Why You Need a Lawyer to Buy or Purchase a Home
These days, it seems like you can try your hand at practically anything, thanks to the internet. You start browsing sites and can quickly become convinced that you can attempt anything. However, while this may be a valid approach to change a washer on your faucet, buying a home is a major purchase, so it really isn’t worth the risk.
Can’t My Realtor Help?
Although New Jersey does not require that all real estate transactions be handled by an attorney, by law mortgage officers, title officers, or agents cannot give you legal advice. While they may be property or real estate experts, they are not trained in the law. For example, you might look to a psychologist to help you with your issues because they are trained in the human psyche, you would not go to one for brain surgery. So, when you’re considering buying a home, make sure you go to an attorney to review the contract and protect your interests.
What Your Attorney Will Do:
New Jersey law has a provision for a three-day period during which the buyer and seller can have the contracts reviewed by their attorneys. This review period spans three business days from the date the buyer or seller signs rather than when the real estate attorney receives the contract, so you need to act fast.
Your attorney needs time to review the contract and ensure that it is fair for you, as the client. Your attorney will review the title binder, check mortgage documents, and negotiate any inspection issues. Sometimes even small errors can be missed, so your attorney will carefully review the title work, so you can have complete confidence in your property purchase.
If you’re selling a home, your attorney will not only review the contract but also prepare all of your conveyance documents.
Most of us appreciate that buying or selling a home can be highly stressful, but an experienced real estate attorney will guide you through the process, working closely with your lender and coordinating with brokers. However, your attorney will not arrange property inspections or homeowner insurance.
What About the Cost?
Most people consider taking a DIY approach to save money, and while professional legal assistance is not cheap, this may be one area where you don’t want to cut corners. For most of us, buying or selling a home is the single most expensive transaction we will make. Buying a new home is a crucial legal matter, and the documents for the buyer and seller will have far-reaching legal consequences. Therefore, it is vital that you retain an attorney to review the documentation and adequately protect your rights and interests.
An experienced real estate attorney will provide you with a full understanding of your rights and responsibilities. This will help you avoid any potential legal problems in the future that can arise if you’re not fully aware of the implications of your real estate transaction.
If you’re considering buying or selling a home in New Jersey, The Law Office of Adriana E. Baudry is here to help. We’re available to answer any of your queries to address any concerns you may have.