After a seller accepts your purchase offer for a house, transaction closing costs or unforeseen issues can add considerably to your expenses. A real estate lawyer can minimize closing complications by offering the following assistance.
Review All Closing Documents
Closing documents often contain language that is ambiguous or challenging for new buyers to understand. Hiring a real estate lawyer Ashburn VA to review your closing documents can ensure that you fully understand everything they contain before agreeing to the sale’s terms.
Negotiate With the Seller
A typical real estate transaction involves the competing interests of buyers, sellers, and agents. As the buyer, you may not be familiar with the potential downside of the tactics realtors representing sellers use to encourage speedy closings. A lawyer who has experience handling real estate transactions can help ensure that the transaction remains in line with your goals and that any incentives the seller offers have meaningful benefits.
Negotiate Title Disputes
Title issues contribute to a large percentage of the complications that can derail a closing. Therefore, it is essential to resolve these issues before a property can change hands. A real estate lawyer’s services are indispensable for resolving title disputes, which often involve forgotten liens or co-owners about whom sellers may be unaware.
Address Previously Undisclosed Issues
A real estate lawyer can advise you about a seller’s obligation to disclose a property’s potential problems or defects. In addition, a lawyer can negotiate for the seller to pay for repairs or offer an appropriate reduction or refund of the closing fees if you discover an issue before moving into your home. Alternatively, a lawyer can advise placing a portion of your payment into escrow to ensure that the seller completes necessary work or repairs before its release.
Although you may not want to add to your real estate closing costs, hiring a real estate lawyer will save you money over the long term.