Most property buyers wonder if hiring a real estate attorney is essential, considering the fact that using their services will be an added cost. Besides, it’s not a legal requirement in all states so, if their state doesn’t require it, why go through the hassle of finding and hiring one?
While you can negotiate a real estate deal with the other party and come to an agreement, the truth is there are real estate laws that not many people are familiar with. It’s easy to miss out on key things that could end up costing you a many thousands of dollars.
That’s why you should consider engaging an experienced real estate attorney in your transactions. Professionals worth their salt will help oversee the legal process related to the purchase and sale of residential or commercial property – ensuring your interests and rights are protected.
Not convinced yet? That’s okay. We all need to make our own decisions. We’ll list the services a good real estate attorney can perform to make your life easier and you can draw your own conclusions from there.
Services a Real Estate Attorney Can Perform
• Check the sales contract
It’s not rare for legal issues to arise from real estate transactions. Since buying property is often the most expensive investment, you want to have peace of mind knowing you have clear documentation for a legal course if anything bad happens.
To stay protected, the terms of the deal must be formalized in a legal document for them to be legally binding, and this is where an attorney comes in.
He or she will review your contract terms and ensure everything is in line with all the state laws and free of any issues, which the seller or buyer may not be aware of. The lawyer might also need to make some changes to a contract or include anything missing.
• Preform a title search
When you engage a reputable attorney, they can save you a great deal of time and trouble by avoiding a property with an improper chain of title or an existing court judgment.
Through a title search, an attorney can determine if the seller has the legal authority to sell that property. This search ensures the property is free and clear of any liens. If there are legal issues associated with the property, the lawyer will ensure they have been solved first before proceeding with other transactions.
• Prepare documents for transferring of property
Dealing with contract preparation and negotiations where more parties are involved, such as partnerships, trusts and corporations is, without a doubt, a complex process. Without legal know-how, you’re likely to end up with contract terms which put you at a disadvantage, violate the rights of some of the involved parties in the transaction or simply are not consistent with the law.
• Navigate foreclosure
If you put up your home as collateral for a loan and fail to make payments, the lender may force the sale of your home to recover the balance of your loan. While a real estate attorney cannot stop home foreclosure, they can certainly provide the needed understanding and guidance through the complicated nuances.
They can also ensure your other assets are protected. Otherwise, the lenders might take advantage of the situation.
• Deal with zoning issues
There are areas where land uses are permitted or prohibited. If you’re planning commercial constructions or development projects on such land, then you should consider using the services of an attorney. He or she will navigate the network of state regulations and recommend the best course of action.
As you can see, a real estate attorney can provide invaluable assistance to avoid the lurking pitfalls. It is still your decision if you want to hire one but it is definitely our opinion that the money spent on their services is worth it.
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