Ten Benefits Of Hiring An Attorney For the Purchase Of Your Home

With so much at stake, it is surprising that many Buyers do not hire an attorney to protect their legal interests and guide them through the land mines of the home purchase process. Here are ten services an experienced attorney representing you exclusively will provide you at a reasonable fee. 1. Prepare and correctly word your Offer to PurchasernIt has been held in many jurisdictions that an Offer to Purchase will bind the parties if it contains the essential items of the deal. Many people don't know this. With that in mind make sure all items as to price, inclusions, contingencies such as building inspections, mortgage approval, whether deposit may be lost for failure to continue through the deal, etc. are included. Yes, contact your attorney even at this early stage! 2. Prepare, Review, Modify and Negotiate your Purchase and SalernMost Offers to Purchase indicate a Purchase and Sale will follow after inspections. The offer to Purchase is a complex document and best reviewed with you by your attorney. Many time the document will be modified, clarified and if appropriate, negotiated based on what has occurred as a result of the building inspection. The role of a real estate broker is sell the property and bring the parties to a contract; their courtesies to you in regard to anything more are just that. Seek the correct party for the job; an experienced attorney. 3. Advise and Guide you through the Lender ProcessrnAttorneys are a good group to get lender information from. They know which ones are easy to work with, meet deadlines and have good rates. A poor choice in choosing a lender may complicate, delay the closing, and add extra costs. Shop not only the rate but the reputation of the lender. 4. Review of Zoning, Survey and Conservation IssuesrnSince most homes are sold subject to zoning, survey issues as well as conservation regulations and restrictions, it is important to know what you are getting into. The pool in the back yard may not be possible.... The future addition may not be possible.... Your shed may be on your neighbor's property.... Have a way to be educated and satisfied as to these matters. It may not affect the lender but it might you on resale. 5. Advise and Review of Building Inspection, Radon, Mold, Lead Paint IssuesrnIt is common and suggested to have the home inspected for building issues, radon, mold and lead paint issues. You should be aware of needed repairs from major structures to minor leaks before moving through the deal. You may wish to back out or renegotiate provided that your purchase and sale allows that. Be careful about waiving an inspection that may affect you. Assume the next Buyer will have these inspections and then you will be on the hook. 6. Review, Explanation and Identify Corrections of Title IssuesrnTitle issues from missing or defective prior discharges, tax liens, liens of prior spouses, probate issues, etc. are actually common even whether there has been one owner or several. What was in the title 10 years ago may not have been an issue to conveyancing attorneys where now it is. The lender's attorney may be satisfied where your personal attorney may require it to be corrected as a condition of closing. 7. Review of commitment letter from LenderrnLenders may issue commitments subject to many conditions some of which are easily met and some which may not be able to be met or are very unreasonable. A "tight" mortgage contingency clause may help you here if your attorney has included one. Even what may be considered a standard commitment is probably new to you so have your attorney review the letter for purposes of explanation or renegotiation. 8. Working with Closing Attorney's Office to Prepare for ClosingrnThe closing attorney (lender's attorney) represents the lender and will probable provide you with a letter about that issue at the closing. They are preparing 70 plus documents for their client, the lender. Having someone interact with the office on your behalf helps minimize errors and gives you a "heads up" on the numbers and documents you will need to bring to closing. 9. Advice regarding proper title and homeowner's insurance and choice of agentrnOwner's title insurance is considered a need rather than a want for a closing. Having this insurance coverage will pay claims, indemnify parties, and allow closings to take place in a timely manner whereas without such coverage, there would be a delay, no closing and possible need to defend a law suit. Likewise the proper homeowner's coverage will provide you with more than the minimum required by the lender. An experienced attorney will work with you and your agent on these matters. 10. Review of Settlement Statement, Attendance at Closing and Explanation of DocumentsrnThe HUD settlement statement is a document to help the consumer understand the closing expenses. It was created by the Federal Government; enough said? Although the document is understood by those in the business, for the consumer it is a confusing document. The closing attorney will explain it to you at the closing but it needs to be understood prior to so you can come to the closing with the appropriate funds. You experienced attorney will simplify the document and help you understand it. Likewise with the numerous documents presented to you as "non-negotiable" and "standard", these of which you will not have the time or desire to read over the 100 plus pages of documents. Better for an experienced person to review and explain them to you.