No one buys a home without thinking of it as an investment or as a huge decision with both long-term and short-term effects. After all, even if you’re only buying a second home, or a transition home, a house is still an expensive purchase.
Why Get A Lawyer?
There is no doubt that there is a lot of money at stake when buying a home, not to mention the effort and emotional investment that you put in it. It is only normal to want to make sure that you’re making the right decision and that your purchase is legitimate to protect your financial interests. This is where real estate lawyers come in.
Getting a real estate lawyer can help make sure sure that all the legal aspects of buying a home is handled properly. A lawyer can minimize or totally prevent expensive mistakes more so for first time home buyers.
What A Real Estate Lawyer Can Do For You
Real estate lawyers do more than simply witness documents getting signed. They can review legal documents for you such as the Status Certificate for condos, or the Agreement of Sale or Agreement of Purchase. They can also dig up information to make sure that the property has no other claims, has a clean title, has no unknown debts, and that the title is valid. If unchecked, these details could result to a huge legal battle later on.
Will Hiring A Real Estate Lawyer Be Worth It?
A lot of people think that hiring a real estate lawyer is a waste of money and an unnecessary expense but that is far from reality. Hiring a professional to look into the legalities of a property that you’re planning to buy may seem like a frivolous action; however, this is actually a wise decision that can save you time and money.
Hiring a lawyer can cost anywhere from a few hundred dollars to a few thousand dollars plus an additional couple of hundred dollars for extra costs. These are all reasonable expenses considering that you’re embarking on a financial commitment that’s more than 100X the lawyer’s fee.
Do You Need A Lawyer to Buy A Home?
The short answer is no, because you can definitely buy one without lawyers if you’re willing to risk losing the home (and your deposit and payments made) later on. The smart answer is yes.
Buying a home is a huge investment that you shouldn’t take lightly. You have to make sure that every legal detail is smooth and that you left no stone unturned in fully understanding where you legally stand when buying a home.