About Getting Help From A Lawyer Before Buying An Underpriced House

17 September 2015
 Categories: Law, Blog

Are you amazed because you found a nice house for sale that is priced well below what it's worth? Before spending your money on the home, it is a good idea for you to hire a lawyer to help you with the buying process in case there is a catch to the low sales price. Find out in this article why hiring a lawyer is the smart thing to do when considering buying a home, as well as what the legal fees are estimated to cost.

Why Should Someone Get Help from a Lawyer When Buying Real Estate?

Assistance from a real estate lawyer in Spruce Grove is ideal before buying a house because he or she can make sure there are no property liens in place. Basically, a property lien means that the owner received a loan and put the house up as collateral. A lien can lead to you having to spend additional money along with the cheap sales price. If a lien is found, a lawyer can negotiate with the property owner to get a lower sales price, or the lien paid off, before you make the purchase.

Sometimes sellers put a low price tag on a house when they know it is about to go into foreclose. For instance, if the owner failed to make property tax payments each year, the house can be repossessed by the bank. If you happen to purchase the house right before it is foreclosed without knowing about it, you may end up having to give the house up. The bank will allow you to pay the property taxes that the previous owner owed before evicting you from the house. A lawyer will investigate to determine if the home is at risk for foreclosure, and he or she can also give you advice as how you should move forward with the buying process.

What are the Estimated Legal Fees for Hiring a Real Estate Lawyer?

You should expect to pay a minimum of $200 per hour for a lawyer to assist with your real estate transaction. However, the price can be over $500 per hour on the highest end of the scale. If you are charged a flat rate, the fees are estimated at up to $1,500. The overall price will depend on if you only need a contract reviewed, or if you need the lawyer to help you until the sale is final. Don't delay speaking to a lawyer before purchasing a house!