Monday, April 14, 2014

Benefits of Using a Real Estate Lawyer

 When you purchase a home, it’s often the largest investment in your portfolio; and, it can be a costly one if there are problems with the home itself, the legal documentation, or even the settlement closing. Having a real estate attorney can be a sound investment, averaging between $500 and $2,000, depending on how the lawyer charges.

A real estate agent or broker is necessary to facilitate the search, a mortgage broker is necessary to obtain financing, so, it only makes sense to have a legal professional ensure that everything is in order when you buy a home.

Typical Services of a Real Estate Attorney

The purchase of real property involves an extensive amount of work. There are many entities to consider, from the property appraiser to the court, and many others in between, purchasing a home is a complex matter.

Generally, a real estate attorney will be helpful in more than one key area. Yes, protecting your legal rights is obviously one, but your financial welfare is another. For instance a real estate lawyer will be of indispensable assistance in memorializing the terms of the negotiation. A lawyer can not only negotiate for you and record the terms, but ensure the contract is legally compliant with state laws and the property is free from issues which might affect future use.

Title searches are another thing that an attorney can do well. Finding an addressing an encumbrances is key to taking possession of a home. Liens and judgments can wreak havoc when it comes time to close.

Transferring property is yet another area a lawyer will be well worth their cost. Structuring proper transfer is essential to the deal.

Filing the paperwork. Often times, documentation needs to be recorded at the state and county levels. A real estate attorney will be able to do this quickly and efficiently.

Benefits of Having a Real Estate Lawyer

Like with any financial/legal transaction, there are risks involved. For instance, having a “cloud” or defect on the title can do more than delay settlement, it can kill an otherwise viable sale.

The absence of necessary permits for prior improvements can also be a big hindrance. A lawyer will know how to deal with such situations and get them resolved to move the purchase forward.

Scrutinizing any adjustments which are appended to the property. These include things like outstanding utility costs, and owing taxes.

Last, but certainly not least, is making sure financing is in order, which includes negotiation terms and having them modified, if necessary.

The bottom line is this is too big an investment to risk to sabotage and a real estate attorney will work in your best interest.

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