Pros and Cons of Hiring a Real Estate Lawyer When Buying a Home
Do you need a real estate lawyer when you’re buying a home? It’s no secret that buying a home can be complicated. Having a trusted legal advisor on your side to help with any problems that pop up can only be a good thing. However, is it really worth the added expense?
In addition, some states require a real estate attorney to buy a home. Even if it’s not mandatory to hire an attorney when buying a home, there are a lot of benefits to including one in your buying process. In this guide, we’ll review when you need a real estate attorney as well as the pros and cons of hiring one during this process.
When Do You Need an Attorney?
First, let’s pin down when exactly you need an attorney, whether it’s required by your state or the particular situation. These are the states that require an attorney during closing proceedings. However, it’s important to note that you might want to bring an attorney into the process sooner than the closing proceedings depending on your situation.
Why might you want to hire an attorney when buying a home? Aside from needing one legally during the closing process, you might run into issues throughout your purchase. Title issues are common, for instance, and those might require the help of an attorney. Otherwise, it’s smart to recruit legal help to understand any and all legal documents.
Pros of Hiring an Attorney
What are the benefits of hiring an attorney when you buy a house? First of all, they help you protect yourself. When you’re signing contracts, you want to know just what you’re getting yourself into. Unless you have a legal background, you’ll likely need professional assistance from an attorney.
Additionally, an attorney can be a great source of advice. They can help with negotiations, getting a better deal, and closing the property with ease. This is often much-needed peace of mind since they can provide more legal insight than your real estate agent.
Finally, an attorney can guard your title to the property. When you purchase title insurance, for example, the insurance provider usually maximized exceptions to coverage. An attorney can work on your behalf to limit your own liability when it comes to your title. Ultimately, an attorney is a great way to ensure you have extra support throughout this process.
Cons of Hiring an Attorney
Now that you know the pros, let’s talk about the cons. There are some disadvantages here that might lead you to skip hiring an attorney when you buy a house. The biggest one is that you’ll need to pay your attorney fees when you’re buying a home. That usually means you’re already in a tough financial situation, so adding an extra expense can be a challenge.
Next, if you already have a real estate agent helping you with this process, you might not need additional representation and assistance. At the end of this day, this comes down to what you’re comfortable with and what your experience level is with buying a home. If you’re already familiar with the legal process of buying a home, you might feel you don’t need the extra help of an attorney.
What’s Best for You?
So what option is best for you? Will you choose an attorney to help with your home purchase or will you just rely on your real estate agent? There’s no wrong answer. Once again, you’ll need to consider both your comfort level and what you’re able to afford.
Having an attorney will make the process less stressful for you, and it might lead to a stronger negotiation. However, you’ll also need to add an extra expense to your home budget. Will you be hiring a real estate lawyer for your home purchase?