think you need help getting through the contracts and the mumbo jumbo, spend the extra few dollars and call a lawyer. Just make sure you know what you´re getting yourself into before you sign on the dotted line.
GBrey
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