When you buy or sell a property, things can quickly get complicated during these transactions. While it isn’t mandatory to hire a real estate lawyer, you may find that their intricate knowledge in this area of the law is a huge asset when it comes to the purchase or sale of commercial or residential property.
If you’re dealing with commercial property, you will at least want to consult a real estate lawyer prior to starting any transaction. However, they can also be instrumental in your success with residential properties too.
Navigating the Complexities of Commercial Real Estate
Commercial real estate transactions are often much more expensive than residential real estate. They are also riskier and more complicated.
You will want a real estate attorney to assist you to prevent making costly mistakes. They provide a wealth of knowledge on zoning issues, structural conditions, liens, environmental concerns, and easements.
Assistance with Disputes
Many disputes can arise during a real estate transaction as both buyers and sellers work towards agreeable negotiations. If you’ve never purchased or sold property before, you may not be aware of your rights. Real estate lawyers ensure that your purchase is fair and demystify the process when the arrangements become more complex.
The biggest issues that tend to arise are with titles and tax concerns. Since this may be one of the largest investments you’ll ever make in your life, you may want some with legal knowledge to assist on your behalf.
Buying or Selling Homes
Plenty of people buy and sell their homes on their own, working with realtors. The difference with a real estate attorney is that they will not push you to buy a particular property. They will be looking out for your best interests in all parts of the transaction, which makes them particularly helpful to first-time homebuyers.
If you are selling your home, they will work to get you what is fair for your property too. For both buyers and sellers, real estate lawyers can help you understand all that legal jargon in the contracts to help you avoid making mistakes.
What Does a Real Estate Lawyer Do?
A real estate lawyer in Philadelphia will clarify what is stated in your contracts in layman’s terms to ensure you fully comprehend what you’re signing. Mortgages, deeds, liens, tax laws, and other documents are all difficult to grasp when you haven’t studied real estate laws. They’ll also be fully aware of all the laws and regulations that may affect your property sale or purchase.
Additionally, the closing process is one of the most complex and stressful points of these negotiations. With a real estate attorney, they will go over all documents to check for mistakes first before allowing you to sign. They will negotiate any discrepancies and prevent you from winding up with a lengthy legal dispute.
With their intensive research skills, negotiation tactics, and their greater understanding of the laws that apply to real estate, you will have a partner that has your back. The peace of mind you will get from hiring a real estate lawyer will be a worthy investment as you take on commercial or residential property.
