Why Do You Need a Real Estate Attorney in Texas?
You might not know this. In some states, just about every homebuyer has an attorney at the real estate closing. Moreover, the seller also has a lawyer representing his or her interests. Here in Texas, that’s not always the case. Notwithstanding, there are times when you really need an attorney for your residential real estate transaction.
For many first time homebuyers, buying a house represents their most significant purchase. Of course, it’s an investment. In most cases, the real estate agent will provide guidance through the process. In fact, when you’re ready to buy, the broker or agent will prepare the sales contract.
When it comes to residential real estate resales, the most commonly used form is referred to as the One to Four Family Residential Contract, Form ID: 20-13. The form is designed for the resale of single family homes, duplexes, and three or four family homes. There is another document used for new construction, condominiums, and farms and ranches.
Although standardized contracts work in many situations, your transaction might be unique. In that case, an addendum may be added. An experienced real estate attorney can meet with you to discuss the addition of crucial legal language.
Real Estate Attorneys and Residential Transactions
Truth be told, there are no guarantees in life. Even with a fully executed contract, one of the parties may decide they don’t want to go through with the deal. How will you ensure that the words of buyer and seller are actually enforceable?
Consider this scenario. You are more than a little bit excited. After all, you’re upsizing from your starter home. In fact, you’ve already closed on your existing property and are just waiting for the closing on your new house. Meanwhile, you and your family are staying with your folks.
Seemingly out of nowhere, you get the news. The sellers are canceling the contract. They claim they’ve decided to stay put. Meanwhile, you suspect they received a higher offer. Do you have any legal recourse?
One of the ways that an experienced Texas real estate attorney can help you with is to provide legal advice concerning your situation. The law is not something your real estate agent or title company can counsel you on.
Since we mentioned the role of your title company in your real estate transaction, let’s talk about title. Everything might seem simple until the title search comes back. The closing may be held up because a contractor filed a mechanic’s lien on the property. An attorney can help you establish proof that the lien has been satisfied.
Is the title listed in the seller’s name? In some cases, it may be that the house was inherited. It may be necessary to establish that the individual who executed the sales contract has the right to sell the home. It may be wise to ensure that an experienced estate attorney provides guidance in this type of situation.
There are a whole host of issues that can come up as far as title. To ensure peace of mind, it always makes sense to seek legal counsel to avoid prospective problems.
For Sale by Owner
If you figure you’re saving some money by not paying real estate commission that may be true. However, you should protect your interests. An attorney should review the terms of your agreement and help you make sure things run smoothly.
We’ve taken the time to mention just a few of the reasons you should consider a real estate attorney. Of course, there are many more. Contact Manfred Sternberg and Associates to see how we can assist you.