FAQ About Getting Legal Help When Closing On A House
Are you ready to close on a house so you can officially become the legal owner? If you have never closed on a house in the past, you might want to consider going through the process with the assistance of a real estate lawyer. You must keep in mind that it is possible for you to end up with a bad deal if you are not careful about the documents signed during the closing process. This article will answer some of the questions that you might have in mind in regards to getting assistance from a real estate lawyer.
Can a Lawyer Help a Buyer Avoid Unknown Costs?
One of the best reasons to hire a lawyer is to make sure that you are not stuck with unknown costs after closing on a house. For instance, the worst thing that can happen is to invest in a house that has a lien that you were unaware about. A lien is simply an overdue debt that occurred due to the owner receiving a loan and using the house as collateral. If you find out about a lien after closing, it is possible for you to lose the house if you don't pay the lien back. You can take the owner to court about the matter, but you might steal lose the house if the money is paid back to satisfy the lender.
How Can a Lawyer Assist with the Sales Contract?
Before signing the sales contract to the house, a lawyer can thoroughly review it for anything that you should be concerned about. He or she will make sure you understand legal terms that might not be clear to someone who hasn't studied law. The lawyer will also discuss the contract to make sure you know what you will actually get upon purchasing the house. For instance, sometimes homes are shown with flooring, kitchen cabinets, and light fixtures, but the contract might say that they will be removed when the new owner takes possession. A lawyer can make amends to the contract if you are unsatisfied with the terms.
Does a Real Estate Lawyer Charge an Hourly Rate?
You can expect to pay a real estate lawyer an hourly rate of an estimated minimum of $200. A complex contract can lead to you paying an hourly rate of over $500. Speak to a real estate lawyer, like one at Schulze Howard & Cox, about your needs as soon as you are ready for the assistance.