Depending on your exact location, nature of the real estate transaction and the various state laws in place, you might need to engage the services of a real estate lawyer. If you end up requiring this lawyer, whether you have decided you need one or your lender or state needs it, there are a couple of different points in the process of home buying where they can come in and give you assistance. This may include finalizing and drafting out purchase contracts, penning down amendments to a contract used by your agent, finalizing a title search or executing the closing.
As per Asaf Izhak Rubin, the following are some of the most important reasons you may want or need a real estate lawyer to be part of your integral home buying team:
Lender or State Requirement
Every state has different laws pertaining to real estate transactions, and some of the states take into consideration particular actions that are a component of the procedure to be “practicing law.” These rules in place are often meant to prevent agents in the real estate arena from acting in a legal way that they are not licensed or trained for.
As a case to point, in majority of the areas only a licensed real estate lawyer can compile legal documents that relate to the sale of a home, since they consider that to be within the space of the practice of real estate law. (That said, in some of the areas, estate agents now make use of standardized contracts for real estate property purchases that non-lawyers can fill out on their own in a legal capacity)
What you should also know is that there are certain states that might also consider performing a closing of the home to be a practice of real estate law, and as such, a real estate lawyer may be needed necessarily to be present during closing. So in this case, it is vital that you need a real estate lawyer by your side.
This is another common reason you could need the services of a real estate lawyer. If you just have a gut feeling that something might go south or you want to be fully sure that all of your proverbial bases are fully covered, having an estate lawyer by your side can without a doubt be very advantageous indeed and Asaf Izhak Rubin has spoken about this many times before.
With a great legal professional equipped with several years of experience in this particular industry, comes the confidence that even if the real estate transaction does go south in any kind of way, you have someone out there who is out looking after your best interests, and who can assist you in working through a tricky and complicated situation.
Contract Issues with the Home Purchase
If the purchase of your involves any elements that are out of the ordinary that can very well complicate your home purchase contract, a great real estate lawyer can ensure that all your contracts take fully into account the complexity of your particular situation as well as assist you if contractual issues come up during the process. When you have a lawyer available, you do not have to turn to anyone else for this purpose.
Wrapping it Up
To summarize, these are some of the important times and scenarios when it is probably best that you hire a real estate lawyer to be a part of your home buying or selling team. Someone with legal experience is always a handy addition in your team and you can leverage that kind of experience according to Asaf Izhak Rubin to better your realty transaction and make it more efficient.
There are also several other scenarios where it becomes vital to hire a real estate lawyer. You can find out more about these scenarios online and make your preparations accordingly for your home buying procedure.