Are you looking to make a real estate investment or buy your first property?
If you are, you may also be wondering if hiring a real estate attorney is the best option for you. Purchasing a property is a costly venture, and you’ll benefit from the guidance of an attorney.
Some people try to cut costs by not hiring an attorney or going for the market’s cheapest one. While this could save you money, if you don’t have a good attorney by your side, you may end up losing more money than you would if you hired a good attorney.
Read on below to find out why you need to hire a real estate attorney.
1. They Will Protect Your Rights
When selling or buying a real estate property, having a lawyer is instrumental in ensuring your rights are protected. If you’re a new buyer, you can’t trust the real estate agent to look out for your best interests. All they want is to ensure the transaction is completed as soon as possible and get their omission cut.
A real estate lawyer will always have your best interest. They will help you understand the law and explain to you the details of the transactions. They will also protect you from exploitation by the real estate agent or the seller.
2. They Understand Proper Legal Procedures
Most individuals think that you should only hire an attorney to get you out of trouble. However, this is a misguided mentality. You should also hire attorneys to prevent and protect you from future problems.
You should always hire an attorney when reviewing contracts, filing paperwork, or making substantial financial transactions such as purchasing a property. Real estate attorneys are conversant with all the legal procedures involved in the selling process. They will therefore ensure that all parties are compliant to avoid expensive legal problems down the road.
3. It Gives You Peace of Mind
Knowing that there is someone to look out for you through the stressful process of purchasing a home will give you peace of mind. Your lawyer will anticipate any issues and will be well prepared when they arise.
Your attorney will walk with you through the process, give you advice on what to do, and help you through any hurdles you meet. It’s highly advised that one hires a lawyer in the initial steps of the purchasing process.
4. They Will Keep Track of Everything
The main job of a real estate attorney is to advise and guide you through the process. They can also be hired when problems arise to act as litigators. Your lawyer will keep track of the property deed, manage and prepare your closing documents and help you through the mortgage application process.
Having a lawyer gives you the confidence that they will cover everything. Your lawyer will also help you get out of a jam in case things go south.
5. Your Lender or State Requires You to Hire an Attorney
All states have different regulations on how to conduct real estate transactions. Some states consider specific actions as “practicing law.” This means only a lawyer should practice them.
These regulations are put in place to avoid placing complex legal responsibilities on real estate agents.
Actions such as putting together property-related legal sales documents or closing the transaction are considered a lawyer’s responsibility. For this reason, these states require a lawyer present during these processes.
6. To Help With Contractual Issues
Purchasing a property, whether for commercial or residential use, is not an easy process. Sometimes, you may find yourself facing contractual issues due to certain features and elements of the property. This can complicate the legal process of acquiring the property.
If you’re facing any issues, an experienced real estate attorney will ensure they consider every aspect of the sale. They do this by ensuring the contract covers everything that has gone wrong and any future problems that could arise.
7. To Help You Sell a House During a Divorce
Divorce is one of the most emotionally stressful processes you could ever go through. If you and your spouse are not clear about asset division, the process can be even more complicated.
If you need to sell a co-owned property during a divorce, ensure you hire a real estate attorney. You should do this, especially if both your names are on the mortgage or you have equity in the house.
Since this is a time when you and your spouse may think irrationally or emotionally, you can trust an experienced real estate lawyer to approach the situation with the coolness and rationality it deserves.
8. To Help Review Financial Statements
Your attorney will help you review the transaction’s financial statement to ensure the agent charges the agreed price. They will also ensure that the appropriate credits are being issued according to the final contract.
After closing a real estate transaction, it’s tough to correct any errors made. Therefore, it’s advisable to have an attorney present to avoid overlooking any mistakes.
9. You’re Not Familiar With the Area
If you are purchasing a property in an area you’re not familiar with, it’s advisable to hire a real estate lawyer. They will handle the transactions for you, help you through decision-making, and iron out any issues you may face.
Real estate lawyers are always well-connected in the real estate industry. They will collaborate with different agents and brokers to help you find the right property. Your lawyer can also act as your representative and ensure that all transactions are compliant with the state laws.
Do You Need a Real Estate Attorney?
It’s advisable to hire a real estate attorney. However, in some states, it’s not a legal requirement. If you are familiar with the legal proceedings of purchasing a home, you may proceed without a lawyer if your state permits.
While it could cost thousands of dollars to hire an attorney, this is money well spent. Attorneys will help you file all necessary paperwork with the proper authorities. They will also help you safeguard your rights, either as a seller or as a buyer.
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