For many individuals and families, property ownership is their most valuable asset. Since nearly every real estate transaction involves contracts that cover the sale, purchase and maintenance of property, it’s especially important that you have capable professionals that understand local, state and federal real estate laws to advise you.
While many real estate laws have been in place for decades, if not centuries, the complexity of the issues impacting real estate have grown significantly in recent years. Real estate contracts are legally binding agreements. Parties that do not comply with terms of the agreement could be subject to breach of contract charges and be forced to pay monetary damages in court.
If you’re buying property, you’ll want to make sure the terms of the agreement are fair, and that the seller is authorized to transfer ownership of the property. If you’re selling property, you’ll want to know that the purchaser’s financing checks out and that you’re protected from liability.
Here are a few reasons you should consider hiring an attorney for your real estate transactions, especially when purchasing property.
Clarity. Real estate contracts are long and complex. Hiring an attorney to review all agreements and contracts and assist in negotiations will help you understand the process and give you peace of mind. Your attorney could give you wise counsel on potential changes to the contract and make sure your position is well communicated and documented throughout the process.
Cost Savings. Your attorney’s fees are nothing when compared to the possible costs of signing a flawed contract. Your attorney can protect your investment by thoroughly reviewing all legal documentation, negotiating with the other party and asking the right questions.
Experience. By working daily in the real estate field, your attorney will be familiar with all the changes to laws and local ordinances that could impact your transaction, including new construction rules, zoning disputes, etc.
Closing. There is no substitute to having a professional on your side who understands the entire closing process, including the mortgage, title insurance, the deed and final inspection.
Protection. Your attorney is likely to spot trouble areas early in the process and protect you from issues that you could not predict. With legal counsel, you can know that your interests are being represented and your rights are being protected.