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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