6 Reasons to Engage an Attorney When Buying your First Home
Owning a home is an exhilarating experience and a dream come true for many people. If it's your first time buying a home, you may want to complete the process fast but may end up making costly mistakes. For this reason, it's vital to hire an attorney to guide you in the purchase process. That’ not all, though! Engaging a professional will save you time and thousands of dollars later on.
Why need an attorney as a first-time homebuyer?
The process of buying a home is complex and involves multiple legal documents. It also involves using numerous legal terms, some of which you may not understand. As such, it's critical to engage a real estate attorney to guide you. The attorney will also help;
- Determine issues in the sale documents
The lawyer will double-check all the sale terms and documents to ensure that everything is legal. The professional will advise you on the conditions and share ideas to make them flexible. This way, it'll be easy to opt out of the deal in case of any issues. For instance, if you notice mold or foundation problems, you can easily terminate the contract.
- Examine permits
If planning to sell the home, the attorney will examine the deed and the other things like additions. These may include fences, sheds, and other vital structures to ascertain whether they abide by the state permits. They will also check all the terms to ensure that everything listed is provided.
- Determine tax issues & Zoning requirements
The attorney will examine the zoning requirements and if there are any encroachments on the property. What of tax issues? You don't want to buy a home with tax arrears or problems that may come to haunt you later. The lawyer will examine this and guide you accordingly.
- Inform you of essential Government programs
Many government programs can help you save a lot of money on your real estate investment. Some allow you to borrow money without taxes on the funds. You also benefit from tax credits if living with a disability. Therefore, the attorney will inform you of such benefits, which is a great saving idea.
- Protect your assets
It's the role of the attorney to protect your investments. If buying a home for resale, the attorney will check and ensure that there are no pending prorated amounts for the current year by the seller. These may include property taxes or utility bills.
Also, the professional will help search for records and property titles and ensure you purchase title insurance. This will guard you against losses due to existing liens, encroachment issues, title fraud, or survey errors.
- Represent you during transactions
An estate attorney will accompany you in the transaction process and inform you of other the closing costs. They will obtain the mortgage funds from the lender and hold them until the deal closes. The professional will also pay the land transfer tax on your behalf.
Final thoughts
An attorney plays a critical role in real estate dealings. They will guide you in the process, which avoids mistakes that new home buyers make. The professional will take through the necessary documents and help you understand them before purchasing a property.
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