Do You Really Need a Lawyer When Buying a House Without a Realtor?
Buying a house is a huge step in anyone’s lives. These transactions are complicated and involve a certain amount of commitment and responsibility.
More often than ever, people are buying homes without hiring a realtor. While unorthodox, this isn’t necessarily a bad thing.
If you are considering buying a house without a realtor, you may be wondering if you can buy one without an attorney. In short, you should always hire a real estate attorney to avoid legal trouble.
Below we will take a look at what a real estate attorney does and how they can help you when you buy a house without an agent.
What Is a Real Estate Attorney?
A real estate attorney is a lawyer who practices specifically real estate law. They are there to make sure the transaction goes as smooth as possible.
Once the two parties agree on the terms of the transaction, they will each sign. The attorney will then review the contract and determine whether or not the contract needs any adjustments.
The home inspection may present underlying issues that may be in need of repair.
The attorney will also be there at closing in case any issues arise at the last minute.
When You Should Definitely Hire an Attorney
While you should generally hire an attorney, you could potentially get away without one. Here are some cases in which you should definitely hire an attorney.
- The buyer is from out of town
- The property is commercial
- The property is part of an estate sale
- The property is bank-owned or a short sale
- The home is in a state of distress
- The seller is an heir or executor of an estate
- There could possibly be a problem with the property
Each home sale is different, and you may encounter issues that you may not be familiar with. If you are planning on selling your home without a realtor, it may be best to hire an attorney.
Avoid Confusing Language and Answer Questions
Real estate transactions are complex. In the absence of an agent, the seller and buyer may be more prone to making some common mistakes.
Even when an agent is present, an attorney is necessary. Agents often use standard forms, expecting them to cover all issues. This is not always the case.
An attorney will help both the buyer and seller review the purchase agreement. Without careful review, the buyer and seller could find themselves in difficult legal or financial trouble.
The attorney will also be there to answer any important questions. These include tax-related questions, which are common in real estate transactions.
Consult a Lawyer When Buying a House Without a Realtor
Real estate law is complex. You may choose to buy a home without a realtor. However, you will still need to seek the assistance of an attorney.
They can help you avoid common legal issues and make the transaction much easier. It is always best to avoid legal trouble when it comes to large transactions.
Before buying a house without a realtor, you should contact an attorney. The lawyers and Manfred Sternberg and Associates have the experience to help you get into a home you’ll love.