Lawyers are often associated with personal injury accidents or settling large lawsuits, but most people don’t realize the advantages lawyers can provide in countless other situations, including real estate.
Many people work through the process of buying a new home with the help of a real estate agent. However, they aren’t qualified to make accurate assessments on legal terms, which is where a real estate attorney comes in.
The real estate attorney works for you alone and no one else, which means he always looks for your best interests and can ensure that you seal the most excellent settlement.
Here are some of the numerous benefits a real estate lawyer can provide you.
What Does a Real Estate Lawyer Do?
First off, you might be wondering what a real estate lawyer even does? The short answer here is everything. They specialize in matters related to buying and selling property specifically and can guide you through the entire process, from handling the legal documents to working out the closing deal.
Purchasing property is a huge investment, one that many people only make a handful of times in their whole lives. So, hiring a lawyer is crucial for a good deal during such a delicate situation. Their help extends to:
- Handle financial transactions and ensure they are legal.
- Prepare documents and write insurance policies.
- Perform research about the area and background investigations to look for potential problems.
- Resolve legal issues during cases of real estate dispute.
- Provide representation for the client if the dispute gets to court.
Benefits that Real Estate Attorneys Can Offer
Handle Contracts and Paperwork
Paperwork and complex contracts are something you’ll have to deal with many times throughout the process. You’ll need a real estate lawyer who can review and draft a contract that protects your rights and makes sure the purchase goes through. Some documents you’d come across include:
- Appraisals
- Sales contract
- Home inspection report
- Home Owner’s Association (HOA) certificate
- Disclosures
Negotiate a Beneficial Deal
A real estate lawyer’s job is to work with your best interest in mind. Unlike realtors, they aren’t there for the commission, they’re there to provide assistance to save you money and time. There are countless firms that can provide property buyers with the best real estate lawyers that money can offer.
Real estate attorneys can negotiate the buying process on your behalf and ensure you get the best deal out of them all. They can review the sales contract and determine which points to negotiate on for the ideal outcome.
Make Sure it’s Legit
When potential buyers find a property with a price tag that seems too good to be true, most times, it is. If the price of a property looks suspicious to you, your real estate attorney can perform background checks and investigate it.
In many cases, properties sold for low prices end up having hidden debt or liens once you buy them. Your attorney can execute lien and title searches so you get all the correct information and ensure the deal is legit before signing paperwork.
Help with the Closing Process
The closing stage before you actually get the property in your name consists of many steps, including filling the property’s deed and resolving any issues that may come apparent later on.
For instance, if you notice damages on certain parts of the property, your lawyer can negotiate a decrease in the price to make up for the cost of repairs or replacements. After which, your lawyer can form a closing document that mentions all of the financial transactions during sales for legal requirements.