Don’t Think You Need A Real Estate Lawyer While Buying A Home? Think Again.
You have found your dream home and are ready to move forward with the offer and sale. You most likely have a buyer agent and don’t think it is necessary to have a real estate lawyer in St. Louis. You may think spending the extra money is not worth it. In reality, for most, buying a home is the single largest purchase they will ever make. Signing your name to that large stack of paperwork affects you for years. A lawyer’s assistance is invaluable, and will save you major headaches down the road.
Your real estate agent is extremely important in helping you find the right property, negotiating the best price and terms, and walking you through the home buying process. A real estate agent cannot do is give you legal advice, nor can they actually write a contract. Their license does not allow for it. Moreover, lawyers have the knowledge and ability to discover red flags.
Real estate agents use a fill-in-the-blank form as the real estate sales agreement. This document is one-size-fits-most and written by the legal team of either the state Realtors Association or the agent’s real estate company. It addresses the common inclusions in a real estate contract, like a home inspection contingency. It will not function for the specific, unique issues of a property.
Perhaps you buy a foreclosure. Many home buyers see a foreclosure or bank owned property as an opportunity. The longer a home stays vacant, the more the bank loses. This makes banks an eager seller willing to deal. However, there are many risks. The banks have lawyers on their side, shouldn’t you?
There is also a simple fact about real estate agents. While they have a legal responsibility to work in your best interest, they don’t get paid unless they close the deal. Their need to receive an income, to pay their bills, can conflict with their responsibility to you. For instance, on the day of closing, if an issue pops up, many real estate agents will urge you to just sign anyway. However, a lawyer will not. Your lawyer will straighten the problem out and protect you and your interests.
Hiring a real estate lawyer is always the smarter choice. He will check the contract, coordinate with the title company, and make sure agreed repairs are enforced. He will also be there with you at closing, ensuring you are protected. While real estate agents are professionals, they have neither the expertise nor the authority to discuss or handle legal issues.
If you would like to talk more about needing a real estate lawyer in St. Louis, or need more information, please contact us.