What You Need to Know about the Law before Buying a Home in Southeast Colorado

As an attorney in Colorado Springs, friends and potential homebuyers often ask me if it’s really necessary to hire a lawyer when buying a home in Southeast Colorado.  Of course, I usually tell them that it’s a matter of choice, but there are some areas where it may be important to have an attorney review your sales contracts and mortgage documents before signing your life away at the settlement table.  In fact, there are a few states that will require the use of an attorney for certain aspects of the sale.  In Colorado it is not a requirement, but it is advised in some cases.  Remember, only an experienced attorney who has a background in real estate is really qualified to answer legal questions, so don’t depend on your lender, Title Company or realtor. 

Every state has its own unique laws governing the real estate industry, so if you are unfamiliar with Colorado’s statutes, then a lawyer can be helpful, especially with more complex sales. But if you are simply buying a home in Colorado Springs, then your realtor or broker should be able to handle the preparation of a sales contract.

Some of the more common reasons for hiring a real estate lawyer include:

• Legal issues that arise during the purchase process that cannot be resolved by a real estate agent
• Landlord/tenant disputes that may become problematic after you take ownership of the property
• The addition of new language to the sales contract that has not yet been reviewed by an attorney
• Questionable language within the mortgage documents, homeowners association documents, or other paperwork that pertains to the property.

Because some home buyers aren’t comfortable with the fact that their realtor is paid on commission, as they believe it could make them too anxious to close the deal and less attentive to their needs and wishes, they may offer to pay their buyer’s agent an up-front commission.  While this is certainly not expected, it can do a lot to ensure the agent acts only in the buyer’s best interests throughout the process of finding a home.  Buyers should be conscious of the law when buying a home in Southeast Colorado, and beware of agents who attempt to represent both buyer and seller, as this rarely works out well for both parties.

To find out more about buying a home in Colorado Springs, and how the law impacts buying a home in Southeast Colorado, read is article by an experienced Pikes Peak realtor.