Most real estate transactions involve $100,000's of thousands of dollars. Could you afford to lose that kind of money? Even if you could afford it, would you want to? I imagine not.
The banks require that a lawyer act on your behalf and theirs. They usually will not do a transaction, e.g. they would likely refuse to advance mortgage proceeds on a purchase transaction without a lawyer ensuring that they are protected. Why? Lawyers reduce risk.
For example, imagine spending all the time and effort into finding the perfect property, then handing over two, three or four hundred thousand dollars, or more, and not actually owning the property that you thought you paid for.
Or, imagine getting the title to the property but shortly after getting notice that you are now responsible, i.e. liable, for the previous owner’s debt(s).
While every transaction is unique, generally, lawyers help ensure that:
The common perception is that real estate transactions are already intrinsically legal. That is not true over 35% of all claims against lawyers arise from real estate transactions. Protect your intended investment by hiring a home lawyer today.