Is there real importance in having a real estate lawyer? Well, the answer varies from person to person. Some believe that having a real estate attorney by their side keeps them legally secure. While some believe it is just a waste of money.
Frankly speaking, both instances stand true in a set of situations. However, letting a real estate lawyer handle all your estate planning and legal documentation mitigate the risk management risk that would be prominent if you would have managed the property alone.
All the states have different real estate laws, and hence, there are times when you find it necessary to have an assistant of a real estate attorney.
How Can A Real Estate Attorney Help You?
Most people think of lawyers when they are in trouble. Well, that is one way of taking help from an attorney. But, what we believe is that if you can consult an attorney beforehand, you would never be in a situation where you will find yourself in need of a lawyer.
The same thing can be said with estate planning. There are many reasons to bring up a real estate attorney early in the frame. Keep reading to know how a real estate attorney can help you.
1. Drafting & Reviewing Contracts
When we are talking about real estate property and taking the buying & selling process, there is a lot of paperwork involved. A few of the common documentation process includes:
- Appraisals.
- Disclosures.
- Sales contracts.
- Home inspection reports.
- And reviewing the paperwork of the respective property.
Yes, you get agents and mortgage lenders who help you with the process; you must remember that they are no expert in the art of law. Most of them will only suggest the basic information and process.
A real estate lawyer drafts a deal that specifies all the necessary terms of the deal and ensures that there are no loopholes in the contract.
2. Negotiation
The real estate industry is all about negotiating the buying and selling price of the property. Most people are not confident in their negotiation skills; hence, they give more than the property’s true value.
This is where you can take help from a real estate attorney. They are expired negotiators and have trained themselves to use every element available to use as a subject for the negotiations.
Taking help from an attorney will give a high ground advantage with the negotiation, and you can enjoy paying the true market value of the property.
3. Liens & Title Searches
Before the selling procedure of a property is initiated, the real estate property goes through a process called Lien and Title searches. This is done to ensure that there are no financial claims on the property. It also ensures that the seller has the legal right to sell the property.
This process becomes tiresome as it has several operational layers and takes time. A good real estate attorney can help by taking care of the Lien and Title searches. And if everything goes well, the process moves forward to the selling phase.
However, if the lawyers find outstanding Lien on the property, the real estate attorney offers their services to resolve the matter.
4. Interpreting Contacts
The real estate business is not as simple as buying and selling a house. A real estate property is linked with different industries, and the profit is shared among them. Hence, the contract for the property is more complex than the regular property contract.
At times like these, you would like to have an experienced real estate lawyer who can guide you with the right contract procedure and ensure that you understand everything that is inside the contracts.
Thereby, you ensure that the process of buying and selling property goes smoothly and the process completes without any obstruction.
5. Reviewing Home Inspection Document
Most property deals happen with good intent from both sides. Neither of the parties is looking to put wool over the other’s eyes. But that doesn’t mean you will not be cautious with the contract procedures. While you are signing the contract, be vigilant about what’s in there.
There is no guarantee that the other party will not try to pull some strings to their advantage. This is why property sales need to go through mandatory disclosures and home inspections.
A good real estate attorney will identify the sign of shady disclosure documents and home inspection. Thereby restricting you from making wrong choices.
6. Proper Filing
Every time a real estate property changes owners, it needs to go through several documentation processes. The laws ask the owner to file a new deed. Any individual can handle this process, but remember that a Deed is a legal document; one mistake can put you in a lot of trouble.
Real estate attorneys ensure that every documentation process is submitted without any delay and the Deed meets all the necessary requirements. Beyond that, real estate attorneys help you complete this whole process faster.
7. Closings
The closing process of the real estate property is a complex process. Filing a Deed is one part of it; the other part is resolving the last-minute disputes. When the whole process comes to an end, there are certain problems that start rising. To complete the real estate property deal, the last-minute issues need to be resolved quickly. It can only be done with the help of a real estate attorney.
Take Away
A real estate attorney has no personal interest in what you do with your property; the only thing they are interested in is taking the fee and completing their task. Hence, they are the only individuals who will stand by your side when everything goes wrong.
With that being said, this is for this article. We hope that you were able to learn something about the real estate attorney. The things we have mentioned are a fraction of what they can do.
