Not all states require an attorney review of a real estate transaction, but that doesn’t mean you shouldn’t get one. Many times, having a review of the transaction you’re about to complete can turn up issues and questions that you really need to address. Handling them before the closing is the way to go, since after closing it can be more difficult to seek recourse. While an attorney review will cost you a few dollars, it can also help you save a lot of money in other areas. That’s well worth the price you’ll pay to have an attorney go over the documents, and you’ll have a lot less to worry about, as well. While it can’t be measured in dollars and sense, that peace of mind is still worth something.
1). Are you sure about the fees you’re being charged?
Saving money throughout your home buying journey is important, and you want to make sure you can get into a home that’s going to work for you, as well. One of the ways you can do both of those things is to have an attorney review your documents and the real estate transaction before closing. There may be fees that you’re being charged that shouldn’t be on your documents. Even the fees that are expected could be too high. These can really add up, and you don’t want to overspend just to get your house. It’s better to make sure you’re getting what’s fair and equitable in the deal, so you feel better about it and don’t worry about your finances so much. With an attorney review, you can feel confident that everything you’re being charged is fair and realistic.
2). Was the seller honest about the disclosure items?
When you’re buying a house you rely to a certain extent on the seller. You expect them to tell you the truth about the home, and warn you of any material defects or other problems they’re aware of. They fill out a disclosure form and sign it, indicating that they have been honest and that they know they could be in trouble if they lie. But did they tell the truth? If your home inspector finds something obvious, or if you come across something that the seller really couldn’t ignore or have missed, you can work with an attorney to see that the problem gets corrected. It’s not about pinning blame on the seller or getting them into trouble. It’s simply about making sure that any serious defects with the house are discovered and corrected, or that the purchase price reflects the true condition of the home. An attorney can help you with that, potentially saving you a great deal of money.
3). Will you spend more to fix the problems later?
If you choose not to have an attorney review, you could end up out of pocket a lot more later for problems that weren’t disclosed and that you didn’t discover. That could be problems with the house, the immediate neighbors, or the documents themselves. No matter what went wrong, if there was misrepresentation in your real estate transaction that can be a devastating thing to find out after closing. It’s always better to know beforehand. That way you can decide if you still want to go through with the purchase. By letting an attorney review everything and spending a little bit for that review, you could save yourself quite a bit of money that you may otherwise have to spend in the future, when issues with the closing or the mortgage are discovered.
4). Could you get a break on your insurance?
The purchase of a home comes with more than just the cost of the mortgage. There are other costs, as well, such as taxes and insurance. An attorney review of the documents helps you understand exactly what you’re getting, so you can provide that information to your insurance agent. Erroneous information about your house could result in you paying higher premiums, and you don’t want that to happen. It could even result in an uncovered claim at a later date, if the house was believed to have certain kinds of wiring or other systems that it was then found not to have. Because of the additional chance to save money, an attorney review is a good choice.
5). Can strong knowledge help you close faster?
There are a lot of ways to protect yourself during a real estate transaction, and an attorney review can help do that while potentially saving you money, too. You might even be able to close faster. The sooner you can close the deal, the sooner you can move out of your rental and stop paying rent. That can save you a lot of money, depending on how much you’re paying for rent and utilities every month. While you don’t want to rush a closing, a good attorney review will let you know if there are problems. If nothing is found to be wrong, there’s no reason you can’t go ahead and move toward closing as soon as possible. Getting the transaction done can also help ensure that you don’t lose the rate lock on your mortgage, which could result in your interest rate rising. It’s well worth it to let an attorney review the closing documents, to save you money and avoid all kinds of potential problems.
2 Point Highlight
Not all states require an attorney review of a real estate transaction, but that doesn’t mean you shouldn’t get one.
There are a lot of ways to protect yourself during a real estate transaction, and an attorney review can help do that while potentially saving you money, too.
