When it comes to housing, everybody wants to have the one that fits with their needs the most. It’s one of the most expensive things that most of us will buy in a lifetime, and it’s a long-term investment that requires a lot of maintenance to ensure its value doesn’t drop.
When you are buying a house, there are a lot of things to consider. On top of the buying price, you will need to think about the renovation costs, the future market value of the property, the moving costs, the mortgage payment plan and much more. All of these things can be daunting to deal with alone if you are new in the market, which is why you might need to hire a real estate lawyer. An agent will take care of all of your needs, like selling your old home, finding you new homes that fit with your needs. Most importantly, they will find you a real estate lawyer that will deal with the legal issues that come with buying a house. Listed below are more reasons why you should hire a real estate lawyer.
What does a real estate lawyer do?
Definitively, real estate lawyer takes care of any legal issue that arises from the buying process, but they take care of a lot more things than that. They review legal documents, including the Agreement of Purchase (AoP), Agreement of Sale (AoS) and the Status Certificate in the case of a condo purchase. They will also help you with the property taxes, making sure the status is up to date and that there will be no legal issues arising from the purchase. They also confirm if there is a valid title and calculate the land transfer tax that is due upon closing.
How much do real estate lawyers cost and how are they paid?
While you might think that a real estate lawyer cost a lot of money, it might actually cost you more in the long run if your legal paperwork isn’t perfect. Not to mention that it can actually save you tons of time in the process.
Depending on the experience of the lawyer and the difficulty of your legal process, the price range can vary greatly. In big cities, a lawyer service can reach up to $2.000, but you can also find a competent one at around $700. There will be additional costs depending on the legal process, ranging anywhere from $300 to $800. As a general rule, it’s typically more expensive to hire a real estate lawyer when you sell a home than when you purchase one, as the legal issue is more complicated for the sales.
Can I buy a property without a real estate lawyer?
The real estate market can have its ups and downs, but if there’s one thing that stays consistent when buying or selling a home, it’s the significant amount of paperwork involved before you can just exchange keys and addresses. The added cost of utilizing a lawyer might deter some people from doing so.
The short answer is yes, you can. But whether or not this is the smart thing to do is debatable. There’s a lot of paperwork involved when it comes to real estate deals, and you need to get them in order to avoid future legal fees, accumulated property taxes and other issues that can come up years down the line.
If you are purchasing a house for the first time, it’s highly advised that you consult with various professionals. This is to make sure that the process goes as smoothly as possible and that you have all the paperwork ready. The money that you spend now might actually be much less than what you will have to pay down the line due to the reasons mentioned earlier.
You want your dream home, this is a given, but it’s also important that you be patient with the process to guarantee that everything goes according to the legal process. This is what your real estate lawyer is for, so be sure to utilize their services. You won’t regret the extra cost you spend now to ensure that you can keep your home for as long as you will have it.