You are not thinking of purchasing a new home without the help of a real estate law attorney, are you? Well, while you may think that hiring a top real estate law attorney is tantamount to spending thousands of dollars on their services, it’s good to know that the work he or she may providing is worth every dollar spent.
Let’s face it – there are pitfalls that homeowners often fall into. First-time real estate buyers sometimes get easily lured into sealing a deal without knowing that they could be facing real estate traps that would end up costing them a lot. So, before you finally say YES to that piece of real estate property you have been aiming at, learn how a competent real estate law attorney can help and protect you.
Handling and Reviewing Contracts
Although you may be a great negotiator face-to-face, remember that your terms should be put in black and white to make the deal legally binding. Your verbal agreement should be presented well in writing and a highly competent real estate law attorney can help you throughout the process. When you hire a top real estate attorney, you can be sure that the contract or agreement you are about to enter to complete adheres to the real estate law of your state.
Moreover, he can ascertain that your terms will not cause any issues in the use of real estate property you intend to purchase. Yes, your real estate law attorney can verify whether the property is free from legal problems relating to mortgage or taxes. In addition, having a real estate law attorney by your side can also make sure that you have read and reviewed the contract well before affixing your signature. Your real estate attorney can see to it if the contract needs amendment, addendum, or any form of modification. You’ll thank him later for that added protection from the thorough review of your contract.
Addressing Possible Liens Associated to the Real Estate Property
One important task that a top real estate law attorney can do is to perform the title search. When one speaks of title search, it generally refers to the act of thoroughly investigating and checking whether the real estate property you are interested in is free from any judgment, liens, or any form of encumbrances. This is a crucial step as the title search itself will determine whether the seller you are transacting with truly has the absolute right to put the property on the market. If you fail to check this aspect, you may find yourself entangled in legal turmoils in the future. To avoid that, it is better to hire a real estate law attorney instead.
Another advantage of availing the service of a competent real estate law attorney is that they can negotiate with the seller if the property is found to be hit with liens. This could help reduce the price and give you more advantage from the financial viewpoint. Moreover, your real estate law attorney can likewise provide sound advice as to how the seller can address the claims and may even help the seller to secure proofs that the claims have been settled.
Required Filing of Deeds at State and County Levels
Another task that a real estate attorney can do effectively is the filing of real estate deeds at state and county levels. With the help of a well-versed real estate attorney, you can be sure that they would find ways to navigate through the state regulations. This is particularly important when the real estate property is a commercial one. Availing the service of a real estate lawyer can immensely help you in obtaining your tax identification number and all other requirements needed for tax purposes. For instance, if you need to secure a business license for the filing of a deed, a real estate law attorney can do that easily.
Transferring of Properties with Corporations and Partnerships
Negotiations involving major corporations, partnerships, and trusts are generally complicated in nature, especially when a commercial real estate property is the main subject. An inept attorney has the in-depth understanding of the legal boundaries, state laws, and the different types business transactions. For instance, when there is a need to transfer properties, your choice of real estate law attorney can make sure that everything that is stipulated in the contract is compliant with the state and federal law.
The Disadvantages of Not Hiring a Real Estate Law Attorney
Many homebuyers are still willing to go through the entire process of purchasing a real estate property even without a real estate attorney. This is possible as hiring a lawyer is not exactly a legal requirement when investing in, selling, or purchasing a property. However, it must be noted that if you choose to transact without being represented by a top real estate law attorney, you may likewise be increasing your chances of getting sued if the contract happens to include certain legal glitches.
If you are a seller or a landlord, you may likewise end up in legal troubles if you fail to disclose important information about the property. One of the important roles of real estate law attorney is to ensure that home inspection is carried out and that all aspect related to it has been written in full disclosure. This should include defects or any aspect that needs improvements on the house. A real estate law attorney may also provide you with all the legal assistance you need when you are exposed to a risk of litigation.
Another disadvantage of not hiring a competent real estate law attorney is that you are a risk of being unable to file the right legal documents at both the county and state levels. Failing to do has a number of legal consequences that you will need to face later on. For instance, if you deed is not transferred properly, you may end up dealing with multiple income or estate taxes that are levied on either the end of the buyer or the seller.
In addition, if your building permits are not properly filed, you may be fined or you will need to rebuild new structures accordingly. Another possible consequence of not having a real estate law attorney to legally assist you is that you may fail to secure a taxpayer identification number at a state level. This could possibly put a halt to your business. This would clearly require you to settle and secure all necessary requirements before you can proceed with the business. In short, it is better to spend a bit more on getting the services of a good real estate attorney than risking your business and property.
Buying a home is not exactly a rocket science, but it does require an in-depth understanding of process and law. This can be effectively done with the help of someone who has the right background and expertise in real estate industry. Any new buyer should highly consider the role and the help that a good real estate lawyer can give from finding a property, checking the property, contract preparation, negotiation, and filing of a deed. These are just a part of the many roles a single highly competent and experienced real estate law attorney can offer you.
If you think that hiring a top real estate attorney is just another expense, then you may want to rethink this and scrap this misconception. It makes perfect sense to avail yourself of the services of a top real estate law attorney to help grasp and navigate the complex real estate law of your state. Moreover, as real estate property is a valuable asset, you would want your interest either as a buyer or a seller protected all the time. The presence of a real estate law attorney can ensure that you have less to worry at the end of the transaction.