Those seeking new homes might wonder what a real estate lawyer does for buyers. Most often, home buyers just deal with real estate agents. Agents and brokers know the house sale process inside and out.
However, when a legal problem arises, a real estate attorney in Vero Beach can help you. What do real estate attorneys do for home buyers?
The Vero Beach Housing Market By The Numbers
The Vero Beach housing market is presently a buyer’s market. The last known figures were for December 2021. At that time:
• Houses sold for 20 percent less than they do now.
• In late 2022, 80 houses were available for sale. Now, there are 96.
• One-bedroom houses for sale are up by 150 percent. Five-bedroom houses for sale are up by 100 percent.
• Sixty percent of recently sold homes in Vero Beach sold for less than the asking price.
• Six homes were sold in under 30 days.
With these numbers in hand, Vero Beach real estate attorneys help buyers understand the value of a house – if the house needs repairs or if it’s in good condition.
For What Are The Buyers Responsible?
A real estate attorney in Vero Beach can help you understand for what you’ll be responsible. For instance, you’ll need an appraisal. This will tell you what the house is actually worth. Then you’ll need:
• To understand the sales agreement. This will disclose any faults in the house the seller should repair or replace. If there are any liens against the property, they should appear in the sales agreement.
• If your mortgage approval falls through, the attorney can get back your deposit on the house.
• To understand the fees associated with buying a house, such as title insurance, recording fees, and property taxes.
What Else Do Vero Beach Real Estate Attorneys Do?
Real estate attorneys represent buyers from the beginning of the home buying process to closing:
• They aid buyers in the mortgage process. The attorneys will negotiate with the mortgage company to help you with paperwork, pre-approval, and help if the application is denied.
• They time the sale of your previous home with the buying of a new one.
• They help with the settlement sheet (the sales price minus deductions like property taxes, repairs, utility bills, and so forth,) title insurance, title searches, the closing, and the filing of the mortgage and property deed.
A Word About Inspections
Buyers need to know the home’s value before they put in an offer on a house. That’s not the only inspection you’ll need, though. If the home needs repairs or the replacement of major systems, then the house will have to be inspected again following these repairs or replacements. These things change the value of a house.
Make sure any home inspection covers mold, radon gas, termites, insulation, and ventilation, as well as the foundation. This is generally covered in the initial inspection, but the real estate attorney in Vero Beach can help you figure out if all the bases were covered.
Real Estate Disputes Require Real Estate Attorneys
You’re days away from closing on your new house when suddenly someone introduces a dispute. There’s trouble with the title, the insurance company decides not to cover the house, or the neighbors want the property lines re-surveyed.
You have no idea how to address the title company, the insurance people, or the neighbors. You should know a real estate attorney in Vero Beach can help you. Real estate attorneys are there to protect you, the buyer.