Whether you’re buying or selling a home, you should think about hiring a real estate attorney for your next real estate transaction. This is because hiring an attorney during the sale or purchase of real estate is a fantastic method to ensure that your interests are safeguarded throughout the process. Here are five ways a real estate lawyer may help make the selling and purchasing process as simple as possible while also protecting you from unexpected expenditures and potential lawsuits.

• AT THE CLOSING, THEY REPRESENT YOUR BEST INTEREST

Even in places where an attorney is required to be present at the closing, the Consumer Financial Protection Bureau argues that this attorney largely represents the mortgage lender’s interests, not the buyer’s or seller’s. A real estate attorney can represent you as a buyer or seller and is knowledgeable about the numerous processes and tasks involved in real estate transactions. Furthermore, there are local, state, and federal rules that must be followed when purchasing or selling a home. An attorney who specializes in residential or commercial real estate will be familiar with these laws and can assist in ensuring that they are followed throughout the process.

• AFTER THE INSPECTION, THEY CAN NEGOTIATE THE NEXT STEPS

An attorney can also assist your real estate professional in negotiating next steps after an inspection report for the home is completed, such as obtaining a repair credit, requiring repairs, or renegotiating the sale price.

• AN ATTORNEY CAN ADVISE YOU DURING COMPLEX PROPERTY TRANSFERS:

Selling real estate can be tricky, and an attorney can assist you in navigating particular conditions.  There are times when having a real estate lawyer on your side is critical. Here are a couple such examples: 

• A lien exists on the property you are selling. 
• It’s a joint sale, which means you’re selling the property  with someone other than your spouse, such as a sister. 
• You’re selling an inherited property. 

Each of these scenarios may have an issue that must be remedied before a property can be sold. For example, if the office has a lien, an attorney can assist you in ensuring that the title is clear before you sell it.

• CLARITY 

Someone must read all of the documents and comprehend what they all mean. Hiring an attorney to analyze all agreements and documents and aid in negotiations from the start of your real estate transaction will ensure the highest level of transparency and comfort. You may rely on your lawyer to clarify any ambiguous language and ensure your requirements are correctly communicated, represented, and documented along the route whenever you don’t understand a phrase or element of the process.

• IF YOU ARE PURCHASING A BUILDING OR OFFICE SPACE FOR YOUR COMPANY

A real estate lawyer can analyze the contract details and negotiate loan terms to ensure that the sale is in your best interests. Commercial real estate rules are unique, and a misstep in the process might harm not only your transaction, but also your business. A local attorney who is familiar with the ordinances and rules in your area can assist you in protecting your interests.

Real estate transactions, whether buying, selling, or renting, can be tricky. With so many aspects to consider and legal processes to follow, such as zoning rules, deed and title searches, insurance policies, inspections, and escrow accounts, making a mistake or missing a step could seriously jeopardize your sale. When you consider that purchasing a home or land is typically one of the most expensive transactions a person will ever make, there is little room for error. 

That is why, when it comes to property, many people resort to real estate attorneys. An experienced real estate attorney will be more knowledgeable about the laws that apply to you and will be able to assist you in protecting your legal rights and property. They’ll be able to review your paperwork and contracts to ensure they’re genuine and safe, assist you with financial processes, and represent you in court if necessary.

Author: Nayiesha Puri