As you approach the possibility of purchasing a home, it’s important for you to consider all the legalities associated with this goal. Prospective home buyers who are not familiar with this process could end up signing a mortgage contract that leads them ultimately to foreclosure. A common practice that results in the adverse action originates in the lack of proper legal assistance during the buying process. If you wish to arm yourself with knowledge of these requirements and protect your interests, you should consult a Real Estate Attorney in Washington Indiana today.
Important Tasks Managed by Real Estate Lawyers
First, a real estate attorney is an attorney who reviews the title documentation to ensure the buyer that the seller has the legal right to offer the property for sale in the first place. They also provide title insurance, which gives them with assurance that if the transaction fails due to an issue of ownership they won’t suffer a financial loss. The attorney additionally identifies any discrepancies during the title search to prevent delays in closing.
The Sales Contract
A real estate lawyer identifies any issues found in the sales contract. For example, the percentage that the realtor receives through a commission is established when the property is listed on the market. An attorney reviews this documentation to determine whether or not the selling agent has made any adjustments to this designated value. He or she reviews all clauses found in the contract to determine whether or not there are any unethical practices have been initiated.
Calculating the Mortgage
Mortgages, like loans offered by auto dealerships, have hidden clauses and terms which consumers may not understand. An attorney can calculate the mortgage requirements based on the value assigned for the down payment and the interest rate to determine whether the overall price is inflated. Some predatory practices include a deduction of the down payment which is later re-added to the mortgage value. An attorney examines these terms to determine whether the lender is attempting to rip off the consumer in this way.
Anytime you are ready to buy a home, you should consult a Real Estate Attorney in Washington Indiana. They are familiar with the process required and can identify any hidden agendas. You have the legal right to hire your own legal representative in these matters.
