Are You a Nervous First-Time Home Buyer?

If you’re buying a home for the first time, chances are you’re a bundle of nerves. The best thing you can do is to hire a team of professionals to help you. This team may include a real estate agent, an accountant and a real estate attorney. Although you don’t always need this entire team of professionals, having a real estate attorney help you navigate the home buying process can be very helpful.

Do I Need an Attorney?

Realistically, you don’t necessarily need a real estate attorney to help you buy your first home. However, your real estate agent can’t give you legal advice, and if your agent says that you can rely on a settlement attorney during closing to help you, that’s not accurate information. A real estate settlement attorney must be impartial and represents the settlement transaction and not the actual individual parties. Real estate law is a specialized field, and often, an attorney can help you understand your individual rights as a potential homebuyer.

What Happens During the Real Estate Settlement or Closing?

You and the seller will sit in a real estate settlement company’s office and sign many papers to consummate the entire transaction. As the home purchaser, you will sign many more documents than the seller will, since you’re signing lending documents. The seller will sign the written deed to the property to convey it to you. Typically, this is your last opportunity to discuss any walk-through items remaining from the time you initially made your offer and signed the residential real estate contract.

You Can’t Just Walk Away!

Unfortunately, too many people think that they can simply walk away or rescind their original offers by refusing to attend their settlements. Although the seller may be able to keep your earnest money deposit, the seller can also sue you for breaching your contract. If you did not have a legal reason to walk away from your transaction, the seller can sue you for several types of damages, including breach of contract damages, lost profits, and consequential damages and liquidated damages. Furthermore, the seller can sue you for specific performance or require you to proceed with the sale.

If You’re Suffering From Buyer’s Remorse . . .

Unless you can prove the contract was not legally binding or there was some justifiable reason for changing your mind, you may just have to deal with a slight case of “buyer’s remorse.” You can also take control of your fears by learning what to expect during the homebuying process. To begin with, you can review the”Common Questions From First-Time Homebuyers” published by the U.S. Department of Housing and Urban Development (HUD).

Shameless Self-Promotion: If you’re looking for a Virginia real estate attorney, contact Keithley Law today by calling (703) 454-5147 and schedule an initial consultation in our Fairfax law office.

Legal Disclaimer: The information provided on “Keithleylaw.com” is strictly for educational purposes and to provide you with general educational information about Virginia laws. Since state laws are subject to change, please schedule an appointment with our office to further discuss your personal situation. This public information is neither intended to, nor will, create an attorney-client relationship.

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