What Is An Albany Property Lawyer’s Role In Buying A House?
When an individual buys a home, the role of the lawyer is to represent said buyer and all of their interests. Someone who is thinking about buying a house should get in contact with a lawyer that specializes in real estate around the local area who is knowledgeable about all local by-laws, zoning and real estate statutes.
The initial step should always be for the property lawyer to advise their client on the procedures for purchasing the home. After you have found a home that you want to buy, your lawyer should review the contract before you sign it, which is a crucial step. Once the contract is signed, you will be bound by it, so it is always best that you get legal guidance first.
Assuming that all is well with the contract, you will have to get financing. A mortgage is going to be the usual method. After you have a mortgage agreement in the works, your lawyer will then work with your loan officer the lawyer of the seller and your real estate agent to work on completing the purchase. They will also take steps to contact your local council for building regulations, approval for planning and the other parties that are pertinent to your transaction.
A lawyer will supervise all of the handling of documents, to include the title search, the deed, legal descriptions of the property, any mortgage documents and then a host of other legalities that exist or may come up over the course of the transaction.
Attention To Detail
The best lawyer is going to pay attention to every detail of your contract. This can include any local codes, easements, compliances and other issues that need to be handles in accordance with the buying of the property. The lawyer should have the deed prior to settlement so that everything can be properly reviewed. Anything simple like a misspelling of names or any error in the legal description of the house could end up costing a great deal if you try to correct it after the property has already been settled.
For example, a couple who had been looking to sell their 10 acre lot where their house was located, planned on subdividing the parcel into two separate lots. The plan had been to sell the lot that was vacant and then refinance the lot that the house sat on. During the time of sale, they noticed that the lender mixed up the legal descriptions of the two parcels. This then made it impossible to sell or refinance at this late of a date. Had they enlisted the help of a lawyer to go over all of the documents before the settlement, there would have been a great deal of financial stress that could have been avoided.
After documents are agreed, looked over, and the finances are in place, your lawyer will arrange a transfer of funds and the title deeds with both the mortgage company and the lawyer of the seller.
Modern House Buyer Problems
One very important issue when you are buying a home is making sure that you check on the previous usage. This is especially true in relation to the manufacture and distribution of drugs. There is an increasing amount of cases that can turn into disaster for homeowner’s when they learn that their dream home they bought had either been owned by someone who may have used it as a drug lab.
Real estate agents should always be disclosing any information about such contamination from methamphetamines, but is will be a good idea to have your lawyer look into it as well. The lawyer will have complete access to court records regarding the home and can also make for a thorough background check.
The local laws can call for the new owner to decontaminate the home, which may cost thousands to do. If the buyer retains a lawyer, there could have been a background check to save the buyer the clean up cost. If it is handled prior to settlement, the buyer will be able to demand the seller pays the cost of decontamination.
When you are buying any home, there can be hundreds of details that need to be paid attention to. A lot of them will pertain to legal matters. No matter how simple the detail may seem, having a lawyer on your side will be well worth it.