When faced with the prospect of buying a new home — perhaps the biggest purchase you will ever make in your life — you probably have a few things in mind. These include survey properties, search for a reputable mortgage company or bank, and maybe a shortlist of real estate agents. The term “lawyer” probably doesn’t figure on your shopping list.
The truth is you might have a need for a real estate lawyer in Denver and elsewhere. Consider these facts to help you get started:
Buying a House Can Be Complicated
Buying a house is not a short process. It’s not like buying a pair of shoes at the department store or from a person. There are several entities involved: the buyer, the seller, the broker, the brokerage firm, the mortgage lender, etc. You also have to enter into several written agreements, i.e. contract. Then you have to consider all the money you’re putting into this deal.
If the house turns out to be problematic, like if there’s extensive damage you didn’t see or know about, you may have problems setting this issue right. Of course, not unless you have a lawyer who knows exactly what to do.
Selling a Home Can Also Be Complicated
Problems are not exclusive to buyers. If you’re selling your home and you enter into a brokerage agreement that you did not fully understand, you might end up paying a commission even if the brokerage was not able to sell your home. Multiple commissions have been known to happen, as well. You need a lawyer to help you avoid such pitfalls.
These are only a couple of the simplest issues that may befall a homebuying deal. There may be others, as well, and you should do a thorough research of these possible problems, and at least consult a real estate attorney. It’s for your own protection and peace of mind, whether you’re selling or buying a house.