The home buying process is complex, so it’s important you hire the right team of specialists, especially if this is your first time purchasing a property. Throughout the journey, you will likely have to work with the following people:
- Mortgage lender
- Real estate agent
- Title insurance/escrow agent
- Real estate attorney
- Home inspector
As national title & escrow specialists, we know the ins and outs of the industry. Today, we share more on the legal side of a property transfer, what a real estate attorney does, and if you may need one.
Do You Need a Real Estate Attorney to Buy a House?
Buying a home is rarely a simple process but rather a complex transaction with legal strings attached and many steps of the process. Since the legal aspects of a home purchase can quickly become confusing for many to understand, home buyers or sellers may question if they should hire an attorney to protect them from any legal issues that can arise.
This is a large investment and we believe you should do all you can to protect it. There are times that having a lawyer on your team can help you have more confidence in the purchase. Their guidance may help to ultimately reduce the costs of buying your new home.
What Does a Real Estate Attorney Do?
A real estate attorney, or a real estate lawyer, is licensed to practice real estate law. They have the expertise and legal authorization to provide advice to the parties in a real estate transaction. A real estate attorney will prepare documents and contracts regarding the sale.
The buyer, seller, or even a mortgage lender can hire a real estate attorney to protect their interests.
When Do You Need a Real Estate Attorney?
There are many factors that can influence whether or not you need a real estate attorney. Your location may impact if you need to hire a lawyer based on local or state laws or the specifics of the transaction.
If you do end up requiring a lawyer, there are several instances during the home buying process during which they can provide help. A real estate attorney can:
- Draft and finalize purchase contracts
- Write amendments to a standard contract utilized by your real estate agent
- Complete a standard title search for property issues such as liens (you’ll want to choose title specialists like us to do a more comprehensive search and secure escrow)
- Organize and manage the property closing with your real estate team
If you’re in the home buying process and need legal assistance, our team at True Concept Title is here to help. Call our nationwide title experts today – (813)-263-7168.
State or Lender Necessity
Keep in mind, that depending on where your property transaction is taking place, your state laws may vary. Certain actions in the real estate process are considered “practicing law” in some states, which prevents real estate agents and other industry professionals from giving legal advice that they aren’t licensed to provide.
In many states, compiling legal documents for the sale of a property can only be done by a licensed attorney. However, in some cases, a non-lawyer real estate agent may be able to complete a standardized form contract on their own.
Conducting a home closing is also considered a legal practice in certain places, and therefore, an attorney must be present. In rare cases, a mortgage lender may even require that a real estate attorney performs the home closing. In this case, it’s important to note that you have a choice in title and should lean on all areas of expertise when you buy a property.
Complications with the Purchase Contract
If any aspects of your home purchase involve any factors that could cause complications, a real estate attorney can help you navigate potential legal concerns. If contractual issues do surface, you are likely better off with an attorney at your aid.
Learn More > Types of Disclosure Documents
Removing Anxiety from the Process
Hiring a real estate attorney can ensure you’ve covered your bases and adds another layer of protection in the event of potential legal issues during closing.
If you have a gut feeling that issues could come up during the home buying process or simply want to ensure you are protected in case of an emergency, a real estate lawyer can give you peace of mind that you have help in case of a tough situation.
Protect Your Home Purchase with True Concept Title
While there are many expenses to keep track of when purchasing a new home and you’re likely doing all you can to reduce your costs, investing in the right real estate team can actually help you save money in the end.
At several points when purchasing a new property, you will likely need professional help and advice. Our team at True Concept Title has an array of real estate expertise to help you through several phases of the process, whether you are in need of an attorney referral, a title report, escrow services, or a virtual/mobile closing.
If you are ready for a seamless and hassle-free home purchase with a team you can trust, contact our national title specialists based in Tampa Bay at (813)-263-7168. The team at True Concept Title would be proud to be a part of your property purchase.