Good Reasons Why Hiring A Real Estate Lawyer Makes Sense Despite the Expense
If you are in the market to purchase or rent a home or a commercial property, you should be aware that it involves many complexities. This is the reason, why even though it is feasible to transact property deals by yourself; it can help to have an experienced real estate lawyer by your side.
Table of Contents
Some of the more important reasons for you to hire a real estate lawyer include
Reviewing Properties for Accurate Valuation and Other Issues
Unarguably the valuation of the property is the single-most-important factor in the purchase decision. It is very common for sellers to quote very optimistic values of their properties or hide inadequacies that undermine its value. A real estate lawyer will be able to carefully analyze the contours of the deal to establish whether it is in your best interests to proceed or whether it requires substantial renegotiation to align with its real value.
Reviewing Liens
When buying a property, it is important to establish that the seller has a clear title to the asset and can legally sell it otherwise. Your lawyer will not only be able to conduct a title search for the property but also establish if there are liens or other encumbrances like loans or judgments that need to be settled before the title can change hands. You can find some affordable attorneys who deal with liens by asking your friends and relatives or by looking up local directories online.
Reviewing Documents and Drafting the Contract
During the purchase process, there will be several documents involved, each of which will require verification of authenticity to prevent disputed arising in the future. According to https://money.cnn.com, you should insist that your lawyer review the agreement and make sure that the purchase is contingent on you being able to secure the mortgage, a home inspection that has no material impact on the value of the property, and an assurance of being able to carry out a walk-through inspection a day before closing.
Drafting and Incorporating Amendments to the Agreement
In case of any new information such as home inspection reports or damage to the property occurring before the conclusion of the purchase, the agreement will have to be suitably modified. These amendments are carefully executed by the lawyer ensuring that the original agreement is left intact.
Recording and Filing the Deed
For a real estate purchase to be completed, the deed needs to be filed and recorded with the state authorities. The real estate lawyer will ensure that the due processes are followed and that the deed is officially recorded to make the purchaser the legal owner of the property.
Conclusion
The purchase of real estate is usually fraught with many hazards and even if the seller has no dishonest intentions, there are plenty of complexities that have to be taken care of to ensure that there are no disputes about ownership rights in the future. An experienced real estate lawyer will be able to guide you properly during the transaction process so that your interests are best represented and you can enjoy the property in perpetuity.
