5 Ways Real Estate Attorneys Help Homebuyers
When buying a home, buyers often focus much of their attention on cost, and rightfully so. However, when it comes to such a massive investment as a home, the price of the house is only one factor. Many other issues play a role. For this reason, it is a good idea to partner with a real estate attorney during the buying process to ensure you are protected. Learn about some of the ways an attorney can help.
1. Offer Agreements
One of the early phases of the buying process is the offer. An important thing to remember about an offer agreement is that it becomes legally binding if the seller accepts the offer. As a result, it is important that the terms of the agreement are not one-sided and keep your best interest in mind. An attorney can help you prepare an offer that does not leave you unprotected.
2. Home Inspections
Whether you are purchasing an old or new home, you should always have a home inspection performed to verify the home's condition. Unfortunately, these inspection reports are not always the easiest to review. An attorney can review the report to ensure there is no hidden information on the report that could turn out to be costly once you are the owner.
3. Rent-Back Agreements
Sometimes, sellers need extra time in the property after closing. This time is extended as a rent-back agreement, in which the seller agrees to pay rent for the property past the closing date. New owners must prepare an agreement that includes all costs involved in this process and that details a complete list of the sellers' responsibilities when they move out, such as professional cleaning.
4. Home Warranty Coverage
If there is an existing home warranty policy on the home, make sure you understand that these policies do not automatically transfer. There is a legal process involved to designate the buyer as the new policy owner. An attorney can help with this process to ensure the policy is transferred and your home is covered.
5. Builder Contracts
Real estate attorneys can also help buyers who plan to build. Builder contracts are often worded to suit the builder and not the buyer, especially when it comes to delays in completion. An attorney can review the agreement and request amendments to ensure the buyer is equally protected during the building process.
Contact a real estate attorney to learn more.