Buying a home is an exciting time, but it's also a major commitment. For this reason, many home buyers hire an attorney to help. If you are in the market for a new home, and you are considering hiring a real estate attorney, keep reading.
Why Might You Need an Attorney When Buying a Home?
There are multiple reasons you may need an attorney when buying a home. Some common examples include:
- The inspection revealed major issues with the home
- The buyer and seller can't agree on terms
- There is a lien on the house
- The house has an easement or similar legal issue
- The house is part of a special sale
- The house is in another state
The attorney can negotiate on your behalf to get the terms you want from both the seller and the mortgage lender (if necessary). Of course, an attorney may also be beneficial if the house is part of an estate settlement after a loved one's passing.
Your attorney will also go over every document to ensure you know what you're signing. They'll also warn you about any potentially problematic terms or language in the agreement. Best of all, unlike the seller and lender, the attorney is fully on your side and wants you to get the best deal.
What Should You Look for When Hiring a Real Estate Attorney?
For starters, you should find a real estate attorney from the area in which the property resides. They'll have a better understanding of the local real estate trends, laws, and regulations, which positions them better to negotiate.
You'll also want to find someone who will be available when you need them. Questions to ask when finding an attorney include:
- What's your experience?
- What part of the real estate transaction do you usually handle?
- How do you charge?
How Much Doe Real Estate Attorneys Charge?
The exact rate depends on many factors. Some attorneys charge a flat rate, but others charge an hourly fee. Some may charge a flat retainer fee and an hourly rate. On average, an attorney costs about $200 to $500 per hour. For this reason, the longer the process takes and the more the attorney has to work, the higher the fee. Many may require up-front payment, but some may wait until closing to charge.
If you're buying a home, don't be afraid to talk to an attorney. They can help ensure you accept the right agreement before signing. If you would like to know more, contact a real estate attorney in your area today. For more information, contact a law firm such as The McCormick Law Firm, LLC.