Buying a dream home involves excitement, a feeling of pride and a matter of stature, clubbed with ample nervousness and even doubtfulness due to the complexities involved. Purchasing a house or any property involves tremendous paperwork to ensure the contract between the homebuyer and the seller is legal and rightful. This excessive documentation and procedures usually significantly interrupt your daily routine, and the established timelines go for a toss.
Thus, a knowledgeable and experienced property lawyer with a good understanding of the procedures and real estate law is needed during such situations. So, for homebuyers planning to buy a new home, we share some of the few reasons why hiring a real estate attorney is essential.
Importance of Hiring a Property Lawyer When Buying a House
A skilled real estate attorney can help in many ways than one during the closing procedure for the acquisition of a home.
Research and negotiation
A seller may not always put down 100% accurate information in advertisements. Figuring out whether the details mentioned by the seller are genuine is not easy, especially for a new buyer. Thus, it is a good idea to hire a property advocate who has a better understanding and is well aware of the current situation.
A Lawyer can help the buyer with the genuineness of the title to the property of the seller. A lawyer will also vet the Agreement to be entered into between the buyer and the seller and shall point out clauses which are not in favor of the buyer. Hence, if any changes are to be made to the property sales agreement, the lawyer can guide the buyer through them. Moreover, the lawyer can investigate if the seller has attained all statutory approvals.
Title search and closing process
The property lawyer can help the buyer keep track of the entire home-buying and closing process. His legal advice and assistance for insurance, inspection, title search, and documentation can be immensely beneficial.
In addition, the lawyer can prepare, review, and update all the closing agreements and ensure the process is streamlined. Since buying a property is complex, one should have enough guidance throughout the process.
Problem resolution
Challenges in the purchasing process may come unannounced. The real estate attorney can assist in avoiding or overcoming issues that may arise during the acquisition of the house. Thus, the lawyer can anticipate potential risks in the home-buying purchase.
Power of Attorney
A power of attorney authorizes an individual to make certain decisions on behalf of another, in this case ‘the buyer’. Therefore, a property lawyer is needed to deal with the power of attorney since they are better informed about the details regarding different property purchases.
Peace of mind
With an expert legal practitioner, homebuyers can be confident that even if things go downhill, they have someone to fall back on and who works in their best interests. The lawyers can guide buyers through a challenging scenario and assist in grasping unclear words, legal jargon, and intricacies.
They may also safeguard one from probable errors that may arise during the process. Dealing with this alone can be extremely difficult and complex without a property advocate. Thus, having a skilled lawyer can give one peace of mind so that getting one’s dream home does not stress the buyer.
Reasons Why Property Buyers Do Not Hire Real Estate Lawyers
As the above section spoke about the importance of appointing a real estate lawyer, the below pointers focus on the main pain points – why home buyers don’t hire these lawyers.
No legal requirement
Some countries have laws that require a mandatory presence of a property advocate during specific points of the purchase process. The main aim is to help homebuyers understand the legalities and avoid future litigation.
Furthermore, the appointed attorney can only represent the buyer or the seller to avoid any conflict of interest. In India, however, there is no legal requirement to hire a lawyer before or while locking in a deal.
Lack of awareness
Average buyers are unaware they can hire an attorney once they shortlist the property. Alternatively, since lawyers are not allowed to endorse themselves, finding one is even more challenging.
Additional costs
Buying a home involves high costs. Apart from the rising real estate prices, additional expenses are also incurred for paying the lawyers representing the buyer and the seller. Thus, many buyers avoid hiring property lawyers as they view them merely as an additional cost.
Conclusion
When buying a home or any other property, one can reduce the risk of making hasty decisions by hiring a property lawyer.
Piramal Realty offers potential homebuyers a range of contemporary residences under different projects equipped with world-class amenities in Mumbai.
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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