state will require you to hire an attorney. In fact, some states discourage the
use of a real estate attorney. They think they clog up the process. But the truth
is, sometimes the attorney you hire is the only person who is completely on your
side during settlement. Whether you really need one depends on how familiar you
are with the process and how difficult the deal is.
estate deals involve complex documents that can be confusing if you don't see
them often. Having an experienced attorney on your side can help reduce some of
the stress of going to settlement. Also, while an attorney won't get involved
with the actual pricing of the home, he or she can help you negotiate terms and
streamline the process.
Once you've made an offer on a house and it's accepted,
you are tied to that house for the length of the contract. Sure, there are ways
to terminate a contract. You could use one of your contingencies to declare the
contract null and void. But that doesn't happen very often. Signing a purchase
contract is a legally binding agreement between the two parties. Be sure you know
what you're agreeing to before you sign. And, if you have any doubts, questions
or concerns about the contract, do the smart thing and consult an attorney before
the signing takes place, not after!!
the money, an attorney can be a welcome member of your investment team, so to
speak. The cost-value question is whether to buy their services by the hour or
by a percentage of the loan. There are divided camps on this. Some say a flat
rate is best because you know what you are going to pay going in. Others say that
hourly is best because it may be more efficient and less expensive. The choice
is up to you. Talk to a number of attorneys to see what services they offer and
try to determine the best payment structure for your budget. Some will compromise
and offer an hourly rate not to exceed a certain amount. This could get you into
trouble though, if the cap is reached before settlement.
If you look at
the total amount you are spending on the loan, though. Spending some on an attorney
who will help protect your interests seems wise.
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