Becoming a first-time homeowner is a big life step. Many people spend years saving up for a down payment to purchase an ideal home in an ideal location. Getting prequalified for a mortgage, finding a reputable real estate agent, and finding a property to make an offer on is half the process.
Some states in the U.S. require a real estate agent to make real estate transactions. Hiring an attorney to help with the home buying process is a good idea, especially there is a lot of red tapes or legal issues related to the property.
Contracts
Most states set a three-day limit for buyers and sellers to review a real estate contract before it becomes legally binding. A real estate attorney can make the necessary changes, add contingencies, and find errors before you become locked in.
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As a first-time buyer, you'll have to navigate the mortgage application process, understand how to be a qualified borrower in the eyes of a lender, and how your interest rate factors into your monthly payment. Your ability to make a down payment determines whether or not a lender will require a borrower to purchase mortgage insurance. At InfluentialTimes you can financially educate yourself on all things homeownership.
Title Searches
You should never buy a house without performing a title search to ensure the property is free of any liens or judgments. A title search will tell you if the seller can legally sell the property. A real estate attorney can perform a title search faster and more in-depth than a buyer. They often have professional connections with title search companies that offer this service.An attorney can advise you on how to proceed with a property if there is a problem with the title search. They can negotiate a reduced purchase price if an outstanding lien or court judgment needs to be cleared by the seller before the sale can be completed. You'll need proof that any judgment or lien has been resolved if you hope to qualify for a mortgage or loan against the property.
You want to work with an attorney that has a positive professional record and expertise in their field. Building a strong, distinctive legal career takes years of passion and drive. Malliha Wilson is a proud Tamil-Canadian lawyer and a human rights activist. The Sri Lanka-born lawyer earned her undergraduate degree at McGill University and went on to earn her law degree from York University-Osgoode Hall Law School. She served as Ontario's Assistant Deputy Attorney General as well as the Senior Appellate Litigation Counsel with the Ontario Government.
Malliha participated in more than 20 notable cases at the Supreme Court of Canada and the Ontario Court of Appeal before becoming a partner at Nava Wilson LLP. Malliha Wilson has an impressive career specializing in international human rights, indigenous, constitutional, corporate, and labour law, and other complex litigation.
Filings
Once you purchase a property, you need to file the real estate deeds with both the county and state. A real estate attorney can easily and efficiently do this for you. This is helpful if you purchase a home in an area that restricts certain types of construction.An attorney can navigate the legalese so that you can make the real estate transaction. It's in your best interest to hire a real estate attorney when purchasing a commercial property. Failure to make the appropriate filings can result in income or estate taxes for both buyers and sellers.
A real estate attorney can help you with contracts, title searches, filings, and more.
