A home purchase is the single biggest investment that most people will make during their lifetimes. The sheer amount of money and paperwork involved can seem overwhelming, which is why it’s so important to have seasoned real estate professionals to help you through the process.
Most home purchases are brokered through real estate agents, who help buyers find the home and then engage in the contract negotiations. Another equally important, but sometimes overlooked, member of the home buying team is the real estate attorney Ashburn VA.
While real estate agents are well-versed in negotiating the best terms for a home purchase, it’s important to remember that they are not lawyers. A real estate attorney is trained and licensed to practice property law and can assist at various stages in the process.
Your real estate agent can fill you in on the home buying process and the laws specific to your area. Laws governing real estate contracts and attorneys vary from state to state and are designed to ensure that real estate agents are not practicing law. Many states require an attorney to be present at a home closing for this reason, in which case the mortgage company will send a lawyer to represent them.
Regardless of whether or not the mortgage company or home seller retains an attorney, you are always free to engage your own real estate attorney to represent your interests.
Real estate attorneys can assist in drafting and looking over your contracts, answering questions and settling any disputes between the parties involved. Hiring an attorney can provide you with invaluable peace of mind, as well as providing you with a contact you can turn to in the future if you have any additional questions or concerns about the terms of your mortgage.
Real estate attorneys may work for an hourly rate, typically around $150 and up or may provide specific services for a flat fee. In many cases, this cost can be folded into the closing costs for the home.