Benefits of Hiring a Condominium Lawyer
After discovering how expensive buying a home is, you may be tempted to skip having an attorney represent you in an attempt to cut on costs. However, it is imperative to note that lacking professional representation may cost you even more than what you would have paid in the form of legal fees. An attorney will not only add great value to your transactions, he or she will also ensure that you don’t end up making errors that will lead you to incurring huge financial losses. Here are some of the benefits that you are likely to derive from hiring a condominium lawyer.
Negotiating the purchase and sale agreement
Most people make the mistake of signing the sales contract and subsequently getting the bank attorney to review the already signed document. This course of action will hardly protect your interests since it will be too late for the attorney to modify the contract. You could however ensure that your interests are protected by getting legal representation from the onset, which will not only ensure that you get help negotiating a competitive deal, but also guarantee timely review of the sales and purchase agreement.
Reviewing the mortgage commitment
Most home buyers can hardly tell the difference between a mortgage commitment and a pre-approval. While a pre-approval will be generated after a casual examination of your finances and it is not binding, a mortgage commitment will involve a thorough investigation of your finances and it is ordinarily generated subject to contingencies. With a seasoned lawyer by your side, you need not trouble yourself with all these technicalities, for the lawyer will review the mortgage commitment ensuring that all the relevant contingencies are met, which will save you from getting nasty surprises.
Handling the paperwork
Your attorney will take the responsibility of carefully examining and reviewing the condominium documents and the status of the condominium’s finances. The attorney will be in a position to track down current and future assessments on the physical condition of the condominium and make accurate reports to you. This way, you will be well aware of what you are getting yourself into before making this important purchase.
The merits of hiring a condominium lawyer evidently outweigh the demerits. If you are contemplating purchasing a condo, contact Coates, Coates & Coates P.A. They provide competent legal representation in criminal law, condominium law, estate administration and civil litigation among others. Visit Cccoateslaw.com for details.