Most people assume that buying or selling a property is an easy transaction. But, real-estate transactions have a lot of legal red tape that most people do not understand. Thus, a real estate lawyer should oversee any real-estate transaction to ensure all parties abide by the law.
Real estate lawyers specialize in the laws and regulations that govern the real estate industry. They are instrumental in helping property buyers, and sellers understand the legalities of a real estate transaction.
Here are three reasons you should work with a real estate attorney when buying or selling property.
1. Negotiating Terms of a Real Estate Contract
Before drafting a real estate contract, buyers and sellers must negotiate and agree on the terms. However, the terms dictated by each party must also fall under the law. Have a real estate lawyer present during negotiations to help both parties reach favorable terms per the law.
Furthermore, lawyers are expert negotiators. A real estate lawyer will represent and protect your interests during negotiations. Therefore, having a real estate lawyer negotiate on your behalf ensures you get favorable terms on the contract.
2. Drafting and Reviewing Contracts
Real estate contracts are legally binding. Both the seller and the buyer should understand the implications of the contracts before signing.
But, drafting a real estate contract is no easy feat because all the transaction details should adhere to complex real estate laws. Property sellers need to hire a real estate lawyer to help them draft an all-inclusive contract under the law.
They also need to understand what signing a real estate contract entails and the ramifications of breaking it. For this reason, property buyers need to hire a real estate lawyer to help them review contracts before signing.
Real estate lawyers ensure sellers don't neglect the law when drafting contracts and buyers don't get into contracts they don't understand.
3. Conducting Background Checks
As a property buyer, you should always ensure that the property you intend to buy has no liens or pending conflicts on the property in question. Also, you need to ensure that the person selling the property is the actual owner of the said property.
Running background checks on a property requires a lot of due diligence. And, failing to conduct a comprehensive title search could create problems for you. For instance, if you buy a conflicted property, you could face fraud charges in the future.
Hence, it is best to have a real estate lawyer conduct a thorough title search on the property before buying it. They will perform thorough background checks on a property to ensure you don't encounter legal issues in the future.
To learn more, contact a firm like Law Office of Steven Kurlander.Share