Purchasing or selling a property is not just as simple a process as it may sound. The legal procedures around transferring property can sometimes be complicated. In such cases, hiring a real estate attorney becomes imperative.

Why are Real Estate Attorneys essential?

Real estate attorneys have the license and skill to practice law as it concerns property acquisition, sales, leases, and related matters. Real estate transactions require documentation and contracts for transferring assets, and a real estate attorney is responsible for preparing these documents. If you are selling or buying a home, you can hire an attorney to ensure that all related factors are in your best interest. Your mortgage lender/provider may also make it mandatory to have an attorney who takes care of the closing.

Here are other ways a real estate attorney can be helpful

Completing a title search

Before investing in a property, it is necessary to check its credibility first. Your real estate attorney handles your title search by verifying the ownership claims on the property to ensure no foul play is occurring.

Contracts and Agreements

A lot of documentation goes into buying or selling properties. You will need purchase agreements, financing paperwork, title deeds, and more complicated legal agreements. It is best to leave the drafting or review of such contracts to your real estate lawyer. They will help ensure that all is in your favor and negotiate better terms if need be.

Legal Representation

Transactions may go awry due to hidden and unwanted obligations present in property contacts. A real estate attorney helps you avoid such problems by simplifying agreements and their implications and solving contractual issues as they may arise. In case of property disputes, they are your legal representation acting to protect your best interests.

When is it necessary to hire a real estate lawyer?

For the following cases, getting a real estate lawyer is a non-negotiable;

• If you have inherited property as part of an estate, or you are the executor of a property that is part of a will, having a real estate attorney is necessary. Ownership tussles may arise and lead to complications affecting the sale of the property. This also applies if you buy a property that was part of an estate sale.
• Property purchases that start as an online transaction or happen between you and a seller outside your locality require that you have a real estate lawyer with knowledge of the state laws where the property is located.
• For investment properties or commercial real estate, hiring a skillful and specialized attorney is a necessary investment. You must ensure that the purchase agreement and associated technicalities are viable and sound financially in your interests.
• In cases where a buyer is to pay for a property in installments (that is, with a seller-financing real estate agreement), you will need to consult with a lawyer about payment structures, documents, and other long-term possibilities.
• If you and the property seller have a direct purchase agreement with no third-party involvement like real estate agents, it is wise to have an attorney involved.

Need to speak to an experienced real estate attorney? Book a free consultation here. We have the answers to your concerns and will represent you judiciously.