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Thursday, May 28, 2015

Attorney’s Role in Home Purchase

This is the second guest post from local attorney Katherine Wayne-Spindler. 

A home is one of the largest and most significant purchases a person will make in life. So the purchase agreement, indicating your interest in buying the home, should not be signed impulsively. A purchase agreement is a binding contract and is the single most important document in the real estate purchase. Pre-printed contracts don’t cover the needs of every person. An experienced attorney can plan ahead for potential problems before you sign any real estate contract.

Often people come to an attorney after the purchase agreement has been signed and trouble develops in the transaction. At that point, an attorney can only try to find loopholes and language in the contract to allow the person to void the deal or correct the problems to save the sale. From the time a person starts the process of finding a Realtor and looking for a home, he or she should have an attorney in the wings to help with each step in the process. 

Here are some specific home-buying situations that benefit from legal representation:

1.      Unique Life Situations
An attorney will be familiar with the obstacles you might encounter depending on your life situation. In the case of a recent divorce, an attorney can help you determine how your credit history, or potential lack of one, can impact your closing costs and expenses. Receiving alimony? A family law attorney can help you understand the implications of buying vs. renting. What about a recent inheritance? Your attorney can make suggestions pertaining to real estate that may optimize your estate tax situation.

2.      Short Sales and Foreclosures
Short sales and foreclosures add new elements to the completion of real estate sales that can be aggravating to many purchasers and Realtors. An experienced attorney can help resolve these complications.

3.      Unique Circumstances
“For example, what if your prospective new home has an illegal in-law unit with an existing tenant whom you want to evict in order to rent the place to a friend? Only a lawyer can tell you with any certainty whether your plans are feasible. Or what if you’d like to rent the home for an extended period, such as a year, before you’re obligated to buy it? That will require drawing up an unusual lease.” – NOLO, Law for All For non-traditional purchase arrangements, including land contracts and intra-family exchanges, the advice of a real estate attorney combined with the experience of a Realtor will make the purchase process smoother.

Contact an experienced local attorney before troubles arise in the home buying process. Attorney Kathryn Wayne-Spindler can help home-buyers in Southeast Michigan with their home purchase questions. Contact the Milford, MI law office of Kathryn Wayne-Spindler & Associates at 248-676-1000 or Milford-based Realtor Norm Werner at 248-763-2497. 


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Icon Homz said...
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