The conventional process of buying a home is being avoided by many buyers. Recent reports indicate that one-third of all sales of homes are to cash buyers. One of the reasons for this is based in the lenders’ tight credit standards making the loan process even more complicated and time consuming than what it has been in the past. Because of this credit worthy buyers are opting to use their own funds to buy the properties as opposed to financing the transaction. The buyers are being buoyed by the fact that they are purchasing properties at bargain prices. Home prices nationally are down 33 % from the peak of the market.

It is more important in these cash transactions for the buyer to employ counsel to represent them. The buyer that finances the transaction often uses the lender as a safety net to protect them. They feel that their interest and the lender’s interest run parallel to one another and therefore they will be protected. Without this safety net the buyer has to rely on someone else. That has to be the competent real estate attorney. The attorney must be able to coordinate the entire deal for their buyer. It has to start at the offer stage and continue up to and after the closing.

There are events that occur in the process that must be completed by a date certain and if they are not met they may be waived and can significantly harm the buyer’s position in the transaction. The attorney will monitor these dates and make sure that they are dealt with properly. The attorney will have the title to the property examined so that it can be ensured that the property is conveyed properly and free of liens. Deeds must be reviewed so that the correct party is conveying the property and that they are executed properly. Adjustments must be made for numerous items, such as rents, taxes, utilities, heating oil, condominium fees and many others. If the property is an investment property the coordination of the security deposits is crucial. These are all done to protect the buyer and if not done properly the buyer’s great investment can turn sour in a hurry.

The real estate attorney you select as the buyer is crucial to the success of your transaction. The attorney cannot guarantee that the property will appreciate in value but he or she can make sure that your investment is not compromised by something that could have been avoided. The cash buyer walking the transaction tight-rope needs the safety net that the experienced real estate attorney provides.