why do you need a lawyer to buy a house
What happens when you use an attorney rather than a real estate broker to buy a house? It's been known for a long time - you save a lot of money. Like tens of thousands of dollars, depending on the price of the house. Most buyer's agents are paid 3% by the seller. A real estate lawyer costs
or so. On a $600,000 house, you'll save up to $15,000. Which sounds a lot like a bathroom remodel - or your first vacation away. Buying a home? Skip the Real Estate Agent and Use an Attorney These days, house listings are online. It didn't used to be that way. A century ago, when the industry evolved, real estate brokers kept their own private list of what was for sale. If you wanted to know what was for sale, you had one option: hire a realtor. Not any more. The "listings" - the houses for sale - are everywhere on the internet. And you can even search easily for "For Sale By Owner" (or FSBO) listings on Zillow. These sellers are also skipping the services of a real estate agent, and they can be good opportunities. Once you find the house, its time for an offer. The seller will be happy to work with you - but the listing agent? Well, he will gnash his teeth a little, but he'll get over it. Yes, he might have a little extra work, like giving you a tour or house-sitting for your inspection. But like the seller, the listing agent wants to sell, period.
Using a Real Estate Attorney, not a Realtor, Can Be Hard Today On the other hand, it's a tough world out there for buyers. Buying a home oftentimes means having to outbid other buyers. So with every house on the market, there is one winner and a whole bunch of losers. Ouch. When competing against other offers, the offer needs to be as "clean" as possible. And an offer written by an attorney, without an agent involved, is not seen that way. If it's the only offer, this tiny issue is resolved immediately. If you're in a bidding war, this tiny issue makes it even harder to win. So this route might not be best for you. If you're willing and able to look at "stale" listings, you can probably go this route and be successful. Remember that if you pay less for a home than you anticipated, you can get to work that much sooner making it the house you want it to be. Seattle Tip: A "stale" listing is one that has been on the market at least 15 if not 30 or more days. By then, the house is beyond the "bidding war" period and so you are likely to be the only interested buyer. Real estate brokers are unique. They have their own professional skill set: Marketing and identifying properties, and assessing their current and likely future value. In addition, they get to employ the skills of lawyers - and the law is a far more complicated profession.
As a result, a buyer may be better served by using a lawyer rather than a real estate agent when buying a home. Once you've found the home, the only real estate brokerage service you need is an opinion of value. And there, too, the internet offers an alternative. No, don't rely on the Zestimate! But, , and other web sites offer free tools to assist in determining the market value of a home. Otherwise, everything else - drafting an offer, negotiating the contract, renegotiating the contract after an inspection, reviewing title, approving closing documents - is the practice of law, and best done by an attorney. Interested in learning more? Check out our Consumer Guide on How to Buy Without an Agent! The conclusion is pretty clear. It's easy to do your own searching, and you just don't need a real estate agent anymore. But you do need legal services. Best of all, an attorney costs a whole lot less. So you can save a ton of money, and get better service too. Do I Need a Lawyer to Buy a House? Post by: Posted Date: May 20th, 2015 Categories: Contracts For most people, purchasing a house is the most significant financial transaction they will undertake in their life. For this reason alone, it is worth carefully considering if you have gathered the best set of professionals around you to ensure that you are both protected and making the best decisions.
In many cases, a is a wise addition to your home-buying team. When It Makes Sense to Hire a Real Estate Lawyer It is important to note at the outset that neither Ohio nor Columbus city laws require you to hire a real estate lawyer. However, you should consider several issues when deciding whether to hire an attorney: If you are an out-of-state purchaser, you will be less familiar with local and state regulations guiding a real estate transaction. The same could be true if you are a first-time homebuyer. Prior to closing, the title for the house must be reviewed by an attorney to ensure that the seller has adequate ownership and authority to complete the sale. A mortgage lender will generally have an attorney or other agent conduct a title review, but it would be wise to consider an independent assessment of the title. This will mitigate the risks of incurring additional unexpected costs associated with clearing the title. It is generally true that real estate agents use standard forms to serve as the Offer to Purchase. However, the language on the Purchase Order will often mirror the language in the Offer to Purchase. If you desire to retain items in the house such as appliances or carpet with your purchase, this language must be specifically included in the Offer to Purchase.
The seller is required by law to provide you with the State of Ohio Department of Commerce Residential Property Disclosure Form. The data on this form could indicate uncommon or potentially problematic information. A Бshort saleБ is the common way to refer to a house that is selling for less than the value of the mortgage on a home, and is generally in lieu of a foreclosure. If you are purchasing a Бshort saleБ home, you must be prepared for a variety of additional legal and transactional complexities. A home on the market Бfor sale by ownerБ has heightened risks associated with it. These risks are largely due to the reality that a typical homeowner does not have the same expertise as a real estate agent. In each of the above circumstances, consulting a real estate attorney would add definitive value to your real estate transaction. Providing Legal Expertise in Real Estate Transactions If you are in the market to purchase a home, a lawyer may be an indispensable asset for you. The seasoned real estate attorneys at can help you review the contract, protect your rights in the real estate transaction, and ensure you have all the information you need in advance of finalizing the purchase. Call (614) 545-9998 or fill out our to set up a free consultation and learn how our Columbus real estate attorneys may be able to help you.
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