Buying and selling real estate, for most of us, is the largest financial transaction we will ever undertake. There are many issues that can arise between buyers, sellers, and agents and brokerages. Legal representation is important to ensure the complexities of the real estate transaction are properly addressed.
If you’re getting a mortgage, your lender has a team of lawyers protecting their interests. You need a lawyer to level the playing field. The variety of lending vehicles and the rules around real estate have changed greatly over the past dozen years. Real estate procedures, laws, regulations and required documentation are continuously evolving. You may think you know what you’re doing, but you may not.
Your real estate lawyer, besides ensuring the contracts and loan documents are in order, will often take care of insuring title.
Other real estate professionals:
Getting a home inspection by a qualified home inspector is common and recommended these days. The cost is about $400. The inspector will look at the electrical, plumbing, roof, furnace, air conditioner…all the things that are important for your family’s comfort and safety. At the end of the inspection, he will give you a detailed report with his opinions the condition of the house and of future tasks that you will need to do to maintain your home for many years to come.
You are going to need a Realtor. If you’re buying real estate, get yourself a Buyer’s Agent. Not only will he help you understand house values, and neighborhoods, he will also shorten your search time and most importantly level the playing field with the seller (and his agent) when it comes time to buy.
If you’re a seller, of course you might think you can do it yourself and save the commission. Some people can. But most transactions (about 90%) end up having a Realtor involved. If you’re a private seller please consider that you will not save $18,000 when you sell your home privately.