If you are buying a home in the state of Tennessee, it may be best to do so with the help of an attorney. An attorney may be able to help you review the terms of the purchase contract before it goes into effect. This person may also conduct a title search to ensure that the seller has the right to transfer ownership of the home to you.
Real estate agents aren’t legal professionals
Your agent may have a general understanding of real estate law in your area. However, it’s unlikely that this person has the knowledge, skills and experience to create a purchase contract from scratch. Furthermore, a real estate agent wouldn’t be able to represent you in court if a dispute arises at any point before, during or after a transaction is complete.
Other parties will have legal counsel
There is a good chance that the seller will have an attorney representing his or her interests, and you can also expect the lender to have someone on its payroll ensuring that the transaction closes smoothly. Therefore, choosing not to hire a real estate law attorney may put you at a competitive disadvantage. In most cases, attorneys charge a flat fee of about $500 to represent buyers during the process of buying a home. However, the price that you pay will likely be influenced by the complexity of the sale.
If you are in the process of buying a home, it’s generally worthwhile to hire a legal professional. He or she may be able to ensure that the seller makes disclosures in a timely manner and follows all other applicable state laws. Your attorney may also ensure that you fully understand the terms of a home loan or purchase contract before you sign either document.