Not all states in the US require you to hire a lawyer when buying a house. Some homeowners think they can save some cash by skipping a real estate lawyer. While hiring such a professional can cause you to shed some money, they can offer perks unlike any other that you may find very useful when making a home purchase.
Review complex legal contracts
For example, a Mortgage Lender Plano already approved your mortgage application, and you’ve already found a home you wish to buy. Your mortgage lender and you will sign a contract stating the terms and conditions as well as all fees included for you to avail the home purchase. By hiring a real estate lawyer, you’ll have an expert to check on the terms.
If there are any discrepancies or you have difficulty understand some terms and statements, you have a legal attorney specialized in such area to explain these to you in Layman’s term. This also applies when negotiating with the seller and when signing the papers with regards to the home purchase.
Protects your rights as a homebuyer and mortgage borrower
Homebuyers and borrowers have rights, but not all know a thing or two about these privileges. For one, Fair housing rights state that everyone deserves fair considerations and treatment when applying for a home loan as homeowner protection. Mortgage lenders also need to make sure to disclose all details, rates, and fees to their borrowers, and that they have a license to operate. These are just some of the rights you have as a borrower and home buyer.
Good Read: Your Rights as a Borrower
Property Lawyers aims to protect your rights by reviewing any agreements and contracts. Take home inspections, for example. Although this is not a requirement, your lawyer will advise you not to skip this process as this can seal or break your home purchase. They will make sure you don’t miss the inspection period and to ensure that you, the client will receive the report afterward.
Gives professional advice when it comes to taking titles
Each type of title has its meaning, advantages, and disadvantages. If you, yourself are not familiar with JTWROS, joint tenants and tenants in common, then you need a lawyer to understand such terms. Your attorney can explain what each term is, their pros and cons and which one will work best for you based on your situation.
When you finally understand what each type of taking a title entails, you’ll be able to have a better understanding of the pitfalls that may arise in the future so that you can be ready as early as now. For example, buying a house you wish to put under your name needs a different title compared to homes purchased with your significant other. If you and your partner decide to take separate paths, you’ll know about the legal consequences both of you will need to face.
You can buy a house without a lawyer – but knowing a legal professional can give you expert advice, protect your rights and even review complex contracts for you can give you a peace a mind when buying your home. Make the experience an even better one by hiring a good property lawyer for your next home purchase.