No one wants to be in a position where they lose their security or money. When investing, especially a large one like real estate, why put yourself or your financial situation at risk?
To help avoid being in this situation, one of the smartest things you can do is to hire a real estate attorney. This legal professional is more than someone just to read and explain the fine print.
The attorney you hire is working for you to protect you and your interests. They provide you with a much-needed resource, shield, and support system. With their help, you can have peace of mind you are making a sound investment.
Keep reading to learn some of the top reasons you should consider hiring a real estate attorney.
1. Un-Biased, Emotion-Free Advice
The real estate attorney you hire has no personal interest in how the transaction is completed besides ensuring your interests are taken care of. Anyone else that may be helping you with the transaction, such as your real estate agent, has a financial interest.
For example, the commission they receive is based on the sale. Because of this, they may let their own personal thoughts and needs get in the way of helping you do what is best for you.
Your attorney will give you advice and make suggestions based on what’s best for you, rather than their own financial gains.
2. Understanding of Proper Legal Procedures
Many real estate agents aren’t going to notify you of the proper legal procedures when buying or selling property. While this is true, your attorney always has what is best for you in mind.
Keep in mind that some real estate agents do this because they want to complete the sale, while others just don’t know how the legal side of things works.
When you hire and rely on the advice of a real estate attorney, you can feel confident you are following all the applicable laws. This can help prevent issues down the road.
3. You Are from Out of Town
In some situations, the right real estate attorney can help work out the details of a transaction and make the entire process smoother for you.
The real estate attorney you hire will work with you during each step of your property search. They can also consult and collaborate with brokers on your behalf.
If you live out of town but plan to buy, the real estate attorney you hire can serve as your representative. You can purchase properties from out of town if you don’t have an attorney, but they can be invaluable to the transaction.
4. Savings Potential
The initial fees related to hiring a real estate attorney are minimal compared to the potential financial impact that may occur if things go south down the road.
With a real estate attorney, your investments will be safeguarded. That’s because they will review all documentation, handle the negotiations, and ask questions you may not even know about.
When buying property, you are making a significant investment. Knowing a real estate attorney can help you experience financial savings you may not even know about otherwise.
5. Help with the Contract
The attorney you hire can review and change any wording in the real estate contract during the review period. This is done to ensure your interests and needs are protected.
If you don’t have an attorney look at the contract before signing, you may agree to terms that are not in your best interest.
6. Track the Entire Real Estate Buying Process
The legal advisor you hire will keep track of every step in the home-buying process. This is true regardless of if you are purchasing a home to live in or one as an investment.
Some of the steps this involves include:
- Dates for the review period
- Title search
- Other documentation and dates
Remember, this is not a simple purchase. Because of that, it is best to have someone else help you keep track of what is going on each step of the way.
7. This is Your First Time Selling or Buying
Selling or buying a property requires a contract. Any contractual agreement has clauses and statements that need to be reviewed by someone who knows what they mean.
This is another area where your real estate attorney shines. They will look over the details in the contract and help you make smart decisions regarding what needs changing and what works as-is.
Real estate lawyers will also read the fine print to ensure you aren’t taken advantage of. Their job is to ensure you go into the transaction knowing what to expect.
8. The Closing Process
Even though only a few states require that an attorney is present during the close of a real estate transaction, every transaction can benefit from having legal support present.
There are several parts of the closing process. This includes the mortgage, title insurance, final inspection, and deed.
The attorney you hire is going to review, adjust, and handle all related closing documents. They will also ensure your assets are protected, which offers you peace of mind.
Remember, property ownership is a significant investment. Having the help and advice of an experienced attorney during the closing process can help ensure a successful and timely transaction.
9. Hazardous Conditions
Would you know what to do if you were dealing with a property with asbestos, lead paint, termites, an illegal structure, or other potentially hazardous conditions?
It is necessary to ensure that all inspection contingencies are clearly defined and met. This will help ensure you know precisely what you are dealing with.
The attorney you hire will ensure you don’t purchase real estate with expensive defects.
10. Deal with Possible Title Issues
It may be necessary to work with an experienced attorney if there are possible title issues. If there is even a small chance or uncertainty related to the title, it’s a good idea to speak to an attorney.
Title searches will let you know the state of the title on a property you want to purchase. Also, your attorney can go over the title search and help you understand what is insured and if you need title insurance.
11. You Are Going Through a Divorce
A divorce can be both financially and emotionally stressful. It is also complex when it comes to asset division too.
If you are going through a divorce and need to sell your house or another property, having a real estate attorney can be beneficial. This is especially true if there is equity in the property and if both people are listed on the mortgage.
The real estate attorney you hire can handle the situation and help ensure emotions stay out of the process.
12. Help with Purchase Agreements
Purchase agreements are extremely important during any real estate transaction. Sometimes, issues occur in purchase agreements that need to be explained by an attorney.
One example is to determine if property changes were done lawfully. The attorney can also let you know potential legal consequences if the closing doesn’t occur and what may happen to your down payment.
13. Commercial Property Transactions
If you plan to lease, sell, or buy commercial property or space, you don’t have as many protections as you do with residential property. The real estate attorney you hire will go through the purchase agreements and leases to ensure you are clear on your obligations.
The attorney will also help ensure you know what rights you have and don’t have. This is invaluable and can help ensure you are protected during the transaction. Keep in mind that issues can arise for both buyers and sellers, so a real estate attorney is a must for both parties.
Hiring the Right Real Estate Attorney
As you can see from the information here, hiring a real estate attorney is beneficial regardless of if you are buying or selling property. To ensure you see the benefits mentioned above, take time to find the right attorney for the job.
Putting time and effort into finding a quality attorney to help with your real estate transaction will pay off. This will also ensure your interests are protected and that the transaction moves along without issue.
Are you looking for more helpful information and resources? If so, take time to check out some of the other blogs on our site. We cover many topics, including travel, lifestyle, technology, and health.