Real Estate Law
When it’s time to purchase any real estate, it’s a good idea to work with professionals to find the right property, make sure the sale is done correctly, and get help if there are any potential issues. A real estate agent can be invaluable for finding the right property to buy, but when it comes to contracts and other legal matters, it’s a good idea to have a real estate lawyer to help. Some of the reasons why a real estate lawyer may be needed include the following.
Draft and Review Documents
During the purchase of a property, documents will need to be drafted to show what the buyer is paying for, how much they are paying, and other details. It is crucial to have the right help to draft and review these documents, as it may not be possible or easy to fix any mistakes later. For most buyers, hiring a real estate lawyer to draft and review any documents will be a good idea just to make sure everything is done right.
Conduct Title Searches
Title searches are done to make sure the title is clean before the property is purchased. A clean title is one that is free from any liens or other issues. If a title has a lien attached to it, the lien will need to be cleared before the home is purchased. While a title company can help with these searches, it is possible for something to be missed or overlooked. If that happens, the buyer may end up having a lien on the property that wasn’t theirs to take care of, so it’s always better to have someone else look for potential issues before closing on the property.
Negotiation for the Contract
Before the contract is finalized, the buyer has the opportunity to negotiate for a better price. They may request a reduction in the price based on issues discovered during an inspection. They can also request things to stay with the home or to be taken out of the home, or for other changes in the contract. When it comes to negotiations, a lawyer is a great idea, as they are experienced and know how to negotiate to get a much better deal for their client.
Help With Closing Procedures
During the closing process, there are a lot of papers to sign and things to do to make sure everything is ready to go. This is often done quickly, so it’s not surprising that issues can occur that may not be discovered until much later. A lawyer can help with reviewing all of the closing documents, making sure everything is signed properly, and more to ensure the closing goes as smoothly as possible and the buyer won’t have to worry about anything later on.
Disputes Over Property Boundaries
After the property is purchased, the buyer may find they’re unsure of what the property boundaries are or whether they own what they think is included with the property. In these cases, there are things the buyer can do to find the property lines. However, it’s typically a good idea to go ahead and pay for an official survey to make sure the boundaries are correct. If there are any concerns over the boundaries, a lawyer can help settle the issue.
Issues With Titles and Liens
Any liens on the property are supposed to be discovered and taken care of before the home is sold. However, a property lien could be filed at just the right time to be missed or it could be overlooked accidentally before the sale. When the buyer discovers a property lien on their home that should be for the previous owner or is otherwise not theirs, they will want a lawyer to help have it removed. The lawyer can look into what the lien is for and who it is intended for to help their client.
Financing or Mortgage Issues
The lawyer can review any financing terms or mortgage terms for the client before the documents are signed to make sure they’re done correctly. However, if any issues do occur, the buyer will need someone to help them find a solution. A lawyer is going to be incredibly helpful here, as they can help track down the issue and determine the correct steps needed to fix it as quickly and inexpensively as possible. Depending on what the issue is, they may be needed to fix the issue with the financing company or lender.
Non-Compliance Concerns
During or after the purchase, the buyer may find out that the contract violated local or state laws. If this is the case, they may want to speak with a lawyer to ensure they understand what the non-compliance is, how it will impact them, and their options for fixing it before the issue gets worse. If a lawyer reviews the documents initially before the sale, they may be able to spot issues like this and prevent them from occurring, which can help prevent issues in the future and ensure everything is done correctly.
Contract Breaches
Contract breaches happen regularly during real estate transactions, so it’s a good idea to work with a lawyer who can help if something happens. Common contract breaches include failing to uphold part of the contract, canceling the contract outside of allowed reasons, failing to leave items with the home, or failing to make sure all required repairs are done before the sale is finalized. If there is a contract breach, the lawyer can work with the buyer to determine the next steps and what will be needed to limit the financial loss from the breach.
If you’re planning on purchasing a property, having the right help is crucial. For all legal matters during the transaction, it’s a good idea to have a lawyer to turn to for any questions or concerns. Schedule a consultation with a real estate lawyer now to learn more about how they can help you with buying a property.
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