A real estate lawyer, while only mandated legally in some states for certain parts of the property transaction, is more valuable to buyers and sellers than you might initially think.
The process of buying and selling property can be extremely complex and lengthy. Whether you’re buying a residential or commercial property, the knowledge and expertise of a real estate lawyer can provide a sense of relief during this process, knowing that you have a professional guiding you through the intricacies of real estate and the law.
Read on to discover 5 ways a real estate lawyer can help you in relation to real estate transactions.
Quit Claim Deeds
A Quit Claim Deed is a legal document that transfers a property interest from one person to another and there is no guarantee about the interest’s validity; the person transferring the interest is called the grantor, and the receiving party is the grantee. If a quit claim deed is in a property you are interested in buying, it is considered a red flag, and legal advice is recommended to ensure you resolve any issues with the title once you take ownership.
While you can use a quit claim deed when you own a property if you’re buying or selling and there is one already in place, legal advice will help you understand what happens next and your responsibilities.
Check and Prepare Contracts
Contracts pertaining to the purchase and sale of a property are extremely complex and lengthy, often containing legal jargon that can be difficult to understand. This is where the expert advice of a real estate lawyer comes in, ensuring that you are fully informed and knowledgeable about what you are signing for, and helping you avoid any potential issues.
Your real estate lawyer can also help you draft legal documents tailored to your needs, such as purchase agreements, sales contracts, and title transfer paperwork.
Due Diligence
The last thing you want is to buy property and encounter issues and complications. Lawyers familiar with real estate can do due diligence on your behalf and confirm the sale’s legitimacy. During this process, they might look into aspects including title searches and history, zoning laws, and ensuring that all bills are settled and there are no liens on the property or anything else that can cause complications.
Closing
While only a small number of states legally mandate the use of a real estate lawyer for closing, having a lawyer with you during this process can provide comprehensive support. Your lawyer will oversee everything to ensure nothing is missed or overlooked, providing a sense of security that everything is in order, including final agreements and payments, to prevent any mistakes or errors.
Property Disputes
A real estate lawyer can be your ally in the event of any property disputes, such as title defects, boundary issues, contract breaches, fraud and more. They can represent you in court and engage with third-party services to assist in negotiating settlements, amongst other things, to get the right resolution.
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