Whether you are buying your first home, or investing in your fifth investment property, you may be wondering if you need a real estate attorney. First, keep in mind that most real estate deals cost at least $100,000 if not more, which means they can easily be the biggest investment of your lifetime.
A realtor will be able to handle most real estate transactions himself; however, they are not qualified to answer questions or advise you on legal issues that arise. If you feel uncomfortable at any point in the process, or if you feel as though the person on the other end of the contract is avoiding your questions, this is a good time to engage a real estate attorney.
An attorney will be able to perform a number of different functions, all of which will give you the confidence you need to stop a real transaction or continue. Either way, with attorney advice, you can move on knowing that you are fully informed and your entire base is covered. If you are a buyer, an attorney can help you understand the purchase contract, including how property rights work.
They can also check to make sure there are no concessions, liens, or agreements registered against the property. They can prepare all the legal paperwork, clarify the term of the mortgage and work with the bank if needed, an attorney can arrange title insurance and they can attend the closing while carefully reviewing the paperwork before you sign it.
As a seller, your attorney can review the binder and review the purchase or sale agreement, they can deal with any title issues that arise and act quickly to correct them, they can attend closings and review any paperwork before you sign them, and they can arrange a deposit transfer. among other functions.
With in-depth legal knowledge, your attorney will be able to review your contract and thoroughly examine every aspect of the transaction. Your attorney will look for red flags that could potentially cost you money after the deal closes. To be honest, when you are dealing with such a large investment, having a lawyer review the deal can save you a lot of money in the long run by preventing any legal issues before they begin. This is especially true if there is an IRS lien on the property or other disability that you can financially cover.