Buying a house, condominium, or commercial property can be a complicated process. Once a buyer finds what he wants, he will generally enter into negotiations with the seller. At the end of the negotiations, a price is settled, and contracts need to be drafted and signed. Many buyers navigate this process with just the assistance of their real estate agents, when in actuality, they might be better served by additionally hiring a Newton real estate attorney. Even though real estate agents are trained and experienced in most aspects of the buying and selling process, they are not necessarily equipped with the skills necessary to ensure a binding transaction which is free of legal difficulties.
Buyers who want to purchase property without the assistance of a Realtor have significant need of a Newton real estate attorney. Without an attorney, these buyers do not usually know which details about the property might have long-term legal and financial ramifications. Drawing up a purchasing contract is not an easy process. A buyer might be offered a contract by the seller, but without an expert to review the document, the buyer might find out too late that he has signed something which only benefited the seller. Buyers eventually put their signatures or initials on many different documents, but they rarely understand what they are signing. If the buyer does not understand the contract terminology, he can easily be caught unaware of a technicality sometime after he has taken possession of the property.
An experienced Newton real estate attorney will see that the buyer possesses a complete understanding of every section of every document he signs. Some jurisdictions require the assistance of an attorney, so it is always best to ask the real estate agent or the mortgage lender about the local laws before making the decision to avoid an attorney’s services. It almost always makes sense to leave the legalities to a professional Newton real estate attorney who has specific experience with this area of the law. Buyers who hire attorneys save time and money. Even though buyers must pay their attorneys for the legal services rendered, they will be able to avoid future legal issues which might be much more expensive. An experienced real estate attorney can scrutinize the contract of a sale, but he can also assist with other documents. The paperwork from the inspection and the actual closing documents can be just as complex as the contract. Having a Newton real estate attorney look over the closing documents in advance can save considerable time and confusion on the day the sale is finalized.
A Newton real estate attorney can also provide critical services and expertise during a sale which involves a short sale or foreclosure. Buyers can easily be caught unaware of potential difficulties with these sales if they try to navigate the purchasing process by themselves. An attorney can also be a valuable asset when a homeowner wants to modify an existing mortgage. The modification of a mortgage typically occurs when the owner wants to take advantage of lower interest rates or a quicker pay-off period. An attorney can study the terms of the original loan to find out whether there will be any prepayment penalties. Finding an experienced Newton real estate attorney is very simple.
Most local real estate agents have worked with many different attorneys during their careers. The agents can recommend someone who is a member of a large firm or someone who has an independent practice. Of course, the Internet is also a good resource for finding an attorney, but a buyer needs to verify the attorney’s years of experience in the industry. He also needs to understand what services the attorney will perform for the fees he charges. An attorney who gives the buyer his personal attention should be high on the buyer’s list of requirements.