Purchasing a piece of real estate can be a painstaking process because of the paperwork required to finalize a deal. First time home buyers are often shocked by the amount of work and reading material that is placed in front of them. By the time negotiations are final, everyone is exhausted and ready for it to be over.
One of the biggest mistakes homebuyers make is speed reading through a contract. No matter how long the process is taking, you need to make sure you’re protected and that you aren’t signing anything that may make you liable for something you shouldn’t be liable for. But how do you know what is standard for a contract and what isn’t? That’s where a real estate attorney can help.
Reasons to Consult a Real Estate Attorney
Real estate lawyers eat, sleep and breathe real estate transactions. They’re familiar with contracts dealing with residential and commercial purchases, leases, inspections, and appraisals. Lawyers aren’t necessary for most real estate transactions, but they can be very helpful during the review and negotiating process.
As an inexperienced real estate purchaser, it’s tough to know what is considered normal text for a contract. You could easily be taken advantage of if you’re not careful. Let’s face it, most real estate contracts are initially written to protect the seller, landlord, or owner of the property. You might be under the impression that contracts are written in stone and can’t be changed but this couldn’t be farther from the truth.
The language within real estate contracts is changed all the time. It’s common for there to be a back and forth exchange and several reviews before contracts are agreed upon. However finding what should be changed and knowing what can stay the same is sometimes difficult, but a real estate lawyer can help. They know how to spot issues that may be concerning for their client and can make suggestions that are ideal for all parties involved.
Real estate contracts are known for containing a lot of legal jargon and they are often frustrating to read through. Sometimes buyers wish to stay away from contract negotiations altogether and rely on their lawyer to handle them. If you’re not going to hire a lawyer to handle negotiations, make sure to have one review the contract before signing it. Sure it costs more money, but you can’t place a value on the peace of mind you’ll gain.