Buying and selling a house is not as simple as exchanging property in return for money. There is much more to it. Several laws govern a real estate transaction that might not be common knowledge to all. It is important to comply with these rules and you may also be required to undergo legal processes. Most often a question that arises when you plan to buy or sell a real estate property is – Do I need a real estate lawyer? When it comes to real estate transactions, very few people consider hiring a lawyer.
Precision in Developing A Contract
Hiring a real estate lawyer can ensure you get the best deal. They are in the business and their experience in negotiation can get you a great deal. Drafting of contract requires adequate precision. You do not want to risk missing out on any terms of negotiation or a legal statute. Taking up legal counsel can ensure your contract adheres to necessary laws for it to be legally binding. A lawyer will also make you aware of things you might not know and protect you from fraudulent deals.
Another service that a legal attorney provides is a title search. A title search is a scrutiny of public records to ensure the property’s legal ownership and find out any claims on the property. This is essential to make sure the property is free from liens or judgements. A title search becomes easier through a lawyer because they have professional relationship with title search companies.
The seller might not be entitled to sell the property until he clears the debts or has to wait until the outstanding court judgement. In such cases, the lawyer can also get you a reduction in price because you are kept waiting. The lawyer can also guide the seller with finance options to satisfy the claims.
When property transfers occur between or with corporations, trusts or partnerships, drafting of contract and negotiations can be complex. A lawyer will have knowledge about businesses, corporate laws, and boundaries. Hence, the attorney will ensure that the contract is consistent with the law and negotiations do not violate the corporation’s, trust’s or partnership’s charter agreements.
You might be required to file real estate deeds at the country or state level. A lawyer will ensure the task is done quickly and efficiently. Your transaction might involve a property where certain types of construction might not be allowed. In such cases, the knowledge and experience of lawyers will help you complete the transaction.
Hiring a real estate lawyer is not a legal necessity, but having one can prove beneficial. Real estate transactions can be complex to understand and execute. Hiring legal counsel can ensure the protection of your interest and compliance with laws.
Image Source: flickr.com