Purchasing property is not a typical, standard transaction, although it is easy to acquire. Because assets such as land and homes are regulated by law, there are specific processes and rules that you must abide by.
Since these kinds of transactions involve real estate law and contracts, it is advisable to hire a knowledgeable, thorough, and trusted real estate lawyer to ensure a safe and timely closing.
Here are the top reasons why you should hire a real estate lawyer when you are planning to purchase a property.
Agreement of Purchase and Sale – This is the most important piece of the buying and selling process. A lawyer is necessary in order to help both parties understand issues presented in this document. There are elements that might be confusing or unclear. Without a thorough understanding, they could potentially create problems for either party. A lawyer will explain the nature of the agreement thoroughly and will also make any necessary changes to ensure equality and satisfaction for the buyer and seller.
Signing with an agent – When you are planning to sell a property, it is important to have the advice of a lawyer to make sure you are protected from any potential liabilities. For example, some agreements with agents containing clauses that the agent’s commission is to be paid even if the transaction does not close. With the proper legal advice, your interests will be protected and your lawyer will advise on any necessary revisions.
Title Insurance Requirement – Real estate lawyers discuss with you the advantages of title insurance. When a survey is not available, it may be worthwhile obtaining title insurance to protect the purchaser should there be any title defects. For example, title insurance can provide coverage if the new owner finds out after the purchase that a deck or other structure is non-compliant with building codes or other municipal laws. Your lawyer will ensure you are properly protected.
Closing the deal – This process can be confusing for both the seller and the buyer. Since this is final step of the transaction, a real estate lawyer will assure all the necessary documents are properly signed and executed. Disputes sometimes can occur during any transaction. However, your lawyer experienced with real estate transaction can help to resolve the disputes and close the transaction as scheduled.
Buying or selling a property may appear like a simple process. However, with the amount of money involved in the process, you want to make sure that your financial interests are safe.