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Benefits of hiring a Real Estate Lawyer for Buying your First Home

Buying a house or investing in real estate for the first time can be quite a challenging venture. You are planning to put down a hefty amount of money and you will be making mortgage payments for a long time. This may be your dream home where you hope to grow old with family, thus it needs to be everything you hoped for. If you end up purchasing a house and later realize that it has problems, the mistake will cost you big time. Working with a real estate agent makes sense while searching for your new abode, but hiring Real Estate Lawyer in New York shall maximize security and benefits.

1.      Reliable Financial Advice

Most first-time home buyers lack the knowledge to make practical decisions regarding real estate. It is important to understand what you can truly afford, in order to avoid paying large sums of debt for the rest of your life. First of all, you need to review your credit history and credit score to determine if you will qualify for a loan, or what kind of loan you can obtain? The higher your credit score, the lower will be the interest rates. Lenders will also consider your total income and other assets in your name.

The real estate lawyer shall explain all legal liabilities attached with a purchase, in simplified terms. They can help you estimate a feasible amount for down payment and prepare you for managing finances thereon. You can attain clarity on topics of real estate taxes, maintenance costs, applicable deductions, property appreciation, closing costs, etc.

2.      Early Discovery of Issues

If you find a real estate deal that is too good to be true, it probably is. If the seller wants to close the deal fast for cheap, you should wonder why? This house you aim to make home may not be inhabitable due to one or more hidden problems. Many old houses that look decent at first glance may require extensive and expensive repairs before anyone can move in. The house may have been built illegally on commercial land or the architecture may defy construction laws.

You may encounter liens on the said property, tenants you have to evict, or tax issues. Your real estate lawyer will conduct thorough background checks to eliminate these sort of problems.

3.      Understanding Real Estate Law

The paperwork involved in purchase of real estate can be confusing and exhausting for someone who has never been exposed before. You don’t want to put all your savings on a house that does not comply with rules and standards of your state. A real estate lawyer can tell you everything you need to know to avoid any legal troubles in the future.

4.      Protection against Fraud

You cannot rely on the seller’s real estate agent to provide any kind of security. The seller and their agent can be expected to gang up and take advantage of you, unless you have a real estate lawyer by your side. Your lawyer will ensure that the property papers are genuine, the seller is authentic, and all transactions are transparent. Some fraudsters sell the same property over and over again to clients and disappear without a trace.

5.      Excellent Negotiation

Lawyers are the masters of negotiation, given their flawless communication skills and persuasive body language. By scrutinizing all aspects of real estate, they can make room for concession and added incentives. Nobody can rip you off in their presence, so you could save good money at the end of the day. 

Joseph Franks

author

John Adams is a lifestyle blogger who loves to travel and share his life experiences. He encourages readers to improve their quality of life by incorporating positive thoughts and actions. He is a health & fitness enthusiast, and contributes to vario

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