5 REASONS YOU NEED A LAWYER WHEN BUYING OR SELLING A HOME IN SAN ANTONIO, TEXAS
If you are concerned with the ability of your realtor to comprehensively serve your needs in selling your home, you are not alone. Many sellers of residential real estate discover too late that they should have involved a knowledgeable real estate lawyer in their sale. Here are 5 reasons to involve a real estate lawyer in your home sale, even if you are working with a listing agent:
- The Financial Stakes are High. A home is the single most expensive item most people buy in their lifetime. The average home price in the San Antonio area is $195,000. That number is increasing 7% annually, and will explode as more than 1 million people move here in the coming decade.
- High degree of complexity. The Texas standard form purchase agreement contains 9 pages. With necessary addenda, it can include 20 pages or more. Add title, survey, inspection and financing documents, and a residential transaction can easily involve 100 pages — every single one of which has long- term legal consequences.
- Multiple Contracts with Multiple Parties. Most transactions involve a listing or buyer’s rep agreement with a broker, a purchase agreement, mortgage agreement, and title insurance agreement. All of these documents have been carefully drafted by attorneys representing a party other than you! You will be asked to sign their standard contract documents without opportunity for negotiation. It is critical that you understand what you are signing.
- Competing interests. To the broker, lender, and title company, you are one of many Their objective is Closing, because if the deal falls through, they don’t get paid. Your objective as a seller or buyer is different. You should close only if doing so is in your best economic and personal interest. Only a lawyer whose compensation isn’t contingent on closing can help you fully appreciate the implications of a transaction.
- The Potential for Emotional Decision-Making is High. Let’s face it, buying or selling a house is stressful because it represents a major life change. Letting emotions guide major financial decisions can be disastrous. A dispassionate, rational attorney can influence you to make rational decisions, and avoid letting emotions confuse your money choices.
