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Why Do I Need An Attorney When Buying Real Estate?By Attorney Nemia L. SchulteQUESTION: Is it necessary for me to have an attorney when buying my new home? ANSWER: Buying real estate, whether it will be used for your home or investment property, can be a complicated business. There are complex legal and title issues, plus a whole new vocabulary of unfamiliar terms to deal with. What's more, for most people, it is still the biggest single purchase they will ever make. With all this in mind, you may want someone on your side who is knowledgeable about this area of law. A real estate attorney can look out for your interests, ensure that you get a clear title to your new property, as well as help you protect your investment for the future. Legal advise offers you something the average homebuyer really needs, and usually lacks-- that is, knowledge of the subtleties and peculiarities of real estate law and the transfer of property rights and title. At a real estate closing, many buyers go without counsel of their own. This means, in effect, that they are not taking advantage of all of the benefits of legal representation. For example, before the closing, your attorney can explain the following: Your liability if assuming an existing mortgage; the effect of any existing mortgages and construction liens; alternative means of financing, including the effect of mortgage prepayment; where and how to file for homestead exemption; the seller's liability after the sale; and post-contract liability for fire and other hazards, to name just a few. As a matter of course, your attorney will also evaluate the legal rights you are purchasing when you buy a home, with special attention to the following types of questions: Is the property's recorded legal description sufficient?; Do the rights include physical access to the property?; Will the title be marketable should I decide to sell or remortgage the property? As part of the job of protecting your interests, your attorney will perform a series of important actions as appropriate to your specific transactions, such as: Obtain a title search, evaluate the status of title, and require appropriate legal remedies to clear defects; Prepare or review the Closing Statement and other closing documents, and inform you about any stipulations that affect your interests; Interpret and counsel you about all legal documents related to the title and transaction, including deeds, mortgages, and closing statements; Advise you how title should be taken and how this affects your overall business and personal estate; Check unrecorded municipal liens, including sewer and special assessment liens; Explain the property tax structure; and explain any lender problems that may result from unmarketability. Finally, at closing, your attorney will be present to check every detail, making sure the documents carry out the parties' actual intent as originally expressed in the contract, and meet requirements for a marketable title. This is the most critical part of all, and your attorney's participation is important in helping you protect your investment and your financial security. Attorney Nemia L. Schulte practices in Pompano Beach, Fla. Visit her Web site at 123Law.com.
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