When you buy a home, you hope that the process will go smoothly, and most of the time it does. However, there are times when the purchase of a home can go south quickly. When it does, you may need to reach out to a real estate lawyer. Unfortunately, by that time, the damage may be so significant that your attorney won't be able to provide much assistance. That's why you need to hire a real estate attorney before the transaction goes south. Here are three benefits you'll receive from hiring a real estate attorney as soon as you decide to purchase a new home.
Confirm the Contents of the Contract
Buying a new home is a big investment. One that comes with a detailed contract. As soon as you sign that contract, you're locked into the sale, even if you discover problems with it. When you hire a real estate attorney at the beginning of the process, they'll be able to look over the contract before you sign. If the conditions aren't favorable for you, or there are issues that could cause you trouble later, your attorney will be able to identify them before you sign a contract that's not in your best interest.
Identify Potential Legal Issues
If you're not using the services of a real estate attorney for the purchase of your new home, you may be buying someone else's legal problems. For instance, if the seller hasn't disclosed the liens that are on their property, and you haven't done a lien search prior to purchase, you could end up being responsible for their liens, including outstanding property taxes, etc. An experienced real estate attorney will ensure that there aren't any hidden liens or other potential legal issues that could come back to haunt you later.
Prevent Tax Problems
If you're going to be selling your current home in order to purchase a new home, you're going to be dealing with tax issues related to the purchase of your current home. Without the help of an experienced real estate attorney, you might not know the tax exemptions you're eligible for, which means you might pay thousands more in taxes than you needed to. However, when you hire a real estate attorney, they'll not only help you negotiate a problem-free purchase, they'll also help you negotiate a problem-free sale. You'll be fully-protected on both ends of the transaction.