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.