I’m buying my first home. Do I need to retain an attorney?

Buying a home in Nashville is exciting, whether it is a starter home, a flipper or your forever home. There are many expenses involved in the home buying process, so you may be surprised when the real estate agent you are already working with suggests also retaining a real estate attorney. Is this really an additional expense you need to incur?

An agent’s role

A real estate agent provides valuable services given their knowledge of neighborhoods, current home values in the area and the steps involved in the home buying process from putting down an offer until the closing date. They are a useful advocate to have in your corner when you are buying a home. However, real estate agents cannot give legal advice. If they try do so they could lose their real estate license.

A lawyer’s role

A real estate attorney is another good advocate to turn to when buying a home. Attorneys can give legal advice that agents are not permitted to do. For example, if you have questions about holding title, if you have questions about shared easements or if you want to cancel your purchase agreement so you can get your deposit returned these are all legal questions that only a lawyer is permitted to advise on.

Both agents and lawyers can be retained

Ultimately, many home buyers find it is useful to retain both a real estate agent and a real estate attorney. This way, they can be advised on issues related to the real estate purchase process, whether they are procedural questions or legal questions. It can be a costly mistake to encounter a legal issue during the home buying process without an attorney, so you will want to think carefully about what parties you want to work with when you are purchasing a home.