Who Do I Need to Hire To Purchase a Home?
With a typical real estate transaction, both parties (the seller and the buyer) will have a real estate agent walk them through the process. They are involved in finding the right home, initiating negotiations, overseeing paperwork, and the entire process.
Some individuals choose to include a real estate attorney for the purchase or sale of a home. Why? Regardless of the transaction amount, purchasing or selling a home is likely one of the largest or most significant transactions you have entered into. With this much on the line, it’s essential to ensure that you follow all legal aspects and protect yourself from every angle.
Who Has Your Best Interest at Heart?
One of the single most beneficial reasons to work with an attorney on your real estate transactions is that they always have your best interest at heart. They are ethically bound to ensure that they are protecting your best interest. By establishing a working relationship with you, they can learn your wishes and goals and help guide you throughout the process accordingly.
In contrast, a real estate agent is hired to have your interests and dreams at the top of their mind, but they also may choose to forego your best interests at times for the sake of a smooth transaction or sale.
One of the best forms of insurance you can give yourself and your financial investments or transactions, especially of this significance, is an experienced attorney.
What Aspects Can a Real Estate Attorney Help Me With?
A consistent challenge for people when purchasing a home is the paperwork involved. With a significant amount of money on the line, you want to ensure that the contracts or paperwork you are signing are error-free. An evaluation by a trusted attorney to ensure there aren’t hidden mistakes or wording that could cost you significantly is an excellent peace of mind that an attorney can provide.
Additionally, attorneys can help guide you through negotiations and provide necessary clarification of contract details to keep your best interests and financial investment a priority. If something can be added or removed to ensure a smooth transaction occurs, they can suggest an edit you may not realize was necessary.
Undisclosed defects on the property or inaccurate information can occur in real estate transactions if you aren’t dissecting each aspect of the process. If you aren’t well-versed in inspection issues, you may agree to overlook items that can cost you considerably in the future. Some real estate agents are knowledgeable in the process and can learn to look out for these issues and help you avoid them. An experienced attorney can help provide additional leverage and insurance so that you avoid unnecessary financial stress during the real estate process.
Neutral Party Provides Clarity
Another aspect to consider, similar to your attorney has your best interest at heart, is that they can also offer sound legal advice without the emotions or excitement of the home-buying process that you and your real estate agent may engage in.
We have probably all been there at one time or another, where you get caught up in the excitement and can’t see past your “dream home” (or other dreamy purchase) for the issues that may exist or gray areas that have yet to be clarified.
An attorney can provide you with a clear perspective of the transaction every step of the way and keep you on track so you can avoid making significant financial decisions without clarity.
Save Invaluable Time
There’s nothing worse than beginning a process, such as purchasing or selling your home, and having each step drag on and on. By working with an experienced attorney, you can allow them to keep the process moving forward on time, within legal timelines or deadlines that need to be met, and more.
With your attorney overseeing effective communication from both parties, the real estate agents, the lenders, escrow companies, and all other relevant parties can streamline the process and shorten it when done well.
It may seem counter-productive to hire another party in addition to a real estate agent for your real estate transactions but consider a few things first. Without clarity on significant issues such as the appraisal or home inspection, will you run into considerable financial problems in the future? Can more be done to address issues before buying or selling to save you money in the future?
Are there edits to be made to documentation or contracts that can ensure you aren’t inadvertently placing yourself in a financially vulnerable position during this transaction? All these aspects and more are things that an attorney can take off your plate so you can focus on what matters most to you.
Do I Need an Attorney for a Real Estate Transaction in Florida?
The simple answer is no; you typically aren’t legally required to have an attorney included in a real estate closing. However, as discussed above, buying or selling a home is far from simple and, in many cases, can quickly become complex.
Although real estate transactions occur every day without the oversight of an attorney, you may quickly find that your peace of mind and level of financial protection are worth the cost of an experienced legal professional. Rely on them for legal advice, to answer complex questions and more. Let them take some of the stress of the process off your hands and protect your best interests.