When someone considers buying or selling a home or property, they likely talk to a real estate agent and a mortgage lender. However, many forget to speak to a real estate lawyer. There are many parts of a real estate transaction that could benefit from a lawyer’s expertise. Furthermore, if the deal falls outside the norm, having a real estate attorney can be a real payoff. Below, readers can learn several things a real estate attorney can do that they cannot.
Drafting Legal Documents Correctly the First Time
Most real estate transactions involve piles of paperwork. While a broker can help a buyer or seller fill out common forms, a real estate attorney can help the buyer draft forms that are precisely suited to their needs.
Handling Negotiations With Involved Parties
Odds are, a buyer or seller will lack the energy, time and inclination to deal with the various intricacies of a real estate transaction. A lawyer can help to negotiate favorable terms for a transaction, not just with the other involved party, but with financial institutions and potential developers.
Performing Title Research
Although a buyer may believe they are purchasing the property that they see, legally speaking, they are only buying the title to that piece of property that is held by a seller. A real estate attorney can ensure that a property’s title is not encumbered by other claims of ownership, liens or other defects that can cause future problems.
Reviewing Transactional Aspects
On the subject of problems, troublesome issues in a real estate transaction may not appear for months or maybe even years after the sale is completed. Real estate lawyers can review transactions to ensure that the essential steps were completed correctly. additionally, a lawyer can explain potential pitfalls as well as tax and legal issues that may arise sometime after a transaction.
Protecting a Client’s Interests During Litigation
While most real estate transactions go smoothly and both sides are happy, sometimes problems do arise. If there are problems after a sale or purchase, an attorney that knows the transaction and the property’s details can protect the client’s interests.
In some areas, an attorney’s help may be required for some parts of a real estate purchase or sale. However, even if the state’s laws do not require it, working with an experienced real estate attorney can ensure that the transaction is done correctly.