Real estate lawyers or attorneys will be of great help to you whether you are buying or selling a home.
Real Estate Lawyers: What can they do for buyers?
As a homebuyer, you’d want to make sure that there’d be no legal complications arising from whichever property you decide to purchase. Real estate lawyers can help in minimizing the risks of dealing with scam sellers as well as minimize costs and delays when ownership is transferred. Here’s a sample of the various ways a real estate attorney can provide assistance during the home buying process.
- Read and check home purchase contracts for any loopholes or fine print that the home buyer should be made aware of.
- Verify property titles to see if there is any kind of lien, easement, or covenant currently associated with the property.
- Assist home buyers in obtaining, registering, and filing all the necessary legal documents for obtaining housing loans.
- Negotiate on the behalf of the home buyer for better terms and conditions for mortgages.
- Review and approve any additional expenses charged by the home seller
- Be present to verify that the transfer of ownership is complete and legally binding
- Arrange for home insurance
Real Estate Attorneys: What can they do for sellers?
Homeowners will also enjoy similar advantages when they hire a real estate attorney to facilitate the sale of their homes.
- Compute all additional expenses that the home buyer should be charged with
- Incorporate special needs, terms, or conditions of the homeowner when writing the deed of sale or purchase agreement for the property
- Prepare additional documents required such as transfer of mortgage and power of attorney
- File the necessary paperwork to ensure that the title is in proper order and ready for transfer
- Be present during day of sale to ensure that payment is complete and title has been effectively transferred
- Arrange for insurance and security deposits
Real Estate Lawyers for Landlords and Tenants
Just because you aren’t buying or selling a property doesn’t mean you can dispense with the services of a real estate lawyer. Whether you are the landlord or tenant in this case, there are also various instances when professional legal advice would prove immensely helpful.
- Eviction – What are valid and illegitimate reasons for eviction? Is it something you can overturn and what are you owed if you have been wrongly evicted?
- Discrimination – A good real estate lawyer can help prove how a tenant may have suffered from a landlord’s discrimination.
- Repairs – Who is in charge for which types of repairs? Should there be a division of cost and labor for certain types of repair?
- Notice – what kind of notice can a tenant and landlord reasonably expect if notices haven’t been covered by their lease agreement? Is there any way for a tenant to terminate his or her agreement without having to serve a notice?
- Payment – Can a tenant have any valid reason to be late with payment and avoid being penalized, evicted, or sued for it?
Real estate properties are considered the most expensive type of asset, but they also have the greatest potential to increase in value. As such, hiring a real estate lawyer is always a good move as it’s akin to protecting a high-value investment.