If you’re interested in real estate to buy a main residence or have investments, you need all the resources possible. As exciting as it is to buy a new home or a rental property, there’s a lot of paperwork and legal compliance you should be aware of. Here are some benefits of hiring one of these legal professionals to assist you.
1. Expertise
A mortgage attorney has the expertise you need to ensure that your home purchase goes as planned. After all, all mortgages aren’t the same, so you may need advice before you sign on the dotted line. Something as simple as improving your credit score can ensure you get a better term on your mortgage. After all, your interest rates depend on your credit rating and can create a difference of 3% to 7%. If you already own your home and are planning to refinance, a mortgage attorney still comes in handy for further assistance. After all, the mortgage market and real estate laws can change at any time, and a mortgage attorney can ensure you’re aware of these issues and how they can affect your home purchase.
2. Negotiation
Buying or selling a home isn’t as straightforward as you may expect it to be. There may be some negotiations that you or the other party are interested in. For example, while there is an asking price, you may be able to negotiate that down. If you appear to be a serious buyer and a seller wants to unload their home quickly, they’re much more likely to be able to negotiate a deal with you. With the help of a mortgage attorney, everything can go smoothly as they can handle the negotiation process for you.
3. Contract Review
Remember, when you sign a mortgage, you’re signing a contract. The contract is a legally binding document that you must adhere to. Taking on a mortgage means you agree to pay back the loan for your home over a period of 15 to 30 years. If you violate this agreement in any way, there could be major financial consequences such as a foreclosure and a hard ding on your credit report. So, if there’s anything in your mortgage document that doesn’t seem right, your landlord attorney can review it and discuss it with you.
4. Title Research
The title is the document attached to the home ownership. If there are any liens or tax issues associated with the title, your mortgage attorney can find it for you. Their due diligence in learning more about the home title can prohibit you from taking on a home that may be more of a risk than you need.
5. Closing Help
Once you agree to buy a home and a seller agrees, you will start the closing process. The closing process involves the closing costs, documents, and research. Whatever you need to close the deal during this time, the landlord attorney can assist you to ensure things go efficiently. They’ll tie up any loose ends to ensure the home ownership is successfully transferred to you.
6. Dispute Assistance
In some cases, there may be disputes when you buy a new home. Such disputes may arise if you’re buying a home that’s already occupied by other renters. According to HUD User, 43.9 million of 48.5 million rental properties are occupied. In such a situation, you may be in a dilemma where you may or may not want to keep those renters in your property. So you have to ensure that you follow all legal protocols if you decide to keep the renters or ask them to legally move out. Such disputes can drag out and linger for years if you don’t have someone representing you. A mortgage attorney can help you resolve these problems in a timely and efficient manner.
There are many reasons to hire a landlord attorney if you plan on buying a new home or refinancing it. After all, you may not know everything you need to know about real estate and mortgage contracts. Luckily, by having the right professional on your side, you don’t have to know everything since they can handle the hard work for you. For an experienced mortgage attorney you can trust, contact our firm today for a consultation.
