North Carolina’s real estate market is booming, and there has been a steady increase in transactions. If you have decided to buy a home in Monroe, you should know that the state requires the presence of an attorney to oversee all real estate closings. Also, buying a new property has inherent risks, so you have to be sure about your investment. In this post, we are sharing more on the mistakes to avoid while buying a home here.
- Not hiring an attorney of choice. If you don’t do your homework before selecting a real estate attorney in Monroe NC, you may not get the services you want. Before you sign the ‘Offer to Purchase’, which is the contract that details the terms and conditions of the deal, you need to have a reliable attorney by your side. If you are unsure of how to hire an attorney, ask around for references, talk to neighbors, or just check online. Besides closing, a real estate attorney can be handy when you want to rent out the house
- Not taking steps to avoid title issues. If you end up with a title issue some years down the line, this could dent your entire investment. First things first, get the title documents examined by your attorney. They will check for all encumbrances, including liens and other restrictions, if any. The title review process can take time, because it also means reviewing a bunch of public records, finding more on unpaid taxes, and other details. Secondly, do consider title insurance, although this not mandatory by law.
- Not checking the paperwork. Even when you have hired an attorney, you have to be present with all necessary documents and paperwork. There are numerous documents that must be signed, so check with your attorney to know if they have coordinated accordingly with your real estate agent. They will also tell you about the documents that you need to carry along.
When to hire a real estate attorney?
Once you have shortlisted the final two or three properties that insist you, make sure that you talk to a real estate attorney at the earliest. The costs related to the transactions are real, including cost of inspection and surveys. While an attorney may seem like an added expense, they eventually can prevent most of the common real estate mistakes we talked about.
Find an attorney who has the experience and expertise to deal with your real estate investment concerns and goals.