Buying a home can be a major investment on your part. It also involves real property which is not involved in other transactions. Your agent or broker will not be able to help with these problems but a real estate lawyer can help in the process. A Houston real estate attorney has experience in dealing with such problems so they are the best professionals to approach. How can a real estate lawyer help you when buying or selling a home?
The Home Buying Process
In the home buying process, the seller enters a brokerage contract with an agent. When there is an interested buyer, the broker acts as an intermediary and negotiates with the potential customer. When the parties reach an informal agreement, a formal written contract for the sale is prepared. A title is searched for the satisfaction of both lender and buyer. After this, the property is transferred from the seller to the buyer. The process may be simple but without a lawyer, it can become chaotic.
Make Vague Terms Clear
The home buying or selling process can be complicated for an average individual. While the agreement may not involve a number of legal problems, an attorney will still need to explain to the seller some vague terms. The attorney may also need to revise the contract and should also determine if the agreement has the proper signatures. A Houston real estate attorney can negotiate the rights of the seller if their property is withdrawn from the market or if they cannot deliver a marketable title.
Can Be Consulted
Even though the lawyer may not be needed during the negotiation process, they may need to be consulted by the buyer and seller to address important concerns such as tax concerns. They can provide advice on whether a seller can take advantage of the tax provisions for exclusion of capital gains in certain circumstances.
Making Purchase Agreements
The purchase agreement is the single most important document in a real estate transaction. A lawyer can help explain the agreement and make changes and additions to it according to the requirements of the buyer and the seller. A Houston real estate attorney can also help address certain issues in the purchase agreement.
Searching For Title
After the agreement has been signed, it is important to establish the state of the seller’s title to the buyer’s property to their satisfaction. The title search is requested from an abstract or title insurance company. Depending on the state, the title insurance may vary. It is the job of the attorney to review the status of the title and render an opinion about the title in lieu of a title policy.