The Value of having Attorney Representation When Buying a Home
Buying a home is an exciting time. However, it also comes with a lot of legally binding paperwork. While it can seem overwhelming to the uninitiated, it's a process real estate agents, and attorneys go through every day. As they are familiar with the contracts, they know when something doesn't look right and can help protect your interests. However, contracts range from simple to very complex, including potential hidden pitfalls.
While realtors are presumably familiar with most aspects of the contracts, they are prohibited from providing any legal advice to either party regarding the consequences or outcome of any given contract or negotiation offer. Only licensed attorneys are permitted to provide legal services such as reviewing and explaining the effect of signing a contract, including advice on all aspects of the real estate transaction, including the price, important deadlines, any covenants or restrictions involved, disclosure of easements, and acknowledgment of any defects and distribution of liability for such defects.
In addition to providing legal advice, another benefit of hiring an attorney is that the attorney may often act as an escrow agent for the buyer's deposits required by the terms of the contract. This instills confidence in both parties and allows for a speedy exit from the contract should a problem arise.
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Legal plans from Legal Club provide a wide range of free and discounted legal care, including a discounted Residential Real Estate Document Review. Plans also include access to over 85,000 online forms such as Last Will and Testament and Power of Attorney forms. To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.
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