I am starting a new career and moving to Phoenix, AZ in the fall. I am currently evaluating whether or not I should build a home or possibly just purchase one that is on the market. Like any other large purchase, ultimately it will come down to how much I can afford and time frames. While I’m in the beginning processes of making a final decision, I have done a little homework and I was referred to a pretty good lawyer that looks over contracts etc. for individuals that are looking to build custom. I don’t need a lawyer reference because I think I have an attorney that is in my opinion well diverse in real estate law, but what I need is information from those folks who have leaped into building custom homes with and/or without an attorney.
I guess my question is do you recommend I hire a real estate attorney if I decide to build a home or are the contracts pretty self explanatory. I’m in sales and I look at contracts all the time so I’m assuming that a contract for a new home wouldn’t be much different for me.
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If you are building a custom home, get a real estate attorney immediately. Although you may look at contracts all the time, a real estate contract is much different than any other contract I’ve ever viewed. You have to be aware that the custom home builder will put into the contract some flexibility on their end of rising prices and going over your budget. It is a necessity to hire a lawyer to make sure the company doesn’t go over your set budget. It will be well worth the investment, trust me!