Buying or selling Fort Collins homes for sale is a complicated matter, especially in these uncertain economic times. It is important to make sure that your rights are protected and that there are no loose ends left open once the deal closes.
In a perfect world, everyone would be honest and all business transactions would go smoothly, but unfortunately this is not always the case. It is worth it to spend the extra money on a professional who can make sure that everything goes as smoothly as possible.
The Advantages of Hiring a Real Estate Lawyer
- Beware of non-legal services that claim to fulfill legal functions. While they may seem like a bargain, they most likely do not offer the full services that a real estate lawyer would offer. For example, a real estate lawyer carries insurance to cover money lost from accidental omissions or errors in contracts and transactions. Most of those non-legal advertised entities do not. Most likely, they do not carry insurance to cover damages from omissions or errors in real estate transactions as a real estate lawyer does.
- Also, if you are moving from one state to another, the real estate laws can vary. You need an attorney to help you navigate through the whole process.
- Also, don’t be surprised if your title insurance company requires you to work with a real estate attorney. Sometimes they require that just to be sure that everything is in order (no liens or anything else) and that the sale will go smoothly.
If you are purchasing a home, your lawyer will help you understand the purchase contract, all the way down to the final details of you getting the title in your hands. Your real estate attorney will also do the following:
- prepare all legal documents involved in the transaction,
- finalize the terms of the mortgage,
- look over any adjustments made to the contract
- go to the closing with you and review the paperwork,
- and connect you with title insurance protection to protect you from losses due to errors.
On the other side of the coin–if you are selling your home—your real estate lawyer will
- prepare the purchase and sale agreement,
- negotiate the terms of the contract,
- fix any title issues that may arise,
- come with you to the closing and review the paperwork,
- make arrangements for the transfer of security deposits, and arrange for insurance certificates if necessary.
Clearly, you need someone with legal training to ensure that these tasks are done correctly and meet all current regulations and laws in your state.
The Expense of a Real Estate Attorney
You might be wondering—how much will a real estate lawyer cost? Real estate attorneys typically charge more for buyers than sellers, as their job descriptions are more detailed for the buyers. You may pay your real estate attorney anywhere from $500 to $1500; that is quite a range, but regardless—the cost will be worth it.
The attorney that you choose may charge by the hour, or may have a flat fee that he requests. If you are going to pay by the hour, do ask for an estimate of the total cost, and ask how he/she will track the time spent on your case. Do keep in mind, even if for some reason the closing does not go through, you will still have to pay your attorney.
Don’t Hesitate
Buying a home is one of the most complicated transactions you will make in your life. You want to make sure that you have someone who is looking out for your best interests, and who can explain all the legalese in the pages and pages of paperwork that you will be signing. Whether you are buying or selling, you want the assurance that all the important details are taken care of, and that the transaction will move forward as smoothly as possible. The cost of hiring a real estate lawyer is well worth it.
About The Author – This post was provided by Allison Klein a Windsor CO real estate agent. You can read more about the home buying and selling process on her real estate in Loveland CO website.