18 Jul, 2022
It’s no secret that today’s housing market in Vermont is, in a word, competitive. Bidding wars on homes are commonplace, and as a result, properties are spending very little time on the market. In today’s market, is it worth the extra time and money to retain a real estate attorney when you are looking to buy a house? What is a Real Estate Attorney? Before considering whether or not a real estate lawyer is worth the expense, it may be helpful to learn what it is they do for prospective homebuyers. Generally speaking, the primary function of a real estate attorney is to ensure the safe, legal transfer of a home from a seller to a buyer. Any party can have legal representation, including lenders. Some states even require that attorneys participate in the process. This is not the case in Vermont, but it is absolutely in your best interest to do so. When you hire a VT real estate lawyer, you have someone who is looking out for your best interests, and your interests alone. It may come as no surprise to hear that, in most cases, the parties involved in real estate transactions are typically only concerned with their own interests. In an industry as complex, competitive, and constantly evolving as real estate, the benefits of having someone on your side cannot be understated. A real estate lawyer will review documents related to the purchase, sale, and title of the home. This may involve the purchase contract, lending documents, titles, and other agreements. They will also attend closing. The above is what real estate lawyers do to protect your best interests when the purchase/sale of a home is relatively straightforward. When things go wrong, however, having legal counsel by your side becomes even more critical. What Can Go Wrong, and How Can a VT Real Estate Lawyer Help? Buying a home at any point can be complicated, but when buyers or sellers feel rushed, the chance of something unexpected happening increases exponentially. Unfortunately, this means that — in the current market — your home purchase is likely to include an unwelcome surprise or two. If you have a real estate attorney, you can breathe easier knowing that someone has your back. A Manchester real estate lawyer can help with all real estate matters, including: If an issue comes up at inspection, your real estate attorney will be able to advise you of your options. With homes being flipped so quickly, concerns frequently crop up at inspection time. Speaking of flipped homes, not all renovations and additions are done lawfully. An experienced real estate lawyer can look at the permits issued for a property to ensure that all work done to the home aligns with local zoning ordinances and regulations. Questions around titles do happen. An attorney familiar with real estate transactions will be able to review the title, explain title exceptions, and determine any other issues relating to past owners or liens. Closing fees, costs, and other expenses may seem unreasonable, or a lender may try to nickel-and-dime an unsuspecting buyer. A real estate lawyer can review closing documents and agreements, ensuring the buyer pays only what is fair. If the buyer intends to alter the property after purchasing it, their real estate lawyer can ensure that work is done lawfully. Contact Welford & Sawyer, PC Today All homes are different, as are all seller and buyer situations. Even in relatively straightforward transactions, surprises happen. Having a VT real estate attorney look over the paperwork and represent you at closing can be invaluable. At Welford & Sawyer, PC, our real estate lawyers will ensure that your best interests are protected every step of the way. Contact us today to learn more.