12 Tips for Buying a New Home: Advice from a Real Estate Attorney

"Home Buying Tips" on a piece of paper with an old fashioned key on wooden backgroundWhen purchasing a new home, it is important to tread cautiously and understand the myriad of legal complexities involved. Who better to guide us through this process than a real estate attorney? 

At Law Office of Joel R. Spivack, our law firm aims to give you valuable insights from the legal perspective, helping you to secure your dream home without unnecessary stress. Here are some top tips from our lead real estate attorney Joel R. Spivack:

1. Start with a Real Estate Agent, But Don’t Skip the Attorney

It’s wise to work with a skilled real estate agent, but having a real estate attorney on your side is just as crucial. They provide a different set of expertise, ensuring that your legal rights are protected throughout the process.

2. Understand Your Contract

Before signing any contract, make sure you fully understand every aspect of it. Your real estate attorney can break down the legal jargon and advise you on any terms that might not be in your best interest.

3. Clear Title is a Must

A real estate attorney will conduct a title search to ensure that the property you are buying does not have any issues, such as liens or disputes. A clean title is non-negotiable when purchasing a new home.

4. Negotiate Effectively

Your attorney can advise you on the art of negotiation, ensuring you are not settling for terms that are unfavorable or risky for you.

5. Don’t Skip the Home Inspection

A home inspection can uncover hidden issues with the property. Your attorney can help you understand what steps you can legally take if the inspection reveals significant problems.

6. Review and Understand Closing Costs

Closing costs can be substantial and full of complex terms. A real estate attorney will walk you through these costs and help identify any unreasonable fees.

7. Be Aware of Zoning Laws

If you have any unusual plans for your new property, like adding an extension or building a fence, your attorney can review local zoning laws to ensure your plans are permissible.

8. Consider the Future

A good attorney will help you think about potential future issues, such as what happens if you need to sell the property sooner than expected, and how that would affect your financial situation.

9. Secure Proper Insurance

Your attorney can advise on the right type and amount of insurance that you should obtain for your new property, protecting you from unforeseen circumstances.

10. Keep Your Emotions in Check

Buying a home is emotional, but your attorney can help you approach it as a business transaction. This will allow you to make more rational, long-term decisions.

11. Understand Tax Implications

Purchasing a property has significant tax implications. An experienced attorney can give you a good idea of what to expect and how to plan accordingly.

12. Always Be Ready to Walk Away

If the deal isn’t right, be prepared to walk away. A good attorney will remind you that there are other properties and that the goal is to find the right fit without compromising your legal or financial position.

Contact Our Real Estate Attorney Today!

Buying a new home should be an exciting and rewarding experience, but without proper guidance, it can quickly become a legal and financial nightmare. Having an experienced real estate attorney is not just about crossing t’s and dotting i’s; it is about having a professional who can guide you through the intricate and often stressful process of buying a home. They ensure that your interests are protected every step of the way, providing invaluable peace of mind in one of the most significant purchases of your life.

Always remember that the cost of hiring a real estate attorney is a small investment compared to the potential cost of making a critical mistake in a home-buying transaction. When you are ready to take the step towards buying your new home, don’t do it without a trusted real estate attorney by your side, contact the Law Office of Joel R. Spivack today either online or directly at 856-488-1200.

Disclaimer: This blog post is for informational purposes only and should not be construed as legal advice. Always consult with a qualified real estate attorney before making any decisions related to buying a property.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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