Customs in real estate vary tremendously from one area to another. In some states, you may be told that no one uses lawyers for real estate transactions except when something goes wrong. In the states located mostly in the West, Midwest, and South, escrow companies act as neutral third parties, assisting both buyers and sellers in residential real estate transactions. Title companies (sometimes combined with escrow firms) in these states make sure you have clear title to the property and and that the deed is recorded so that the property is legally in your name. In other states, attorneys are used for handling the paperwork and the closing on your house. The law does not require that you have legal counsel in these states, but it is wise to proceed with professional legal help on your side. Even in states where they are not required for general real estate functions, lawyers are useful not so much for getting you out of trouble as for heading off trouble before it starts. An attorney can make sure that the sales contract protects your interests, intervene if problems arise before closing, and review documents so that you get proper credit at closing (in some states called settlement) time. You can find a real estate attorney by asking the broker to suggest two or three names, check out some large law firms and ask who specializes in real estate law, or search the Internet for sources. In states where attorneys are used for real estate purchases, contact the attorney you have chosen early on, explain that you’re starting to house hunt, and inquire about the fees for handling an eventual purchase. He or she will probably suggest at what point to touch base once again, unless you have some legal matters to clear up before going ahead with the purchase of a home. |
