Deciding to purchase your own home can be extremely exciting and rewarding. However, if you're a first time home buyer, the process may seem overwhelming. You may find yourself seemingly drowning in paperwork and struggling to make sense of important documents which will affect your financial future. Thankfully, a real estate attorney can help you navigate those complicated waters and come up with the answers you need.
Below, you'll find a guide to some questions you should be sure to ask your real estate lawyer. Without knowing the questions, it can be impossible to get the right answers. Hopefully, these questions will put you on the path toward a successful transaction and can guarantee that your transition to home ownership remains smooth and exciting.
How Do I Know the Title Is Clear?
The most pressing concern when you make a real estate purchase is guaranteeing that the title on the property is free and clear of all liens. If you don't have a thorough title search done, you can find yourself at risk of losing your property before the ink is even dry on your purchase.
Your real estate lawyer will be able to examine the history of your property's title and give you a heads up about any potential red flags. This crucial step can allow you to renegotiate your purchase price or, at a bare minimum, be aware of the things you need to do to securely complete the transaction.
How Can I Avoid A Sudden Increase In Payments?
When you negotiate a mortgage, it's likely that your banking agent will be working their hardest to convince you that a deal is in your best interest. Rather than simply taking their word for it, having your attorney examine the loan paperwork can alert you to potential issues.
Some mortgages have requirements for balloon payments that may be hidden or difficult to detect at first glance. Your real estate lawyer will have extensive experience in taking those contracts apart, and will be able to give you a much more accurate view of your financial requirements.
How Can I Pay For Your Services?
Many people hesitate to hire a real estate lawyer out of cost concerns and find themselves spending significantly more on the back end in an attempt to clean up a messy transaction. Rather than allowing yourself to be paralyzed by worry, you should have a conversation with your lawyer about the best way to develop a reasonable fee structure. Most real estate attorneys understand that you've just made a major financial commitment and could even help you by folding their fees into your closing costs.
For more information, contact a professional such as Michael Adler.