When you are looking to buy your first home, the investment that you will be making is enormous. For most people, buying real estate is the most significant investment that they will make in their lifetime. The financial costs of purchasing a home do not end with the price of the house and the banks and real estate agents, while wanting to help you achieve your dream of homeownership, all are looking out for their own interests as well. A real estate attorney, who receives a fee for their work, has only your best interests at heart. In fact, there are many things that real estate lawyers do that help save you money. Here are the top three ways that real estate lawyers save you money!
Review Your Contract
You would not be able to review your contract unless you went to law school yourself. Being able to understand the intricacies of a real estate deal without training is next to impossible. There is a lot at stake, much of which is your hard earned money. By having a real estate lawyer look over your contract, they will be able to make sure that everything in the contract is above board and that you are paying only what you have agreed to pay.
Advice Regarding Property Restrictions
When you purchase a piece of property, there are sometimes restrictions on the property that you may be unaware of. If you want to buy a home, you may not be aware that it is in a historic district and that, because of that, it has stipulations as to what you can and cannot renovate. There may also be bylaws that restrict what you can do with the exterior of your home, your yard, or any renovations you want to do to your home. Real estate lawyers can help with this so that you do not end up in a situation where you need to resell your home, as most times reselling your home soon after purchasing it will not allow you to recoup your costs.
A title, also referred to as a deed, is a representation of the ownership of the property. When you purchase a piece of property the title is transferred from the owners and to you, which makes you the new owner of the property. If this is messed up in any way it can mean that another party has a legal claim to the property, which means that you will need to go to court to defend the rights to your property. Hiring a knowledgeable real estate lawyer protects you from this situation, which will save you money.
You need a real estate lawyer when purchasing a property. There is no one better to protect you and your new property. Buying a home is stressful and costly, and while hiring a real estate lawyer is an additional cost, the amount that they save you is huge. The team at The Knee Law Firm wants to help you purchase your new home. If you are looking for a real estate attorney in Chicago, contact us today.
Buying a home is an exciting yet difficult task, especially if you are on a restricted budget and have a lot of preferences. Real estate negotiations give buyers an opportunity to reach a favorable offer and ensure that their hard earned money is being invested rightfully. We have compiled a list of important suggestions that will ensure buyers a successful real estate negotiation.
Positivity and Ethics
Some people are under the impression that intimidation and confrontation are the keys to drifting negotiations in their favor. However, a negative approach will encourage the seller to also respond negatively. The best way to negotiate is with positivity, which motivates other people to cooperate for a mutually favorable outcome.
Buyers should also take into account that they are buying a property that the seller has invested in, built a relationship with and hopefully, maintained. It is vital to first gain the seller’s trust in order to acquire their property for a good price. Having an honest communication about your price limit and preferences is the safest route to take in order to help make the seller feel secure.
Take time to negotiate your offer with the buyer. Avoiding a debate due to a fear of friction will result in you walking away dissatisfied, while the seller will just assume you are happy with the price. Although a complying attitude by both the parties may result in a good negotiation, it will leave both parties feeling that they did not strive hard enough to reach the best deal for themselves.
While you should take ample amount of time to negotiate, discuss and consider all matters on the table, you should close the topic once consensus has been reached by both the parties regarding a particular affair. Reopening issues may frustrate the seller.
Know your Market
Markets can tip in the favor of either the buyer or the seller. An area with more homes for sale than buyers is considered a buyer’s market. In this case, homes take a long time to sell and buyers are prepared to negotiate the price. This is the perfect sphere for buyers to hold maximum negotiations in. In these markets, sellers may also assist the buyers with the closing costs and inspections.
On the flip side, real estate markets with a limited number of homes but a large number of buyers form a seller’s market. In this case, buyers need to be on their front foot. Immediately put in the highest price you can offer to the seller and do not wait for any discount. Avoid asking for any concessions and inquire if a home sale contingency must be included.
Contact The Knee Law Firm, Ltd.
Real estate transactions are complex and tedious processes that entail consideration of numerous factors. This must be the reason why real estate attorneys and advisers at The Knee Law Firm strive to make your home buying experience stress-free! We ensure that you experience a smooth closing and move into your residential and commercial property with a peace of mind.
Visit thekneelawfirm.com to read about our legal services. You may call to speak with us at 847-807-5633.