Investing in a second home is an exciting journey! This property can be your vacation house or get you started as a landlord, as rental income remains an excellent option for a second income stream. However, hiring a real estate attorney before purchasing a second house is essential. Here are a few reasons why.

Ensure a Clear Title

One of the most crucial aspects of purchasing a second home involves ensuring a clear title. The title shouldn't have any liens or loans against it. If it does, you can only legally purchase the house or transfer the title into your name once the debt is paid. An attorney can help you navigate the process to ensure you have a clear title before purchasing.

Review Contracts

Real estate contracts can be full of challenging legal terms and jargon. A professional attorney can help you understand the terms of the agreement. They can review the contract, ensuring it’s in your best interests. One of the best things about having your lawyer is that they’ll always keep your interests in mind.

Negotiate

According to Forbes, the demand for a second house has increased by 77% since before the pandemic. This trend has created a seller’s market regarding second and vacation house purchases. When this happens, the costs of those real estate properties soar. A real estate attorney will be your professional negotiator. Attorneys are naturally exceptional at negotiations, so you’ll have a leg up compared to other buyers.

Determine the Best Resolutions

You may run into problems directly before or after buying a house. For example, the previous owner may have committed to fixing specific things by a certain date. Sometimes, those repairs aren’t made like they should be. In situations like this, it’s helpful to already have a lawyer on your side.

Offer Great Advice

Real estate attorneys will be there beside you every step of the way. During the process, they’ll happily give you pointers to ensure you come out on top. An experienced lawyer may remind you that you can knock the cost of necessary repairs off the price of the house to get a fantastic deal. They can also ensure back taxes aren’t owed on the property.

Finding a professional lawyer with real estate experience doesn’t have to be challenging. If you’re considering purchasing a second home, call Raccio Law, LLC today. We’d love to discuss the legal aspect of your future purchase with you.