Did you stumble across a house for sale that is priced at an unusual discount for the area it is located in? Before getting too excited and making a fast purchase before someone else gets the house, you should seek help from a real estate lawyer. Find out below how a real estate lawyer can help you avoid making a bad purchase and what you might be charged for the assistance.
How Can a Lawyer Help Someone Avoid a Bad Real Estate Purchase?
You should seek assistance from a real estate lawyer because he or she can help you find out why the property is being sold at a low price. For instance, it is possible that the house is being sold at a discount because there are a large amount of taxes owed on it. You don't want to buy a house that has property taxes owed to the government because it can go into foreclosure and get repossessed. A lawyer can negotiate with the seller and make sure the taxes are paid off before you purchase the house. Purchasing the house without knowing about the back taxes can lead to you getting kicked out of it when least expected.
A lawyer can also help you avoid purchasing property that has a lien on it. When it property lien is on a house, it means that the seller used the house as collateral for a loan. If the seller is selling the house at a discount because of a property lien, it can result in you having to pay the lien off in order to keep ownership of the house. Your lawyer will investigate liens and negotiate with the seller accordingly. He or she can at least get the seller to reduce the price even more so you can pay the lien off.
Is Hiring a Real Estate Lawyer an Affordable Thing to Do?
Hiring a real estate lawyer to help with purchasing a house will cost you at least $200 per hour. If the real estate transaction is complex and requires a lot of work, you can be charged over $500 per hour. The lawyer may opt for charging you a flat rate if the sales contract is simple enough. The flat rate is estimated to cost $500 or more. Talk to a real estate lawyer for guidance as soon as you can before buying a house that is discounted at an unbelievable price! Contact a company like Coombs & Lutz for more information.Share