When buying any property, it is an excellent idea to hire an attorney who can advocate on your behalf. This allows you to make an educated decision when buying a property and signing the paperwork that goes along with the closing process.
1. Price negotiations: Many individuals are afraid to speak up and ask for a lower price when buying property. Rather than being forced to have what could be to some an uncomfortable conversation, your attorney can do it on your behalf. Your attorney will ensure that you are making a good investment while also getting the best price possible for the property.
2. Protection: An attorney can go over any paperwork that needs to be signed and ensure that it is error-free. It is easy to overlook minor details when reading through long documents, especially since many people find buying a new property to be an exciting time, which might lead to rushing through the more tedious aspects. An attorney can save you from major issues in the long run when buying real estate by making sure the seller is liable for any hidden issues.
3. Liens: Each lien on a home lowers its value. This is due to the lien being directly attached to the value of the home. An attorney can search the title and find any debts a seller may have tried to hide and can even write a contract holding the seller liable for any debts attached to the property.
4. Disbursement of money: A real estate closing attorney can handle all the financials surrounding a closing. There are more people and companies to pay than just the seller, and this can become confusing. By letting an attorney handle disbursing all these bills, it is one less responsibility for a person to deal with.
5. A viable out: Sometimes a seller can be more irritating to a buyer than they initially realized, and a buyer might want to end negotiations purely because it is not worth dealing with the seller. Your attorney can either deal with all the conversations with the seller or can protect you if you have already put in a bid on the property and want to back out. This allows you to continue with your day-to-day life and not have to give a second thought about the seller, whether you continue to work with the said seller or not.
Hiring an attorney for a real estate closing is a wise choice, considering the benefits you receive. Whether an attorney is keeping you from making a bad investment, protecting you from debts and lawsuits, or dealing with a seller that you would rather not communicate with, a real estate closing attorney is well-worth any money you pay them. An experienced attorney can help guide you through every step of the process of closing on a new property.
Stephen J. Lacey, JD, LLM-Tax, is a managing member of the law firm Lacey Lyons Rezanka in Melbourne, Florida. Lacey concentrates his practice in the areas of estate planning, probate, asset protection, elder law, Medicaid planning and trust administration. Contact Attorney Lacey at 321-608-0890 or visit www.LLR.Law.
This article originally appeared on Florida Today: Property purchase can be smoother with attorney working on your behalf
- Worker disappears after he was accidentally paid more than 300 times his salary
- Prosecutor shortage spurs Bexar DA to seek pay boost for lawyers
- Midland City Council approves salary increases for city manager, attorney
- Brenna Bird, candidate for Iowa attorney general, says she would hire more prosecutors
- City manager, city attorney to get pay raises following annual evaluations