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You don't buy a house every day. So when you finally decide
on that terrific new home, get off to a good start: Start
with an attorney. How does using an attorney benefit you?
Hundreds of ways. But here are five of the most important:
Get the Property You Pay For
Accurate land records are critical to sound real estate
transactions. Yet, in Vermont, tracing the ownership and
description of each piece of property is enormously complicated.
Why? Because Vermont has always kept land records based on
the old English system, rather than the simpler "tract" system
used by many other states. This means that each property
must be searched by tracing the names of past owners and
comparing the legal descriptions of the property. Verifying
these land records is challenging and exacting. Licensed
attorneys, with their specialized knowledge and experience,
are best equipped to verify key facts, property information
necessary to obtain title insurance, and advise you of any
circumstances that might affect your purchase.
Make Your Best Deal
Unexpected issues often arise at the time of closing, and
they must be resolved through negotiation. In Vermont, the
seller in a real estate transaction typically is represented
by an attorney at closing. You - the buyer - are on equal
footing during these negotiations only if you have your own
attorney on hand to provide advice and counsel. And, because
attorneys typically take advantage of new technologies to
streamline the closing process, your attorney-assisted closing
probably won't cost any more than a non-attorney closing
in other regions of the country.
Avoid Legal Pitfalls
Property law has never been simple. But with new municipal,
state and federal laws being enacted all the time, real estate
transactions are more complex than ever. Lead paint, environmental
pollution, buried oil tanks, encroachments, land use restrictions
and zoning issues are just a few of the potential pitfalls
in any closing. Buyers and sellers alike need competent,
independent legal counsel to overcome them successfully.
Take Advantage of Proven Expertise
A custom becomes a tradition when it is widely recognized
as the most effective way to get something done. That's how
attorneys came to be the principal providers of closing services
in the first place, and why smart buyers, sellers and lenders
continue to engage them. The fact is that verifying title,
preparing and explaining deeds, and executing sound real
estate transactions are inseparable from the practice of
law. Only a licensed attorney has the education, the resources
and - in some states - the statutory authority to handle
those responsibilities on your behalf.
Spend Money Wisely
Perhaps you purchased a home some time in the past without
the services of an attorney. If you look at your closing
costs for that purchase, adjust for inflation, and compare
the figures to what an attorney-assisted closing would cost
today, you may be pleasantly surprised. It hardly costs more
to use an attorney. And when you consider the value of having
your own legal expert by your side as you make this major
purchase, the question isn't whether you can afford to engage
an attorney, it's whether you can afford not to.
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