Purchasing real estate is always a big deal, whether you are a first-time home buyer or an experienced real estate developer.
Many people rely on real estate agents to find them a property that best suits their needs and is within their price range.
Once you decide to make an offer to the seller, the real estate agent will often serve as a go-between and help you negotiate a deal that both parties are happy with.
If the seller decides to accept your offer, you will need to secure financing and inspect the home for defects, before signing all documents and finalizing the deal at the closing.
Is a real estate lawyer necessary?
Under Tennessee law, you do not have to hire a lawyer to manage your real property transactions. However, a lawyer can be helpful during various steps of the property-buying process such as:
- Reviewing and preparing necessary documents, including purchase contract and lending documents.
- Conducting title searches to make sure there are no outstanding liens against the property.
- Making sure title insurance protects you from potential financial loss.
- Addressing issues revealed in property inspection and negotiating for necessary repairs.
- Settling disputes that may arise among buyers, sellers and realtors.
- Attending the closing and addressing any remaining issues.
If you choose to hire a real estate lawyer, they will represent your best interests throughout the deal, as opposed to focusing on closing the deal as quickly as possible.
At the same time, an experienced lawyer specializing in real estate law can handle any complex legal matters that may arise during the entire property buying process.