Purchasing real property can be very exciting, but at the same time overwhelming, especially if it’s your first time doing it. Unlike other purchase transactions, buying a house entails certain legalities, such as signing contracts such as the purchase agreement between home seller and buyer, taking care of tax liabilities, and more.
Understandably, buyers would want to know if all of these would require hiring a real estate lawyer. Technically speaking, there is no legal requirement in most states to get one when you purchase a property. However, there are certainly benefits to working with a real estate attorney, especially if you want to feel secure in your transaction. Here are a few good reasons why you need to hire a real estate lawyer.
With much documentation involved in the purchase of real estate property, it’s advisable that you seek help from a lawyer. Certain real estate deeds need to be filed on the local and state levels. Where there may be confusion or complications with the process, your lawyer can effectively give the guidance you need.
Securing Contract Details
Negotiating is a very common process in real estate purchase. Everything involved in the sale, therefore, must be properly noted and documented in the contract. Most buyers tend to gloss over this document, thus missing out on important clauses and fine prints. A real estate lawyer can help the buyer go over the contract with a fine-tooth comb to ensure their interests are well-represented and protected.
The title search is an important part of buying a property. The buyer must ensure the property they intend to purchase is not saddled with encumbrances. This could come in the form of liens, or a legal claim against the property assets.
Unfortunately, it is a rather common situation wherein the buyer purchases a property only to find out later on that the seller did not even legally have the right to sell it in the first place. A real estate lawyer can do the title search to verify that the transaction is legal from the start.
Transfers of Ownership
Where there is more than one property involved, the process of transferring ownership becomes all the more complex. There may be varying stipulations to the contracts pertaining to each of the properties for sale, which would require a much closer look and deliberation.
Ultimately, a real estate attorney is here to make sure that your rights as a buyer will be well protected throughout the transaction. Of course, it offers a whole lot of relief as well, because they will be handling the legwork and the more complicated parts of the process.
If you feel overwhelmed or confused about the next steps you should take, it’s best to consult with a real estate attorney.
Categorised in: Real Estate Attorney