In Maryland, residential property buyers make unwanted mistakes by entering into contracts blindly. These mistakes could be associated with higher-than-average interest rates or unethical terms of their sales contract. A real estate attorney in Bel Air, MD, provides guidance to help these buyers achieve their goals without negative repercussions.
An Explanation of the Sales Contract
Typically, the real estate agent explains the terms of the sales contract. However, this doesn’t mean they have disclosed all details completely. Most real estate agents work on commission only and are driven to sell. A real estate attorney assesses the contract for the buyer to uncover any hidden terms. This could include an unknown increase in the agent’s commission that could increase the total selling price of the property.
Reviewing the Mortgage Loan Contract
Mortgage lenders are required to follow new lending laws. These laws require them to evaluate the buyer’s income-to-debt ratio first. They cannot provide any value that isn’t affordable based on this ratio. They also cannot provide a mortgage loan if the buyer’s credit score indicates a higher probability of foreclosure.
Equally, the attorney could review current interest rates and loan structures. The lender must provide the buyer with the most appropriate interest rate, based on their credit score. The attorney could identify practices in which the buyer wasn’t provided with the most affordable choice.
Evaluating the Transfer of Ownership
Title searches identify the lawful owner of the property. The attorney performs this search going back to 20 years. Any errors in the transfer of ownership could prevent the buyer from purchasing the property. Additionally, the attorney provides title insurance to protect the buyer’s financial interests. This includes a full refund if the sale is stopped due to an unlawful sale.
In Maryland, residential property buyers could be unaware of their rights. For this reason, they need to consult an attorney before starting a real estate transaction. A real estate attorney evaluates each step to ensure understanding of contract terms and available opportunities. Buyers who need to hire a real estate attorney in Bel Air, MD, should contact Michael S. Birch, attorney at law, or click here now for more details.
