Thousands of real estate properties are bought and sold every day. These transactions involve complex ownership and financial issues. Every jurisdiction has its own requirements and regulations for completing the transaction. If you are buying or selling a real estate property, hiring a real estate attorney is in your best interest.
Have Experienced Eyes Review the Contract
Buying a residential or commercial real estate property is a big decision for most people. It involves a large cash outlay and may include signing a long-term mortgage. It is critical that the paperwork involved with the sale does not contain any unexpected surprises.
Having an experienced real estate attorney review the contracts and the deed will ensure everything is as expected and that there will be no surprises along the way. The real estate attorney can also explain all the terms of the contract so that you are comfortable with signing the agreement.
To Handle Complex Issues
Not all real estate transactions are simple purchases from one party to another. Sometimes a home is being sold as part of an estate. In other circumstances, one owner is forcing the sale of the property against the wishes of another owner. If a property is in foreclosure or being short sold, there are banks and other entities involved.
In complex legal situations, having an experienced real estate lawyer on hand is ideal. He or she can protect the interests of the buyer or seller in the transaction. The real estate attorney can ensure that all the legal requirements are met before letting the sale go through.
To Handle Unexpected Situations
The sale of the property went through without any hitches. Or so it seemed. A few months after the sale went through, someone comes to the door claiming to own interest the property you just bought. That person has legal paperwork in hand. What do you do?
The first person you should contact is a real estate attorney. The attorney can review the provided legal documentation and verify if there is a valid claim to the property or not. If there is a valid claim, the real estate attorney can advise you of your options going forward.
Real estate transactions can be more complex than many people think. A smart property buyer or seller will have an experienced attorney review and approve legal documents before signing off on them. It just makes sense.