The Role of an Attorney in Your Home Purchase

As is the case with most major purchases, buying a home is a multistep process. It also typically requires the involvement of several different parties including your real estate agent, real estate attorney, mortgage lender, title company and more. By using professionals such as real estate agents and attorneys from the beginning of the process, you can save yourself from making mistakes that can cost you time and money in the end.

What a Real Estate Attorney Does

A real estate attorney can help you with a home purchase before you even start looking for a new home.

Some of the roles your attorney play include:

• Advising you on the best way for you take title of the home, financing issues that may arise and helping you to make the right decisions based on your overall financial picture
• Reviewing your purchase offer price and terms before you submit it to the seller
• Reviewing or drafting the purchase and sale agreement, the terms of the agreement and who will hold the deposit
• Providing you advice in terms of mortgage financing so that the purchase and sale terms of the contract can be tailored to fit your lender’s requirements
• Obtaining an abstract of title for the property from the seller
• Examining the abstract for title defects
• Establishing an escrow account
• Recording the legal documents in the public records and paying the applicable taxes and recording fees after the mortgage closes
• Issuing title policies upon receipt of the recorded documents

You wouldn’t build a house without consulting an architect and builder, so you shouldn’t enter into a home purchase without first consulting a real estate attorney. The knowledge and experience a real estate attorney has can save you from irreversible mistakes that can cost you money or kill a real estate deal completely.