If you’re planning to buy or sell real estate, you probably already know that there are going to be many things that need to be considered. From deciding what type of property to buy, to figuring out how to get make an offer or review one, obtain a loan, and conduct the proper due diligence. You are also going to have to deal with a lot of paperwork and legal requirements to transfer or obtain property title to the property.
Real estate transactions are also full of contracts and negotiations that might feel a bit overwhelming. But don’t worry! The good news is that there is one way to alleviate some of the work. By hiring a real estate lawyer, you can hand over the reins for the transaction and focus on what really matters—like finding the right home for your family or place for your business. Not convinced? Read ahead for some of the more important ways a real estate lawyer can help you.
- Avoid unclear or vague terms
Real estate transactions rely on well-executed contracts and documents. Unfortunately, as is all too common when people draft their own legal documents, they tend to gloss over some of the technical points. Alternatively, you could get really unlucky and end up dealing with a malicious third party who attempts to take advantage of you by using unclear phrasing throughout your dealings. Avoid this all together by hiring an experienced real estate attorney who can take care of your legal documents and ensure that you are legally protected through clear and concise terms.
- Prevent mistakes or omissions
As mentioned above, a real estate transaction relies on contracts. As is common for any type of transaction, there is the potential that things will be left out. Unfortunately with real estate, if you sign a contract that has left out an important point (e.g. omitting the need for an inspection), then you might be stuck with a piece of property that turns into a money pit. Hiring a real estate lawyer prevents any of this from happening because they know what to look out for and ensure everything that needs to be considered is covered.
- Handle all the paperwork
From drafting a purchase agreement to performing title searches and handling the closing, a real estate lawyer is an essential resource to make sure everything runs smoothly. In fact, real estate lawyers are an easy way to make sure all of these confusing processes are taken care of without having to worry about whether you’ve skipped a step.
- Avoid hidden legal problems
As with any piece of property, there could be hidden problems that you wouldn’t think to check. For instance, there could be structural problems in the foundation or a structure on the property is encroaching onto the adjacent property. Or, there might be other things that are not up to code like plumbing and electric. In a commercial deal, most likely you will need a Phase I inspection. If you don’t have a clear picture of everything that is needed to be done on your property before purchasing it, then it could cost you a lot in the end.
- Negotiate on your behalf
When you think about negotiating as related to real estate transactions, you might only think about the price. Typically your real estate agent can handle that aspect of it, but what about when there are potential legal issues such as inspections, title, liens, assessments, environmental concerns, etc., that need to be addressed? Having a real estate lawyer will make sure that you are protected.
At Ser & Associates, it’s our business to take care of our clients’ real estate transaction needs. If you are planning on entering into a real estate transaction, please don’t hesitate to contact us at 305-222-7282.
