Undoubtedly, the most significant investment the average American ever makes in their lifetime is purchasing a home. It’s not often a person spends anywhere from $10,000-$500,000 for a single item and then deals with fixed payments for a 30-year period right after.
When heading into such large transactions, why go into it alone? The best protection you can afford is hiring a real estate lawyer, whether you are buying or selling a property in Brooklyn.
According to RocketMortage.com, there are a few points during the home buying process where a real estate attorney can assist, including the following. Let’s go over the top 7 reasons you should hire an attorney to oversee your transaction from beginning to end.
1) Having an advisor at a low cost: An attorney has an ethical duty to protect your interests. They are not receiving any kind of commission at the end of closing. Most attorneys are paid at closing, but if the deal falls through, they are usually still due their compensation. Most attorney fees are relatively affordable, ranging anywhere in Brooklyn from $850-$2,000. The amount of due diligence a lawyer performs is staggering. Just looking at the cost alone, having an advisor at your side is the best value proposition you can have.
2) Your interests will be protected: An attorney is there to protect you and no one else. Their loyalty is to you only. The attorney is also subject to disbarment, negative reviews, and legal repercussions if they do not act in your best interest or make blatant and negligent errors.
3) Experience: A real estate lawyer has seen more real estate transactions than you. They have reviewed more sales contracts than you can imagine. Their experience is a powerful tool to help you get to the closing date.
4) Contract modification: When you accept an accepted offer, the seller will have their attorney send you a sales contract. These contracts are very long and complex. The fine print is immense. If you want to modify the contract or change the terms, your attorney can do that correctly. As a non-legal professional, you are not qualified or know how to propose and change a contract.
5) Title and Inspection Report: Your attorney will review your title and inspection report to look for abnormalities. There may be liens on a property, issues with termites, a faulty structure, and other problems that only surface when a title and inspection report are provided. An experienced lawyer is able to sift through this information and find the necessary information that can be used to bring down the price of the home.
6) Deed Problems: Suppose the deed comes back with serious issues. An attorney will be able to know how and when you can receive your down payment back. They will also add in the appropriate contingencies into your sales contract to ensure if there ever is a deed issue, you are fully protected.
7) Team lead: You have an entire team behind you during a home purchase. You are working with a mortgage loan officer, an inspector, a broker, and the other parties. Your lawyer will be the main point of contact when dealing with these individuals. He or she is also the person you contact when you encounter a problem with the other parties.
In conclusion, the best reason to have a Brooklyn Real Estate Lawyer when buying and selling real estate is peace of mind. You will avoid many headaches and issues that would otherwise occur if you try and go into this transaction alone.
Should you have any questions regarding a real estate transaction, lease signing, lease review, a sale or purchase of a home, real estate litigation, or have general questions regarding realty law, feel free to contact our law firm at (917) 567-1963 or email us at [email protected]
