First of all, it is not a requirement to get the service of a real estate attorney in every buying and selling transactions. The buyer and the seller can close a deal with the help of a real estate broker. The contracts are being prepared by the realtor company where they have an in-house attorney that represents the “transaction” and neither the buyer nor the seller. There are instances however when hiring an attorney is beneficial for you as a buyer, especially if you are eyeing a Beverly Hills real estate luxury home which involves a lot of money.
Consider hiring an attorney only for legal advice as there are many complicated issues that may arise during the negotiation and closing of the deal. If you don’t have enough time to follow the entire negotiation process and you want someone to review the contracts, a real estate attorney can do that for you. He can also advise you about the possible problems that may arise after the sales. This will give you a red flag to clear any issue with the seller and the agent before finalizing the sale.
However, make it clear that you are not hiring his service full-time as you also have a real estate agent who takes care of most of the negotiation and closing processes. You don’t like to spend a lot for a minimal service by a real estate attorney.
What are the occasions when you need to get full-time service of an attorney? There are times when a transaction cannot be closed because interference got in a way of the buyer and seller. Sometimes the misunderstanding is intentional as another buyer comes in and offers a higher price than what you originally agreed upon. Rather than closing the sale, the seller will delay it by doing other things hoping that it will discourage you from pursuing the sale. In this case, an attorney can help you weigh all options to force the seller to proceed with the sale or use the seller on the court.
An attorney is very helpful when there are problems that crop up after the purchase of the home is completed. You might find problems not disclosed to you during the negotiation like pests, water leakage, foundation problems, electrical wiring, etc. Another big concern is when the title of the property is not “clean”. In cases like this, getting professional service of a lawyer can surely help you decide on the right action and other possible options that can resolve the issue/s. If you are in the market for a luxury home contact a trusted Beverly Hills real estate agent today.