The economy is improving, and the housing market is becoming stable which is leading to more first-time home buyers. The younger generation of adults accounted for 1/3 of the nation’s home purchases in 2015, and that trend doesn’t look to change for 2016 and beyond. These new home buyers have never gone through the process that is a real estate transaction, and don’t know exactly what they’re getting into.
Even experienced home buyers may be in for a few surprises in this new market, because the regulations have changed. In many ways, the laws have made the process complex, and sometimes confusing, which leads to the ultimate question:
Do I really need an attorney for a real estate matter?
The short answer is no, technically, you don’t have to have an attorney represent you at a real estate closing, or prepare the documents for the whole thing to be legal. BUT, there is a long list of reasons why you absolutely SHOULD have an attorney handle your real estate needs. Below are just a few reasons why an attorney’s input in real estate transactions is invaluable:
- No one can give legal advice except attorneys. If a non-attorney is drafting a contract and you have a question about the legal ramifications of something written in it, you have to take it to an attorney. Might as well start at the source.
- Attorneys represent your best interests. An attorney doesn’t care about the cost of the home, or the other party’s needs, he cares solely about your needs, and will represent you as such.
- No one knows the law as well as an attorney. Like mentioned above, the real estate world has become even more complicated and confusing. Real estate attorneys know the law and the impact of it on your transaction. It’s what they’re trained and certified to do.
- Cost. You’re going to have to pay someone to draft the paperwork, might as well use your benefit to get attorney representation. Many real estate transactions are fully covered, and those that aren’t come with an impressive discount. It is far cheaper for our Members to work with a Legal Resources Attorney than other agencies. Call our Member Services Team to answer any coverage questions you have.
An attorney’s advice is a valuable tool to have at your side in many matters both in and out of the courtroom. If you are a Legal Resources member, contact your plan attorney directly when you have questions about a legal matter. If you’d like more details on ways attorneys can help in everyday life, contact the certified paralegals on our Member Services Team at 800-728-5768.