3 Reasons You Might Need a Real Estate Lawyer
For most people, purchasing a home or property is one of the most significant investments they will ever make. So whether you’re a young professional buying a starter home, a couple downsizing for retirement, or a real estate-savvy house flipper looking to make a profit, legal counsel is sometimes advisable, depending on the circumstances.
EitherEven with a relatively small or straightforward real estate transaction, you may require the assistance of a real estate attorney to ensure that all of your needs are being met.
You aren’t technically required to enlist a real estate attorney to buy a residential property in Michigan, and we understand why you might wish to skip the legal fees associated with doing so. Still, there are a few scenarios where it might be worth your while to seek legal help.
1. You’re purchasing a home in foreclosure.
Buying foreclosed homes has become increasingly popular since the Great Recession. Of course, there can be downfalls to purchasing a home in foreclosure, such as a lack of maintenance, but they can make excellent rental properties or cheap starter homes for budget-conscious families. Unfortunately, many of our clients have found that buying bank-owned homes is not as easy as it might appear. Mortgage lenders and appraisers can be difficult to work with, and cutting through the red tape is simpler when working with a real estate attorney.
2. You don’t understand the terms of your contract.
It often happens that real estate contracts appear more complicated than our clients initially imagine. The obvious conditions, including the address and the purchase price, are far from the only details you will need to navigate. Some contingencies are intended for those well-versed in legalese, not laypeople! Don’t worry. If the “terms and conditions” have you baffled, don’t hesitate to reach out to us with questions.
3. You’re purchasing land with a non-family member.
It was once taboo to buy a house with a live-in partner, but the mortgage increasingly comes before the marriage as times have changed. If you’re buying a home with your boyfriend or girlfriend or sharing a property with a platonic friend, you may encounter obstacles that differ from those faced by more traditional buyers. Real estate law can be complicated enough. Allow a trusted lawyer to help guide you through the process.
No matter what your homeownership goals are, we are here for you. As one of the most respected Grand Rapids law firms dealing with real estate matters, we seek to provide legal guidance to our clients during every stage of the homebuying process.