Do I Really Need a Real Estate Lawyer?

When it comes to buying or selling your home, there are a series of contracts, negotiations, and agreements. Even in a “typical” home purchase, there is much room for error and misunderstandings that can end in disaster. Thus, when asked, “Do I really need a real estate lawyer?”—the answer is yes.

To better understand, imagine that a seller signs a “standard” brokerage agreement that does not include a number of legal issues. This may result in the seller being liable to pay a brokerage commission (or more than one), even if the sale never happens! In this case, a lawyer works to make a way for sellers to negotiate on his or her behalf. Another example involves taxes related to the sale of a home. For instance, if the seller makes a large profit off of the sale of their home, the taxes may be considerably high. Yet, a lawyer will provide insight into whether individuals can benefit from certain tax provisions, which may exclude them from having to pay in specific circumstances.

The Purchase Agreement

Perhaps the most important document in the transaction or sale of a home is the Purchase Agreement. While standard forms are useful, a lawyer can ensure that making changes to the form reflects the buyer and seller’s wishes. Some common issues that a lawyer may address in regards to the purchase agreement are listed below:

• If there has been an addition to the property, was it done legally?
• In the same way, if the buyer plans to change the property in any way, can it be done legally?
• What if (during inspection) termites, asbestos, or other toxic substances or materials are found?
• In the event that the closing does not take place, what happens to the down payment?

While this is only the tip of the iceberg in regards to the many complexities involved in the buying/selling of a home, it is clear that having the representation of a lawyer is the best way to protect the interests of parties on both sides.

You Can Feel Confident About Your Transaction

At M. Qader A. Baig & Associates, LLC, our goal is to provide you with the best services available when it comes to buying or selling your home. With over 20 years of comprehensive legal experience, Attorney M. Qader A. Baig wants you to feel confident about your transaction. From document requirements to closing expenses, closing costs, title insurance fees, and every step in between, you can feel peace of mind when finalizing your contract. For excellent representation in real estate closings, contact Attorney Baig today.