When You Might Need a Real Estate Lawyer
You’ve just found your dream house and you’re in love with it. The real estate agent helped you put together an offer and it was accepted. Now what? Do you need a Phoenix real estate lawyer to handle the closing for you?
Imagine that you do not hire a lawyer. The night before the closing, you do your final walk-through and find weeks’ worth of garbage in the home. You call your Realtor in a panic and she agrees to reach out to the seller’s agent and determine an appropriate concession.
You’re so angry, you can’t sleep. You head to the closing, exhausted and wondering if you should’ve hired a lawyer to walk you through the documents. You don’t want to sign anything that’s incorrect, and the dirty house spooked you.
At the closing, the bank lawyer finds there is a lien on the property. Without a clear title, you will be liable for any claims on the property.
Then, to top things off, you realize there was a typo and the mortgage amount is incorrect. You’re borrowing $235,000 not $253,000. Suddenly, the closing is delayed 45 minutes because someone’s got to change all the documents.
Needless to say, you’re getting nervous. You look around the closing room and you realize that no one’s there for you. The bank wants to get paid. Your Realtor’s only picking up her commission. The seller has an attorney. Why did you decide not to hire someone to represent your best interests?
These hassles and many more can be avoided when you hire a Phoenix real estate lawyer.
The state of Arizona does not require sellers or buyers to use a real estate lawyer, so budget-minded buyers tend to think they don’t need one. And, of course, it all depends on your unique situation. But, as you can see, a skilled Phoenix real estate lawyer can review all documents before the closing to make sure every detail is correct. After all, you are legally liable for the house (and any debts) after the closing, so why wouldn’t you want a Phoenix real estate lawyer to make sure everything is in good order before you sign?
At May, Potenza, Baran & Gillespie, we offer real estate services including Acquisition/Disposition Services, Commercial Leases, Commercial Landlord/Tenant issues and HOA/Condominium Co-op Representation. To talk specifically about these or anything real estate issues, contact us here.