Buying A House At A Value: Why You Should Hire A Lawyer & What Assistance Will Cost
Have you found a house for sale that seems underpriced for what it looks like? If you decide to purchase the home, it is a good idea to ask a real estate lawyer to help you review the sales agreement before signing on the dotted line. Find out below why hiring a lawyer for a home purchase is in your best interest, as well as what he or she will charge per hour.
Why is Legal Assistance Vital When Buying a House?
One of the services that a lawyer can provide to help you avoid making a bad purchase is investigating the property taxes on the house. If the house is listed for a good deal, it may be an owner trying to sell it because they owe a lot in back taxes to the government. If you happen to purchase the house under such circumstances, you can end up having to move do to it getting foreclosed. If you don't want to lose the home, you may experience a lot of stress and have to pay all of the back taxes.
The lawyer can also help you avoid a bad financial situation by making sure there is not a lien on the home. A property lien can come about when the owner used the house as collateral for a service. If the owner forfeited the contractor, the other party will have the right to take possession of the house.
A few of the other services that a real estate lawyer can provide include:
- Negotiating a better deal in your favor
- Being present when you close on the house
- Making sure the title to the property is in your name
What Does a Real Estate Lawyer Charge Per Hour?
Your lawyer will charge an hourly rate that is based on how complex the contract is with the owner of the house. Lawyers usually charge up to $500 per hour on average. It is also common for an upfront retainer fee to be paid for some cases. The upfront fee is security for the lawyer so he or she will know the work is not being done in vain.
Don't get too excited and make a fast purchase because you found a home that seems like a steal. Make sure the history of the home is thoroughly investigated and that you fully understand the sales contract. Hire a real estate lawyer, like those at the Drennan Law Office, so he or she can help you make the right decision!