Did you know that some states compel people to obtain a lawyer for real estate transactions? Although Colorado isn’t one of them, it does indicate just how serious these types of contracts are. It’s possible to have your arrangements go off without a hitch without the extra help, but it rarely works that way. There are almost always bumps along the way, and buyers and sellers alike need some kind of experienced professional to help overcome them. The trouble is, not everyone knows when these potential pitfalls may hit. When in doubt, it’s always a good idea to consult a qualified Denver real estate attorney. With that said, there are other times when it’s prudent as well.
Non-Local Parties Should Always Have a Local Real Estate Lawyer
As an out-of-state or international buyer or seller of Denver property, it’s difficult to know the local laws and customs. Moreover, if the transaction is being conducted long-distance, it’s imperative to have someone local who is reputable and trustworthy.
If Ownership Rights are Questionable at all, a Denver Real Estate Attorney Should Be Involved
In order to protect the buyer’s interests, it’s imperative to have titles and deeds thoroughly investigated before a sale if there is any question of ownership. This is especially true with foreclosures and bank-owned homes. Even the larger lenders have made mistakes over the years. Mary Shanklin of the Orlando Sentinel covered this phenomenon, specifically with Fannie Mae. In another instance, two different people were sold the same house. One would expect a reputable company to handle their foreclosures properly, but even the big dogs have track records for repossessing and/or foreclosing, but failing to take ownership. Paperwork discrepancies have also been noted, as have suspicious signatures, missing documents, and other issues sure to cause legal issues. The bank may not notice they can’t lawfully sell a particular home, but a real estate lawyer will be looking specifically for these issues.
Commercial Transactions or High-End Properties Should Involve a Denver Real Estate Attorney
Business properties and high-end properties tend to have a lot at stake for both the buyer and seller. If the property isn’t exactly as presented, either party can run into serious trouble down the line. Involving a real estate lawyer helps ensure everyone gets what they want out of the deal, that negotiations go smoothly, and it also lessens the chances of litigation later.
Bring in a Real Estate Lawyer for Protection if the Home May Be Damaged or is in A Dangerous Area
Again, whether a buyer or seller, it’s important to stay protected during potentially problematic transactions. Nowadays, many homes are sold “as is.” That should be a huge red flag for a buyer. If the house is damaged, could be damaged, or sits in an area where it’s likely to be affected by natural disasters and other problems, a buyer should know all the risks involved. Equally, a seller should be protected from later litigation in the event trouble arises.
If you’re buying or selling property and have questions, even if it’s just to see if you need an attorney’s assistance, we can help. Please contact our office using the online form or call our office at 303-798-2525.
