If you’re buying a home, before you even begin looking for the home you hope to buy, make sure you find an experienced real estate attorney to represent you. Here’s why:
Contracts
To start, when buying a home, you'll have to sign a Contract to Purchase the property (sometimes known as a Purchase and Sale Agreement). This document, which spells out all the terms under which you'll purchase the property, cannot be changed (unless both parties agree) once it's signed. So you'll need an experienced attorney to negotiate and draft the contract in a way that protects your interests to the greatest degree possible.Financing
Next, once you find a home to buy, you'll have to decide how to finance it. But since the number (and complexity) of available mortgage programs continue to grow, deciding which mortgage product and options to choose is becoming more difficult. An experienced real estate attorney, however, can help you weigh the decision and choose the product and options best suited for you.
Satisfactorily completing the Purchase and Tax Considerations
Next, there’s the question of “closing the deal.” An experienced real estate attorney can help make sure you accomplish your primary goal, namely, to satisfactorily complete your purchase. How?
Often, sometime between the signing of the contract to purchase and the closing, a problem arises that seems insurmountable to you and/or the seller, and threatens the deal. But since your attorney and the seller's attorney have likely dealt with such problems many times before, they will usually be able to work out a solution. Of course, if the problem is so extreme that it should cause you to try to cancel the deal, your attorney can advise you accordingly.
Additionally, purchasing a home can have important tax ramifications. By consulting beforehand with your attorney – or a certified public accountant (CPA) your attorney refers you to – you can make sure you take full advantage of any and all tax savings rules or strategies available, and prepare for any tax liability you may owe.
The Closing
Finally, there's one additional – and very important – reason you should hire an experienced real estate attorney before buying a home security most be done: the closing. At the closing, or passing of title, you'll be required to sign numerous documents that spell out the exact terms of the purchase, and the manner in which it will be financed. You'll also be asked to agree to a detailed list of figures showing exactly how much money you owe the seller and/or the lender. Given that even a minor mistake could cost you thousands of dollars, you should always have an experienced real estate attorney with you to check these figures and make certain the documents you're signing accurately reflect all the terms you originally agreed to.
