When buying a home at the Lake of the Ozarks, most people expect to hire a real estate agent, an inspector, and an appraiser. But what about an experienced real estate attorney at the Lake of the Ozarks? It is, after all, a legal transaction, and one of the biggest purchases you may make in your life. At the closing table, there are many different parties and interests that come together. Who is there for the sole purpose of looking out for what is best for YOU? When you hire a real estate attorney to represent you through the process, it is their job to look out for your best interests alone. They don’t get paid by making sure the transaction occurs. They are not there on behalf of the lender. They are there just for you.
It may not be as critical on a typical or simple real estate transaction to have an attorney to represent you. But there are some circumstances when having a real estate attorney involved is more important. So, to help you decide for yourself, we thought we would talk about ways in which an attorney may be beneficial to have when buying real estate. Keep reading to learn more!
In the course of the closing process, you may have some specific questions or legal issues that arise that your real estate agent just can’t fully answer. A lawyer has the legal background and experience to answer unique legal questions with more depth and detail. An attorney also has a better understanding of the things that could lead to a court battle and what it takes to prevail. Just as your real estate agent is very skilled in negotiating things like pricing and inspection results, your attorney will bring a high level of negotiating skills when it comes to your legal rights and the specific language needed to ensure them.
Lawyers don’t just understand the language of contracts, they are well versed in drafting them. Most real estate agents will use template contracts, they don’t typically write custom contracts. But sometimes simple modifications or customization of that contract can better represent what the buyer wants or needs. A real estate attorney will recognize the need for such language changes and be able to provide the proper verbiage.
Some real estate transactions are more complicated or less regulated, like when there is owner financing or an all-cash sale, or a for sale by owner. In that case, the terms of the agreement are determined by the negotiating parties. This is when it is most critical to have a real estate attorney to represent you. Other examples of more complicated transactions may include:
-Buying a home in another state
-Buying a house with serious issues like foundation or structural damage
-Buying a home through a special sale such as a short sale, an estate sale, or an auction/purchase from a bank.
Sometimes the same applies when selling a property if:
-The home is part of a divorce settlement.
-The home is being sold on behalf of a deceased relative and you are in charge of the estate.
-You have financial circumstances that cause you to sell a property with liens on it.
These kinds of complicated issues are second nature to an experienced real estate attorney. A lawyer has the background to fine tune your contracts and legal documents to make them optimal for YOUR needs and help with the negotiations to get all parties to come to agreement.
If you are preparing to close on a house at the Lake of the Ozarks, we would be happy to sit down with you and talk about your transaction, answer your questions, and help you make an informed decision on whether you would benefit from your own legal representation. At Gibbons Law Firm, your initial consultation is free, so you have nothing to lose! Call us today, and feel free to follow us on social media using the links below for more tips and information.
Remember, your initial consultation with Gibbons Law Firm is always free.