Sales of existing homes in the US have been trending upwards since 2008 when they hit a low of 4.12 million. In 2018 there were 5.34 existing home sales. That means more work for real estate attorneys.
What exactly does a real estate attorney do? Read on to learn when you would actually need to enlist their services?
A Common Misconception About a Real Estate Attorney
If you think you only need a lawyer if something goes wrong, think again. It’s a misconception that you only engage a lawyer to get you out of trouble.
A real estate attorney is not only for when things go wrong. They help you ensure that you don’t get into trouble before it happens.
Sometimes, navigating through the complex legal world that surrounds real estate needs professional knowledge and skills. It may not be a legal requirement to use an attorney but it’s often wise to engage one anyway. They can help you to avoid pitfalls and future difficulties.
1. Buying Your Home
Before you start the process of buying real estate, engage a real estate attorney. Whether the real estate is for investment purposes or for your home, engaging an attorney means they can help you with the purchase decision. A fundamental issue they can help resolve is to identify that the seller has the right to sell the property.
Some of the terminologies in real estate documents are obscure and complex. A real estate lawyer is trained to understand these documents and advise you if there are implications that you should be concerned about. They can explain legal terms in everyday language and warn you about risks.
2. Selling Your Home
If you are selling your home a real estate attorney can help by protecting your interests. There may be tax implications, fees or other costs that a real estate lawyer can help minimize.
If you are selling real estate you will want to ensure that once you have sold it the matter is over. You will want no further liability in connection with the property. A lawyer providing this service can help minimize the likelihood of lawsuits against you after the sale.
3. Buying or Selling Investment Property
You may be experienced at buying and selling investment real estate but an attorney can still be helpful. A real estate attorney can help check the technicalities of deeds and titles. They can also interpret and evaluate the terms of contracts.
Because they are engaged to act on your behalf they look after your best long-term interests.
4. Managing Real Estate Risk
When you buy an insurance policy you pay the money in the hope that you don’t need to make a claim. If you don’t make a claim against the policy you have at least had the peace of mind that if something had gone wrong you would have had some protection.
A real estate lawyer helps you manage the risk of something going wrong. For a modest fee, you can rest easy and have confidence that you have reduced the risk of something going wrong with your real estate transactions.
5. Difficult Partner
If you are selling a property because of a relationship breakdown, you may find you have difficulty with a partner who is not cooperating. A real estate lawyer can help. They can ensure that everything is done legally and reduce any potential for future disputes.
Whenever you are selling or buying real estate talk to a real estate attorney. They will have your best interest at heart. Engage them early in the process to give them the best chance to help you.
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