Buying real estate can be a confusing process, particularly for first-time buyers. Many people do not realize that they can use a real estate attorney, and not just realtors and financial institutions, to help guide them through this often-difficult buying or selling process.
In most states, including Iowa, having a real estate attorney involved is strongly recommended. However, having a real estate lawyer on your side has many benefits that you should consider.
While realtors and financial institutions can be helpful in negotiating real estate deals and drafting contracts, they will usually use a form contract that may not work for every real estate transaction. They also may not have your best interests in mind when drafting the contract.
An attorney will be able to not only negotiate on your behalf but also create an arrangement that is uniquely tailored to your needs. The lawyer can also review the real estate contract to ensure that it covers everything you need and is legally enforceable, as either the buyer or the seller.
An attorney can help you with the title search process. A title search will help you discover any problems with the title before you purchase a property. For example, if the person selling the property does not have the legal authority to do so, the entire transaction can be voided. A title search will also allow you to determine if there are any encumbrances on the property, including judgments or liens. A seasoned real estate attorney is your best option. He will explain everything you need to know and walk you through your issues, because he has the in-depth knowledge and experience with real estate transactions that many lawyers lack.
If any issues come up in a title search, a real estate attorney can help you address them. You may be able to have the liens removed or negotiate a lower price for the property based on potential issues with the title.
When you transfer real estate, you must file the deed with the county courthouse. While your financial institution or mortgage holder can help you with this process, having a real estate attorney ensure that all of the proper filings have been completed is recommended. He can often complete the filing process faster and more efficiently than a financial institution. This step in the process is far too important to risk having a defective deed.
A good real estate lawyer can also review home inspections and other disclosures to help you spot any potential problems with the home before it becomes an issue down the road. You definitely do not want to be tricked into thinking that the home is safe and secure when there are actually serious problems that the previous owner hid from you.
Having a seasoned real estate attorney help you with your real estate transaction is like having an extra layer of protection for your real estate purchase. Our firm provides that extra protection for you. Call 515-512-5500 to learn how Danilson Law can help you.