Buying a home is one of largest purchases—and biggest decisions—you’ll ever make. The seller will likely have a real estate agent present, and you should have representation, too. Do you need a lawyer for these proceedings?
Unlike some states, Tennessee does not legally require a lawyer at closings. However, it is still an excellent idea to hire one. There are several reasons some states require it.
As the seller, no one at the closing will be representing you unless you hire a lawyer. The seller’s real estate agent or lawyer has their client’s best interest to look out for. Your real estate agent earns commission, and this can color their advice. A lawyer will be there solely to protect your interests.
Purchasing residential real estate also involves complex contracts and paperwork. A lawyer can help you fully comprehend what you are agreeing to, in terms of the sale and the mortgage. An experienced attorney who regularly helps with closings will also be able to advise you if there are any red flags or amendments needed.
Additionally, if any unusual circumstances arise, a lawyer can handle things that a real estate agent cannot. Scenarios in which hiring a lawyer is always advisable:
- You are a first-time home buyer
- You need to evict a current renter
- You are entering a rent-to-own agreement
- You and the seller can’t agree
Any complication can be overwhelming for a buyer, especially if this is your first time purchasing real estate. The best thing to do is to hire an advisor who can help you navigate this major decision.