How a Real Estate Lawyer Can Help You

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Whether you are looking to buy your first “starter home,” the ski chalet of your dreams, or a multi-million dollar commercial property, contacting a real estate lawyer can be the single best decision you make. Not all real estate transactions require legal representation, but all real estate transactions can benefit from it.

Real estate lawyers can also help with transactions that don’t involve purchases and sales, such as refinancing an existing property, and renting/leasing a home or commercial property. Real estate lawyers may represent buyers or sellers, and landlords or lessees. If you have questions about how to proceed with any type of real estate transaction, it is in your best interest to contact a real estate lawyer in your area.

Reviewing and Drafting Real Estate Documents

Buying and selling a home is essentially a business transaction; as such, it comes with a lot of paperwork. From deeds and title insurance policies to seller disclosures and home inspection reports, the paperwork can be overwhelming.

Unless you have a background in real estate or real estate law, making sense of the industry jargon and legal language can be difficult, if not impossible. And this is a problem for many reasons; namely, buying a home can be the biggest purchase you will ever make, and not understanding the finer details of this investment can have devastating financial consequences. An experienced real estate lawyer can review and draft documents on your behalf, ensuring that your rights and best interests are protected throughout the entire process.

Conducting Title Searches and Resolving Real Estate Encumbrances

When buying a home, you want to make sure the title is clear of liens or other real estate encumbrances. If a third party has legal interest in the property, that interest may be passed on to you if the previous owner doesn’t resolve it prior to your purchase. For example, if there is a lien against the house as collateral for a debt incurred by the previous owner, the holder of that lien may be able to sell the property to repay the debt, even if you are now the owner. Without the help of a real estate attorney, such a situation can quickly escalate into a serious, and expensive, problem. As such, it is important to have legal counsel from the beginning; your lawyer can check for any real estate encumbrances and advise you about how to proceed if any exist.

Protecting Your Interests and Negotiating for the Best Deal

Your real estate lawyer can also counsel you about potential purchases and sales. While a real estate agent simply wants to ensure that you buy a house or find a buyer, both of which translate to a large commission check, a real estate lawyer wants to protect your interests and make sure you buy the right house or sell to the right buyer. In addition to helping you through the purchase and sales process, your attorney can help you beforehand—ensuring that you stick to your budget, find a home in the right location, avoid bad deals, and negotiate for the best purchase or sale price.

In addition to being one of the biggest investments you will ever make, purchasing a home can also be a very emotional experience. Having the perspective of your attorney, who is looking out for your best interests and free of any emotional attachment to the prospective home, can be invaluable.

Just as we often overlook potential red flags at the beginning of a new and exciting relationship, we tend to gloss over red flags when we fall in love with a particular home. If, despite the advice of your lawyer, you insist on purchasing a home with problematic real estate encumbrances or other issues, your lawyer may be able to negotiate a better deal on your behalf.

Bargaining Power

Just having a real estate lawyer by your side can have a positive impact on the deals you are being offered in the purchase or sale of a home. When sellers know that you have legal counsel, they may be less inclined to go back and forth on your offer, knowing that the stated amount is backed by professional research and a deep understanding of the market. As a result, the seller’s agent is more likely to accept the initial terms, or terms that they may have otherwise advised the seller to counter. Likewise, a buyer’s agent who knows that the seller has legal counsel will be less likely to encourage the buyer to keep going back with low-ball offers, knowing that the seller’s attorney will advise against any offer that is not in their best interest.

Seek Real Estate Law Assistance

Although many states require a real estate lawyer at closing, Florida among them, you can benefit from the counsel of a real estate attorney from Hoyt & Bryan,  during all real estate transactions, leasing and rental agreements included. If you have questions about buying, selling, refinancing, or renting a property, contact an experienced real estate attorney today.

January 25, 2021 · Tim Kevan · Comments Closed
Posted in: Uncategorized