Whether you are a first time home buyer, buying your second or even third home, the process can be confusing and overwhelming. Purchasing a home is a major expense and something that should not be taken lightly. The process involves the law of real property and special issues or problems can arise. This is why a real estate attorney can be of assistance. With an experienced attorney by your side, the process is easier to complete as you understand every aspect of the transaction.
Buying a Home
When buying a home, the seller will typically enter a brokerage contract with a real estate agent in writing. When the broker finds a potential buyer, negotiations for the sale of the home will be completed by the broker. Once an agreement is reached, the buyer and seller will create a written contract for the home sale.
The buyer then begins the process of obtaining financing. We conduct a title search to find title issues, which must be resolved upon closing. We work with you real estate broker and lender to make sure all fees and charges are combined. We explain the loan documents at the closing. We check the title again and then record the appropriate documents to transfer the home to your ownership. The process on our end is pretty cut and dry; but without an attorney, the consequences of purchasing a home may end up being a disaster.
With a Charlotte real estate attorney, you can avoid common problems that arise during a home purchase. An example of this would be if certain taxes were not paid and no one bothered to find that put. You would be on the hook for those unpaid taxes after you close on the home. You are required to use an attorney to close your home if you have financing, but it is in your best interests to get an attorney to properly prepare are review legal documents on one of the biggest investments in your life. Avoid costly mistakes.
With the purchase agreement, certain aspects need to be covered in the document. Standard forms will suffice, but with an attorney, custom changes can be made to ensure you are getting the best deal.
Common examples of changes requiring an attorney:
Changes to contingencies regarding appraised value.
Changes to the contract for post closing possession.
Changes to the amount of a credit the buyer will receive from the seller or a real estate broker
These are just a few issues that may arise outside of the standard contractual agreement. By consulting with an attorney about a property, you can ensure that you are making the best deal possible for your individual needs.
An attorney can also assist in a title search for the property. The attorney can determine if the title is in good standing. The legal description of the property can be viewed as well as if there are any easements or agreements, or possibly restrictions imposed by the former owner.
The closing is the most important aspect of the sale and you will want an attorney present. The closing will be when you sign the paperwork and the home becomes yours. An attorney can help to explain the nature of the closing, the amount and fairness, ensuring you get a fair deal.
At Hoard Law, P.C., assistance can be provided with all real estate transactions. Contact the office at 704-954-8094 to schedule a consultation to discuss your home buying or selling needs.