What Every Attorney Should Know Before Buying a House
- Kristen Redding, REALTOR®, GRI
- 6 days ago
- 3 min read
Buying a home is a complex transaction for anyone-but for attorneys, the expectation is often that you already know what you’re doing. However, even the most skilled legal minds can overlook key practical and strategic considerations when buying a personal residence. Here’s what every attorney should keep in mind before making the leap into homeownership.
Your Legal Knowledge Isn’t A Substitute for Real Estate Expertise
Attorneys often assume their legal training and knowledge is enough to handle a real estate purchase with minimal help. While it is true that you may understand contracts and disclosures better than the average buyer, real estate law and transactional practices vary from state to state. Local customs, market nuances, and procedural quirks can trip up even seasoned lawyers. Work with a trusted real estate agent!
2. Understand the Financial Side-Beyond Just the Purchase Price
Key Financial checkpoints:
Pre-approval: Get pre-approved, not just pre-qualified with a lender.
Down Payment: Know what’s realistic and what options are available: research special programs offered specifically to lawyers regarding mortgage programs with lower down payments and no PMI.
Closing Costs: Budget 2% to 5% of the purchase price.
Ongoing Costs: Factor in taxes, insurance, HOA fees and maintenance.
3. Title, Survey, and Due Diligence Matter-Even If You Think You Can Review Them Yourself
Title insurance and a survey are not just formalities – they can uncover hidden easements, boundary disputes, or unpaid liens that could affect your use and enjoyment of the property. You may be comfortable reviewing documents, but leave it to the local expert.
4. Property Disclosures Aren’t Always Enough – Take Proper Precautions
Seller disclosures are required in most states, but they are not guarantees. Latent defects, previous flood or fire damage, pest issues or illegal renovations may not be disclosed unless found in an inspection. Hire a qualified home inspector and attend the inspection. If buying a condo or HOA property, read the governing documents and financials thoroughly.
5. Negotiate Terms – Not Just Price
Attorneys are trained negotiators, but many focus narrowly on price. Consider other negotiable items:
Closing costs
Repair costs
Contingency periods (financing, inspection, appraisal)
Personal property inclusions (furniture, appliances)
Occupancy arrangements (pre & post occupancy)
6. Be Mindful of Your Exit Strategy
Attorneys often relocate due to career changes, partnerships, or judicial appointments. If you are unsure how long you’ll live in a home, consider:
Resale value and neighborhood trends
Flexibility to convert the property into a rental
Break-even period (how long you need to stay for the purchase to make financial sense).
A home isn't just a place to live - it's also an investment. Plan accordingly.
Buying a home is a legal transaction but it’s also an emotional, financial, and logistical commitment. Attorneys bring analytical strength to the process but can also fall prey to overconfidence or neglect of key details outside their practice area. By approaching the process with the right team, you can ensure a smoother and smarter path to homeownership.
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