For most people, purchasing a home will be the most significant and largest purchase they make. Whether you are buying a large new home or selling your family estate, hiring a real estate attorney in Austin can help you ensure that the process goes smoothly and without hiccups. It's most important to hire an attorney early in the process to protect you against the unexpected and to make sure that the closing process is stress-free. Here are the top reasons why you should consider hiring a trusted attorney.
Protecting Your Rights
If you want to protect your rights and best interests in the transaction of either buying or selling a home, then hire a real estate attorney. He or she will be the only unbiased person who is truly on your side. Everyone else involved in the transaction will have a stake in it somehow, so they will be biased in their dealings. An attorney will work to ensure that your rights are protected and that you are taken care of during the closing process.
Real estate lawyers deal with many different types of contracts and they know local customs, regulations, and laws. As a result, they can help you avoid or deal with issues that may arise during the process of buying or selling real estate. Most people don't frequently buy or sell homes, so they likely do not know what issues to anticipate. Attorneys do and they can help.
Reviewing the Purchase Agreement
Your attorney will also review the purchase agreement and watch for any illegal structures on the property, termites, asbestos, radon, lead paint, or any other potentially harmful materials or waste. It's important to define inspection contingencies, and your attorney can help you with this process. He or she can also help you know what to do about a deposit if you, the seller, or the buyer backs out.
Setting and Sticking to a Timeline
Another important part of selling or buying a home are the deadlines. Your attorney will work with your mortgage loan officer, as well as other real estate agents or attorneys involved with the other party to make sure that all dates are established and met. You will be dealing with home inspection, title search, mortgage commitment and other important contingencies that have to be considered and followed, so it's important for an attorney to help you with these.
Reviewing Important Documents
This can be the most important reason you should hire a real estate attorney. When you buy or sell property, there are so many confusing documents involved. From the mortgage loan documents to the title and title insurance policy, these documents can be very confusing and very lengthy. It's important that you seek guidance from someone who knows them inside and out. An attorney can review the documents with you to ensure that everything is correct. He or she can help you avoid mistakes and errors in legal descriptions.
Attending Closing with You
In addition, your attorney can attend closing with you to make sure the process moves along smoothly and effectively. In case there are any problems, your lawyer can help you know what to do. You will sleep better at night knowing that you have a trusted person by your side.
Hiring an Attorney
Once you have decided to hire a real estate attorney in Austin, it's important that you meet with at least two to three lawyers before hiring one. Ask important questions such as, what is your experience with residential real estate, how much of the work will you handle personally and how much will be handled by a paralegal, and do you charge a flat fee or an hourly rate?
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