Despite the current downtrend, the current housing market suits both buyers and sellers.
Now is the time we can expect real estate agents to be busy negotiating transactions for both parties. But how busy would a real estate attorney be?
Many of us would never consider hiring a real estate attorney at all. Whether we want to buy a home or sell one, we never think that we’ll need one. However, there are benefits to hiring an attorney that you should consider before beginning a transaction.
Here’s what a real estate attorney can do for you:
1. This Is Your First Real Estate Negotiation
If this is your first time buying or selling a property, you’re likely nervous about the whole process.
A real estate lawyer will help you on either end. For example, if you’re a buyer they can help you with your property search. They can also help you find potential buyers if you’re a seller.
When it’s time for the transaction, you want a real estate attorney by your side. They’ll help you broker the best deal that’ll create a win-win situation with both parties.
You can read more about this and how a real estate attorney will help you no matter what your goals are.
2. You Won’t Be There
You might be from out of town and can’t show up to the negotiations. This is commonplace if you’re a real estate investor or you’re buying a home for the summer or winter.
In this scenario, hiring an attorney is crucial. They’ll be able to sign documents on your behalf and finalize deals. This is what prominent real estate investors do but can work even if you’re buying one property.
Make sure you ask about the process before settling on hiring an attorney. You’ll be granting them power of attorney so you want to ensure that you trust them and are comfortable working with them.
3. Issues With Titles and Deeds
Each property comes with titles and deeds that prove ownership and state permissions. However, there can also be issues with these documents.
Such documents mean that you might not be able to live in your house. Or, it might mean that you can’t sell or rent out your home. In some extreme cases, it can also mean that your property can get seized.
While the United States has strong property rights, this doesn’t mean that you won’t ever have to fight. This is where one needs knowledge of real estate law and why hiring an attorney is crucial.
If there are any issues with your documents or any lawsuit regarding your property, you shouldn’t fight your case on your own. An attorney will ensure you don’t lose your property rights.
4. You’re Dealing With a Commercial Transaction
Often, the rules for dealing with commercial property aren’t always simple. Laws and guidelines change depending on your jurisdiction.
This is where a real estate attorney comes in. Let’s suppose you have a studio apartment that you want to rent out to a fledgling startup.
You might not know what your responsibilities are once you’ve rented the studio apartment. A real estate attorney will help you understand your local laws. They’ll also help you draft a rental agreement and assist with any potential conflict resolution.
5. You Need Help With a Contract
Don’t we all? While you likely don’t always hire a lawyer every time you need to sign a contract, you should strongly consider one for a property deal.
They’ll help you wiggle through the legalese and understand the contract in Plain English. You want to know what you’re signing and it’s worth delaying negotiations until your attorney explains the details.
If you feel there should be changes to the contract, then your real estate lawyer is there to help. They’ll have an understanding of real estate law and can request any appropriate changes.
They’ll discuss with the other party until they come up with a contract that suits you as well.
6. Protecting You
A real estate attorney will always work to protect your interests. Sometimes, you might fall victim to a scam or irresponsible real estate transaction.
For example, in most cases, it’s the seller’s responsibility to inform you of any potential hazards. This can include asbestos, termites, or mold build-up on your property.
What happens if they don’t inform you and you only find out after you’ve bought the property? This is where a real estate attorney will literally save the day!
You’ll have to pay the costs of hazard control in such situations. However, with a great real estate attorney by your side, they’ll ensure that the seller pays for it. They’ll ensure you can sue the seller if needed for withholding vital information.
A real estate attorney can also help you back out of a legal contract if needed. If you were scammed or misinformed during a real estate transaction, a real estate attorney ensures you can withdraw without facing any legal consequences.
7. They’ll Help From Start to Finish
Buying or selling a property is often a time-consuming process. It’s also one that can be a major stressor for either party.
A real estate attorney can work with you throughout the entire process. They’ll help you broker a deal and prepare the necessary paperwork. They’ll help with title search and title transfer.
If you’re a buyer, a real estate attorney will help you secure a mortgage loan. They’ll arrange for a home inspection before the transaction gets completed. They’re not always necessary, but they’re always helpful.
If you do proceed with working with a real estate attorney, the peace of mind you’ll get is worth every cent!
Work With a Real Estate Attorney
Now you know how a real estate attorney can help you in your upcoming property deals.
They can help you from start to finish. You’ll find them especially helpful if you’ve never bought or sold a property before. They can resolve any contractual issues if needed.
They’ll ensure you can back out of a contract if you have to. They can also ensure that you maintain your property rights and never get scammed.
In fact, we’ve got even more advice for you. We suggest going to our blog to find more great legal tips!
