Review all documents with an attorney before signing any contract

Discussion: Everybody should have an attorney review documents before entering into any legal contract. A typical fee to review a real estate contract is $500. Any real estate agent, mortgage lender or homebuilder will have contact information for reliable real estate attorneys. If you cannot afford this fee, then I would suggest that you cannot afford to buy a home at this time. You plan on spending $100,000 to $300,000 on a home. The mortgage payments and all costs will be thousands of dollars per month. If you do not have the $500 to pay an attorney then I strongly suggest that you save your money until you do have the $500. Investing in a real estate attorney is extremely important to protect you from signing a document that may ultimately cause you great financial hardship. In many states, it’s customary to sign a real estate contract, and, as a part of the contract, provide up to 5-10 business days for “attorney review.” It is acceptable to sign a contract provided that the attorney review period is clearly spelled out. A legitimate contract will provide for attorney review, inspection of the property and other options for the Buyer to get out of the contract within attorney review for any reason, with a full refund of any deposits or escrow payments. If the contract the Seller presents does not have an attorney review clause, add it in or walk away from the deal. Every legitimate Seller has attorney review included in a contract. Finally, the federal government and various states have recently enacted legislation to protect both the homeowner and the prospective home buyer. Your attorney should be well familiar with the laws in your local area to ensure that the rent to own contact meets legal requirements and doesn’t put you in difficult situation.