DIY or do it yourself projects have become highly popular. The ability to do things yourself gives you a sense of fulfilment and most importantly, saves you money. This niche has become so popular that there is an entire network dedicated to giving consumers the ability to empower themselves with information on how to renovate a home or replace a roof. After all, where else can you go to see an entire home renovation project completed within an hour? The wealth of information that is readily available to us via the internet is another source of information on how we can do things for ourselves and save money. Despite our ability to research and gather information, there are some things we don’t need to do on our own. No matter the savings, some things are worth paying for. Hiring an attorney for a real estate transaction is a great example of this point. A licensed attorney can navigate you through the legal aspect of buying and selling a home. Below are a few reasons why hiring an attorney is not a bad idea.
Proper title review.
In the state of Missouri there is no requirement by law to have an attorney during a real estate transaction. While an internet search can give you general information on how to review a title, there may be details of this process that are not covered in your search. This is where having a licensed and experienced attorney can be handy. Something as simple as parties being listed incorrectly on the deed can impede the title. This impediment to the title can cause problems down the road if you decide to sell the property to another buyer. An attorney can also ensure that both the buyer and the seller have fulfilled their obligation of the purchase agreement. These are the details that an internet search cannot provide.
Closing a transaction that has a mortgage.
Again, in some states, real estate attorneys are not required for real estate transactions. When a mortgage is involved, it is highly recommended that you have an attorney to review the mortgage documents. Considering there is a significant amount of documentation in this process, a buyer could become inundated with the details. An experienced attorney can help navigate the closing process by easily explaining the mortgage documents to the buyer and ensure that all interests are properly represented in the transaction.
Transactions outside of the mortgage process.
If you have a home that you want to rent, having an attorney review the lease agreement would help you avoid any possible legal challenges. Rental agreements must comply with the real estate laws that pertain to each state. If you are not experienced in putting together these rental agreements, it is highly recommended that you seek the advice of an attorney. There are different forms of rental agreements you can implement. A standard rental agreement is used when your tenants lease the property from you and pay their rent every month. Other forms of leasing could include a lease purchase where the tenants live in the home, they rent the home from you and at some point in the future they agree to purchase the home at a set price. Regardless of the terms, it is imperative that all parties are properly represented in the lease agreement. In addition to the local laws, other issues to consider are laws that pertain to asbestos and other environmental contaminants, pest control, rental collection, late fees and other issues that are contained within the agreement. These are just a few of the items you need to consider when drafting your lease documents.
With almost 20 years of experience, Attorney Douglas Healy has the experience needed to navigate you through the legal process of buying a home. Doing it yourself can certainly save you money. However, when it comes to the legalities of purchasing or leasing a home, hiring an attorney could help to save you money in the long run. Healy’s background in real estate law can help you avoid the pitfalls that many buyers and sellers experience during these transactions. Unexpected issues such as title issues can be a hindrance to buying a home. An attorney is better able to clearly define the seller’s ability to pass title to a buyer and can help define a financial institution’s ability to place their lien against the property. If you have questions about your real estate transaction, give Douglas Healy a call today. Him and his team are standing by waiting to assist you
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