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The process
of buying a home has become increasingly complex. Retaining an
experienced real estate attorney from the beginning is one option you
might consider to ensure
that you avoid costly mistakes throughout the process, however, be
prepared to pay extra. (See last paragraph!)
If you do
not know an experienced real estate attorney, you should ask friends or
colleagues to recommend one with whom they have had experience with. You
can also contact your local bar association and ask for the names of
several real estate attorneys in your area.
When you
contact an attorney, be sure to inquire about the fee arrangement and
ask questions about that attorney's experience in handling real estate
matters. Your real estate attorney will be the glue that holds the
complex process together. Among other things, your attorney will:
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Give you
an overview of the process and his or her role in that process
draft, review, explain and/or negotiate your contract to purchase.
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Discuss
timing and possession issues, including matters relating to your
current lease if you are renting
-
Communicate
and negotiate repair issues related by your home inspector
-
Examine
the title commitment and survey to determine that you are purchasing
the property contracted for, without encumbrances or title defects
you have not agreed to accept
-
Explain
contract contingencies, if any, and monitor deadlines to make sure
that those contingencies are met
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Verify
and explain tax prorations and other closing figures
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Attend
the closing to ensure compliance with the contract and to review the
loan document form compliance with your loan agreement
Much of your
attorney's work will be behind the scenes, making numerous telephone
calls -- to the sellers' attorney, as well as the other members of your
team – to ensure that all the wheels are turning to move your purchase
forward.
Also of
consideration is the fact that no attorney is going to do all of this
for free. You will pay a fee for these services. Check with your
"Exclusive Buyer's Broker" to see if they don't already do a
lot of this footwork for you for the fee they're already earning!
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