5 Things to Look for in Legal Representation When Buying a Property
When buying a property, it is important to have legal representation. Many things can go wrong during the purchase process if an attorney does not represent you. This blog post will discuss five things to look for in legal representation when buying a property. When hiring an attorney to help you with your property purchase, keep these tips in mind.
Let’s take a look at these factors to consider.
The first thing to consider is the fees. A good lawyer will not be expensive, and you mustn’t overspend on your transactions and internal negotiations such as stamp duty and bank loans. Many property developers choose to take care of legal work themselves to cut costs. However, if you have a small budget for this project, going for a cheap alternative may not be the best idea.
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2. Mortgage Preapproval
A preapproval letter is an approximation, and it’s not a promise of financing because you haven’t submitted the necessary paperwork yet. Nor is it proof that you will or won’t be approved for financing since circumstances can change after the lender reviews your application and tax returns.
You’ll want to know what kind of realistic footing this preapproval puts you on so you can decide how much house to bid on at auction and begin looking at comparable properties listed for sale with price comparisons in mind.
3. Home Inspection
It’s a part of the due diligence on a real estate purchase. It is an industry practice that is performed regularly by professionals to determine whether or not there are any defects in a home and make recommendations on how those problems might be fixed before closing the deal.
4. Title Insurance
This insurance protects you from financial loss if you discover after purchasing a property that someone else has a claim to it or if it contains undisclosed liens against it. A title search will uncover the history of a property and its ownership, easements, encroachments, and other issues regarding land boundaries and rights.
5. Meeting Contingencies
When you go to sign the final sale papers for your new home, there are a lot of legal documents that need to be reviewed. One of the most important is the contract contingency. This document stipulates what will happen if certain actions don’t occur before or close. For example, when an appraisal comes in lower than expected or septic testing reveals problems with the property’s septic system.
The Bottom Line
Property law can be complicated, and buying a property is made even harder when you’re in it alone. No one wants to waste their time trying to find representation that may not do much for them, so before you take the step into assembling legal representation for your purchase, check out these five things that are very important in choosing your lawyer.