Many home shoppers assume an attorney is not worth the money when purchasing their new home. Hiring an attorney can make a transaction more expensive, but it can also save you a lot of money and frustration in the future. Homebuyers purchasing a new home report an investment in an experienced real attorney is money well spent.
How can a real estate attorney make the buying and selling process easier?
Write and Oversee the Signing of Real Estate Contracts
Creating a legal real estate transaction requires both parties to sign a contract. An attorney can draw up the contract and oversee the signing of the document. He or she ensures the contract adheres to state laws and addresses issues that are specific to certain pieces of property. It is important to have someone with experience review contracts related to real estate transactions and ensure there are no changes or corrections needed. This protects all parties involved and ensures a smooth transaction of property from one owner to another.
Perform Title Searches and Clear Up Issues with Liens and Judgments
Liens are one of the most common reasons the sale of property becomes frustrating. A title search ensures there are no liens on a property and that the owner is legally free to sell the property. Attorneys speed up title searches so your real estate deal is completed in the time you desire. Having an attorney perform your title search can also make it less expensive. If a lien or judgment against a property is determined, an attorney can also navigate the choppy waters of resolving the issue. Liens do not mean you will not be able to purchase property, but they can slow the deal.
Handle the Filing of Applications and Other Legal Documents
An attorney can handle filing paperwork associated with your real estate transaction in an efficient manner. Whether your transaction is personal or commercial, attorneys help things run smoothly. This is even more important if construction is needed as part of your transaction. Real estate attorneys navigate the tricky process of securing permission and meeting local and state regulations when it comes to construction.
Still not convinced an attorney is necessary for a real estate transaction? Consider the following risks of not hiring a real estate attorney:
• You increase your risk of being sued by the buyer if you are selling property, especially if a disclosure issues arises after the sale
• Your risk for increased estate taxes increases if a deed is not properly transferred
• Your business can be forced to close after a commercial real estate transaction if the property you purchase is not properly registered
• You might be forced to rebuild structures or pay fines if building permits are not filed correctly
It is possible to complete a real estate transaction without an attorney, but it is not advisable. If you are planning to sell or buy property or you have questions about real estate law, contact the experienced professionals at Miller and Steiert, P.C.
