Massachusetts Real Estate Lawyer Blog
As a first-time homebuyer, all you may see is a dream come true. However, you may soon realize that your future home is really a pie, and everybody involved has their finger in it. Yes, all those nice people helping you buy your home are doing it for the money.
Not that there is anything wrong with working for money, but how many of the people and companies involved in your transaction actually represent you? At first, you may see a real estate attorney as just another finger in the pie, but when you realize that every other entity involved in your transaction has legal representation, do you really want to go in alone? If anything goes wrong, you easily could be the one paying the price for someone else’s negligence. Your real estate attorney makes sure that doesn’t happen.
What your real estate attorney will do
Review your contract – Often real estate contracts are just boilerplate (generic contracts) that may ignore the special circumstances of your transaction. Your real estate attorney will make sure your interests are protected and that all other entities involved in the contract have performed their obligations.
Examine the title – It may not be good business but in a real estate transaction, some entities may cut corners to speed up the process. This can lead to major mistakes, especially when it involves the title. Your attorney will make sure the title is clear and help you understand how you will take title.
Verify your loan with the lender – Back to the pie. Nothing happens without the money. If there is a glitch in your loan, the whole deal may fall apart. Your attorney will protect your financial liability and works to assure that the money will be available at closing.
Finalize all details – As the closing date approaches, your attorney will review any adjustments to the contract including taxes that are in arrears. If any additional legal documents are required to protect you, your attorney will prepare them and see that they are properly signed. Your real estate attorney will also make sure the title insurance is in order.
Attend the closing – At the closing, your attorney will review all of the documents to make sure they haven’t been altered. Since you will be putting your signature on a document that makes you liable for money that approaches the salary of a professional athlete, your real estate attorney will be able to answer any questions you may have about each page and document you sign.
As a first-time homebuyer, your real estate attorney will make sure the transaction goes through as if you were a veteran real estate buyer. After all, most real estate professionals use real estate attorneys. You will find, as do they, that it is important to have an experienced real estate attorney on your side.