 |
 |
With increased activity in the housing market, a commonly asked question is whether you should use a lawyer to assist you in purchasing a home. This should not be confused with the question of whether you would benefit from using a lawyer. You would. But, the answer to the question of whether to use a lawyer to buy a home is a qualified no. Buying a home establishes legal rights and obligations between the parties. Legal documents are created, and underlying problems may exist regarding zoning, claims against the property and other matters waiting to victimize you. Generally speaking, however, a competent real estate agent, a qualified title-insurance company, and your own care as a buyer are all the ingredients you need to close the average residential purchase successfully. Caution is the key. Residential real estate contracts usually are printed form contracts. Be sure that the part being tailored to your purchase is carefully written, clearly stated, and includes all the matters of importance to you. Do not assume that something will happen just because your agent tells you it will. If something has been promised, it should be included in the written contract. In addition, you should read all the printed provisions. Do not agree to something that you find objectionable. Preprinted provisions can be changed, too. The report prepared by the title insurance company contains valuable information. Problems of record affecting the property will be reflected in this title report. And, note the matters that the title insurance company will not insure against. Most residential real-estate purchases in Arizona are handled without incident, and without lawyers. I believe the cost of using lawyers in all residential real estate transactions would outweigh the benefit of reducing the problems that occasionally occur. Obviously, however, if you do not feel comfortable with any part of the transaction, you should get legal advice before proceeding. Buying a home still involves a number of professionals, including real estate agents, mortgage lenders, escrow officers, and the like. Conspicuously absent, however, for many years now, has been the lawyer. The system seems to be working relatively well without us. |