While real estate agents are helpful, they often need to have the legal expertise required to protect a client’s rights and to draft and review contract provisions that are fair and equitable. Real estate attorneys are professionals that specialize in this area of law.
Working with a real estate attorney can help avoid costly legal stumbling blocks later. Here are the top seven benefits of enlisting this legal professional early in the process.
Buying or Selling a Home
Whether you are buying or selling property, you can benefit from having a real estate attorney. They will use their legal knowledge to examine all the documents and contracts. They will be able to ensure that they are fair and equitable to both parties.
They will be able to spot any unethical actions during the transaction. This is important since the real estate market can be cutthroat, and some might try exploiting others. The lawyer can spot these actions and report them to the appropriate authorities.
In addition, they will be able to help you prepare the closing documents and transfer the property title. They will also be able to identify any liens and other encumbrances on the property. This can save you much time and money otherwise spent on litigation. They can also help you negotiate the property’s price and ensure you get a good deal.
Buying a Commercial Property
A real estate attorney can help you navigate the many steps in purchasing commercial property, including ensuring that local zoning laws allow for your intended land use. Moreover, they can ensure that contracts and agreements are legally and appropriately worded.
Despite the cost of a real estate attorney, they can help you avoid environmental concerns, liens, or structural problems. They will quickly realize any potential legal stumbling blocks and bring them up before it’s too late during a negotiation.
While some states require that an attorney be present at a real estate closing, all buyers can benefit from having an experienced attorney prepare and oversee the closing paperwork, transfer the property’s title, and ensure the contract has all the terms you want and need. A real estate attorney will also streamline the process so your property closes on time without hiccups. This can save you money in escrow fees and the stress of having your purchase fall through due to an unexpected delay.
Buying a Rental Property
Rental properties can be a great way to generate income, but they can also take a lot of work. First, investors have to find a suitable property in the correct location. This means looking for neighborhoods with a significant percentage of blue-collar workers and a low homeowner ownership rate. Then, they must determine what kind of renters will live there because the wrong tenants can bring down an investment.
Then there are all the other expenses, like maintenance, insurance, and property taxes, which can add up. New investors must understand these costs and how to budget for them.
A real estate attorney can help streamline this process significantly and ensure all documents are appropriately reviewed and enforceable. They can also provide invaluable advice when it comes to financing options. In addition, a skilled real estate lawyer can often negotiate a lower price for you.
Buying a Leased Property
A real estate attorney can help you understand the complex legal considerations when buying a leased property. Unlike freehold properties, where ownership is transferred at closing, leasehold properties require different consents and approvals. A lawyer can explain the process and protect your interests as a buyer.
Many people buy homes on leased land instead of paying a mortgage. However, it can be more expensive in the long run and is less flexible if you want to sell your home. In addition, the annual fee for a leased land property may increase over time. This can be based on a market valuation report or inflation.
A real estate lawyer can review your contract to purchase a leased property to ensure you meet legal requirements, such as the agreed-upon purchasing price and the down payment. They can also help you determine whether a lease option or lease purchase agreement is best for your circumstances.