In some cases, it may be well worth your time to use the services of a real estate lawyer, even if your state doesn’t require it. That isn’t true in every case, though, and it’s not always necessary to have a real estate attorney present for you to close a transaction. Some states use lawyers, and some states use title companies, but even in states where lawyers aren’t necessary or expected, the type of property you’re buying or other concerns you have may mean you want to consult with an attorney. There will be real estate lawyer fees that you’ll need to pay, which can be expensive depending on what you’re specifically asking the attorney to do and how much of their time it’s going to take up.
Why would you get a real estate lawyer?
In states that don’t require attorneys to close, you generally wouldn’t get a real estate lawyer. Your real estate agent, lender, and title company, along with the inspector and appraiser, would be the parties involved in the transaction and the closing. However, you might have a very unique property you’re trying to buy, or there may be other extenuating circumstances that you’re worried about. If that’s the case, you’ll want to make sure your interests are protected, and that would be why you would get a lawyer. Especially if you think the seller or anyone else in the transaction is being dishonest, it’s an excellent idea to get an attorney involved. That can reduce your risk and liability, and give you peace of mind.
How much does it typically cost?
There are considerations to be made when you choose to buy a house, and one of those is whether you should spend extra money. Buying a home is a very big deal financially, though, and the extra money you spend to have an attorney review things could easily be money well spent. There isn’t any typical cost, because every transaction is different. A standard review of the documents would likely not cost you more than a few hundred dollars, but if the attorney finds a problem that has to be addressed the fee for their services to correct that issue could cause the price to go up. In many cases, this will still cost you less than the potential problem with the transaction would have, so it can be the right choice to ensure things are all correct and accurate.
Are there other options that cost less?
If you don’t want to pay an attorney to go over your transaction you certainly don’t have to. You can read the documents carefully yourself and determine whether you find anything in them that doesn’t sound right to you. If you don’t have a lot of money you may also qualify for legal aid, where you can have an attorney look at the documents for free. Paralegals and others in the legal profession sometimes go over documents, as well, but they aren’t attorneys and can’t give legal advice. They also aren’t as well-versed on the law as an attorney would be, and it’s possible they could miss something that would be important to you.
What if you have concerns with the transaction?
If you’re buying a home with an attorney review, you can talk to that attorney about all of your concerns. That can be anything from the price of the property to the disclosure statement that the seller has filled out. It’s generally much better to bring your worries and cares to light before you get to the closing table, because once all the papers have been signed and the deed has been recorded, the property and the mortgage are yours. It can be much harder to get recourse at that time, so the sooner you raise any questions or concerns the better off you’ll be. There’s reason to be cautious when the transaction is so large, so don’t be afraid to ask an attorney about anything you’re worried over.
How do you know if a lawyer is a good idea?
A lawyer is a good idea if you don’t find their fees too high and you’d like reassurance that the transaction is being handled properly. Another reason to use an attorney is if you’ve found some discrepancies throughout the course of the transaction. You don’t want to just gloss over things on what could be the biggest purchase of your life. Not everyone feels the need to get a real estate attorney, of course, and that’s perfectly fine. It’s all up to you and what you feel most comfortable with as you buy your home.
What should you look for that might raise red flags?
If you have a unique property you want to buy, or there are concerns about your transaction, a real estate lawyer can help protect your interests. Look for anything that seems truly out of place. Documents that are missing or don’t match what you were told. Changes to information you were already given or papers you have already signed. Extra fees or charges that seem to come out of nowhere. These are all things that should raise red flags for you, and that you want to consider carefully when you’re trying to determine whether calling in the services of a real estate attorney and paying their fees would be worth doing in your specific case.
2 Point Highlight
In some cases, it may be well worth your time to use the services of a real estate lawyer, even if your state doesn’t require it.
If you have a unique property you want to buy, or there are concerns about your transaction, a real estate lawyer can help protect your interests.
