Are you planning to buy or sell a real estate property but do not have really enough knowledge when it comes to legal matters involving transaction? If so, you might want to consider hiring a real estate lawyer to do the job for you.
Actually, if you have had real estate transaction some time in the past you would know how important is the function a lawyer plays for the job. But if you are just new in business, the following can help you understand how a lawyer can help you in handling real estate transactions – whether you are into buying or selling a property.
If you are buying a property, a lawyer should:
Help you fully understand the purchase contract, including the process of taking the property title – or in other words, the process of title acquisition.
Also do the job of checking to see to it that there are no covenants, easements, liens, etc. registered against the property that could obstruct the use of such property.
Process the registration and all the legal documents for the property.
Help you understand the terms of the mortgage and work with your bank if there is a modification or adjustment required. He can scrutinize the adjustments, including taxes owing and other costs paid prior to transaction closing.
Also work on reviewing all the papers you will be required to sign.
Work for your property insurance so that you will get protected from losses that could be due to title defects.
See to it that you get a valid registered ownership subject only to the liabilities you have agreed.
In case you are selling a property, a lawyer who is expert in real estate law should:
Review and explain to you the binder aka ‘offer to purchase’ – a preliminary payment secured by cash payment between a buyer and seller as an offer to purchase a property. In addition, he can also review or prepare the buy-sell agreement, including its terms negotiation.
Also work or arrange for transfer of security deposits or the deposit of money to the landlord to ensure that the rent is paid and other responsibilities of the lease performed such as paying for damage caused by the tenant.
Also arrange for insurance certificates if necessary.
Prepare the deed and power of attorney when required.
Help you in addressing title issues that may arise and correct them accordingly.
Represent you in the closing and review all the documents you will need to sign.