Buying or selling a home is a fairly complicated and lengthy affair. The process involves a bulky amount of paperwork, negotiation, and of course some bit of liaison with the proper authorities. While it is not a stipulated requirement that you should have a real estate attorney, it is recommended that while undertaking real estate purchase or sale, you should hire a litigator. Most people argue that an attorney’s role in a real estate deal is insignificant and further inflates the total budget, there are specific instances when the services of a licensed legal practitioner come in handy.
- CASE ASSESSMENT: Owning a house entails numerous things such as filing property tax returns, adherence to building safety guidelines, property insurance, mortgage clearance, and transfer amongst other considerations. A real estate attorney is a useful addition, as he or she can efficiently go through the specifics most people fail or ignore to consider. A collection of the facts mentioned above about a piece of property determines whether or not you should buy the said property. An attorney goes through all the paperwork and afterward gives a professional opinion. Overlooking an attorney’s role can often and does result to issues at a later stage of the purchase process.
- DRAFTING SALES CONTRACTS: In order to finalize a real estate sale, appropriate sale agreements need to be co signed by both parties: the seller and the buyer. Having an attorney on your team helps in the initial formulation and drafting of the terms of sale and other fine details. An attorney can also perm negotiations on your behalf while making sure that the sales contract follows all laid out laws. Any other specific issues pertaining the property can be addressed in the contract as well. In the event you intend to purchase a property, an attorney can proofread the contract for any legal glitches.
- PROPERTY TRANSFER AND DEED FILING: A real estate deal is only complete once all, the proper paperwork is filed with the authorities. A real estate attorney ensures that all the papers are filed in time and follows up in the event any complications arise. They can also find ways to work through the legal framework of a county or state to ensure that your property stays on the right side of the law and successfully completes the transaction. If a property deed is not properly filed or transferred, it could raise a variety of tax-related issues, which if left unchecked can roll over onto the unsuspecting buyer or seller.
- DEALING WITH PROPERTY LIENS: Property on sale may have debts or court orders barring its sale or ownership transfer pending the settlement or hearing of a debt or dispute. A real estate attorney can, in this case, provide the seller or buyer with suggestions or options regarding the lien on the property. Appropriate financing plans can afterward be arranged to satisfy the lien claims. Real estate attorneys are responsible for securing proof on paper that judgment on property lien has been satisfied; giving the go-ahead to the property’s sale.
- PROFESSIONAL APPEAL: Selling or buying a house is a serious affair. Having a real estate attorney adds a professional look to the whole process. Being a representative of the law, an attorney’s presence drastically reduces the chances that a property sale will turn awry or that one party will defraud the other. Hiring a real estate attorney is, therefore, a good business move that is sure to protect your interests and investments in the long run. You are assured of representation in the event a litigation may arise.
Written by The VanMatre Law Firm, one of the top real estate attorneys in Columbia, MO.