Everyone wants to find a way to save a bit of cash, especially during the home-buying process. When it comes time to sit down with the seller and seal the deal, you may be surprised to see that you’re subject to paying a hefty amount of closing costs.
From the escrow fee to the title insurance: These fees can end up being roughly 2-5% of your entire mortgage. However, a real estate attorney can help you avoid some closing costs on your new home and save you money in the long run.
Here are seven ways a real estate lawyer can help you cut mortgage closing costs:
Before the Closing
A real estate attorney can help you with negotiations after the home inspection. A home inspection typically happens after you agree to buy the home and before the deal reaches the closing table.
If any problems are found, a real estate lawyer can help you negotiate repairs or request a reduction in the sales price so that you can make the repairs on your own. This will help you catch any problems before they become costly mistakes and save you money before closing.
The home-buying process is much more complicated than you might think. From juggling contracts, payments, and lenders: The last thing on your mind is trying to fine-tune your agreement to save some cash when it comes time to close.
A real estate attorney is here to help you navigate the chaos of closing on your dream home and guide you to make strategic decisions before you sign any contracts. They’ll review agreements, look for opportunities, and always have your best interest at heart.
Negotiation with the Seller
Sometimes, the buyer can negotiate with the seller on the closing costs. Depending on the loan, the seller can take on these closing costs as a credit to push the deal forward. It can also be a tax-deductible expense for the seller.
However, you’ll need to tap into your negotiation skills to land a deal like this. A real estate lawyer can help you avoid closing costs by handling the negotiation process between you and the seller.
They are on your side and will take reasonable steps to help eliminate these costs.
Help You Land a No-Closing Cost Mortgage
If you want all of your closing costs waived, you’ll need to start your negotiation process with your lender. It’s important to keep in mind, those closing costs will need to be paid somehow though.
With a real estate attorney on your side, they can help you negotiate the nitty-gritty details of the agreement with your lender. Whether they decide to include the costs in your overall mortgage or increase your interest rate, you’ll come to an agreement that is best for you with an attorney by your side.
If you’re interested in cutting closing costs before you seal the deal, you’ll want to have an attorney in your court who can help you communicate with everyone involved. They’ll be your voice when talking to the seller, buyer, real estate agent, or title closer.
An attorney is your advocate during tricky conversations, helping you land the best deal.
They’ll guide discussions with lenders and ensure that the transaction process is as smooth as possible.
Finalize Contract Details
The contract between a buyer and seller can end up being pages long. Every page is filled with legal jargon that the average person may find complicated.
With a real estate lawyer on your side, you can feel confident about everything you’re signing for with the contract. They’ll ensure you aren’t putting yourself at risk and you fully understand what you’re signing before you move forward.
While finalizing contract details, they’ll find new opportunities for cutting mortgage closing costs.
Handle Potential Disputes
If your goal is to keep your costs to a minimum and cut as many closing costs as possible, you may get more pushback than you think. With an attorney in your court, you can feel confident that you have the support you need to handle potential disputes.
Potential disputes include a breach of contract, property problems, and other types of defects. A real estate lawyer will protect your rights if a dispute occurs after the closing or house inspection.
Connect With Cipparone & Cipparone
If you’re a first-time home buyer who isn’t familiar with the home buying process, having a real estate attorney can be an invaluable tool you can lean on at the closing table.
They’re there to guide you through the process and speak on your behalf during tough conversations. Throughout the process, they’ll help you save on closing costs and get the best possible deal for the home of your dreams.
If you’re gearing up to buy your first home, connect with Cipparone & Cipparone today. Our real estate closing attorneys are here to help you navigate the process and gain the confidence you need to close the deal with minimal closing costs.
**This blog is for general informational purposes only. Cipparone & Cipparone, P.A. does not distribute legal advice through this blog. As such, this blog does not constitute legal or other professional advice, and no attorney-client relationship is created between the reader and Cipparone & Cipparone, P.A.Tags: Florida Attorneys, real estate law, real estate tips