The requirements for purchasing a home vary from state to state. In Connecticut, a lawyer is required for any real estate transaction that involves title insurance. A title insurance agent must be a practicing attorney unless the agent received his or her title insurance license before June 12, 1984. Furthermore, as of October 2019, only lawyers licensed to practice in the state of Connecticut are permitted to perform certain real estate closings. Aside from these requirements, there are also many benefits associated with using a real estate lawyer when buying your home.
Peace of Mind During the Home-Buying Process
Buying a home is one of the most consequential decisions you will ever make. It is also likely to be one of the most significant financial purchases of your life. The process of buying a home can be complicated, stressful, and confusing. Mistakes can lead to massive legal and financial consequences. Working with an experienced real estate attorney gives you the peace of mind you need during this exciting, yet stressful, time in your life.
Due Diligence and Preparing Legal Documents
A real estate lawyer can ensure that you fully understand the terms and conditions contained in the numerous contracts you are signing. This prevents you from agreeing to anything that you do not intend to agree to. A lawyer can also perform a title search to look for any property liens or other hindrances. Sometimes a home has a lien on it unbeknownst to the seller. Many lenders will refuse to loan money for a home with a lien on it. Unknowingly acquiring a home with a lien on it can land you in major debt. Your real estate attorney will also review the sales agreement and closing documents and ensure that the terms are what you have agreed to. If a legal dispute regarding the purchase of your new home arises, your attorney will advocate on your behalf and help you resolve the issue....