When you're ready to buy a house, you know you're taking a major step. This is a home, an investment and a financial goal of yours. You want to know that the choices you make now will benefit you in the future.
Buying a home is a complicated process, so it's a good idea to work with a professional who can help make sure you don't make mistakes or agree to bad terms. Here are three reasons you need to work with a lawyer when you decide you want to buy a home or business property.
1. You want to negotiate
Some people don't like haggling or negotiating, and that's okay. Your lawyer can negotiate on your behalf when it comes to the cost of the home, fees related to the purchase and other expenses.
2. You don't know the tax consequences of the purchase
An attorney who deals with taxes can help advise you on your taxes after a home purchase. How much will you owe in property tax? Do you have any special deductions or credits you can take as a result of purchasing your home? What happens if you rent out the home for a profit? Your lawyer knows the answers to these questions and can help make sure you stay in line with the law.
3. Your attorney can help with your title search
You want to know that the title for the home is clear before making a purchase. Your attorney can also help you look into title insurance, which may have certain exceptions you need to know about. The title describes the property and any problems with owners in the past, so you can be assured that the purchase is in your best interest. Zoning laws are not indicated in the title search, so if you plan to use the home as a residence and a business, it's a good idea to look into the local ordinances and zoning regulations that apply to your property directly.
When you're ready to move forward with a purchase, your attorney can help you take the steps you need to make sure the property doesn't have any restrictions that you weren't told about. After preparing the deed and other documents, your attorney can help you complete your home purchase, so you can enjoy your new property.
Source: Nov. 30, -0001