Real estate transactions are complex proceedings that have major consequences. Although some deals may be simple and straightforward, others may demand legal expertise.
Often, people find themselves ill-equipped to navigate the circumstances surrounding these situations. This can result in negative outcomes, including loss of assets.
There are several situations when you should involve an attorney for a real estate closing. This article covers what those are, as well as the many benefits having an attorney present can afford. Keep reading to find out more.
Real Estate Attorney vs Realtor
You may be thinking to yourself, “I have a realtor––why would I need a real estate attorney?” The short answer is that, while a real estate agent is versed in real estate, this may or may not include the legal aspects of transactions.
Often, realtors have general knowledge of real estate law. However, they lack the education, training, and experience that a real estate attorney possesses.
The flip side is also true: not all lawyers have knowledge and experience in real estate transactions. That is why you should find an attorney who specializes in residential or commercial real estate law.
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When to Hire an Attorney for a Real Estate Closing
There are several advantages to hiring an attorney for a real estate closing. A general–yet very good reason–to hire a real estate attorney is their expertise. It ensures that someone is there to make sure all the t’s are crossed and i’s dotted on your behalf.
Especially when real estate demand is high, involved parties want closings to happen quickly. That means there is an increased risk that details in the contract get overlooked or that protections get left out. An experienced real estate attorney can make sure this does not happen.
This includes examining the title of the property or lining up title insurance. A real estate lawyer can perform an assessment to confirm any limitations of use, easements, encroachments, or other abnormalities that could impact the title transfer. It also allows you to get a full picture of any liens or mortgages that must be handled before closing the deal.
Another situation where you will want a real estate attorney is in a deal where you anticipate a lot of negotiations. They can communicate will all parties involved to iron out the details of the transaction.
This includes (buyer or seller) real estate agents. They also can negotiate with banks, surveyors, prospectors, county tax offices, contractors, contractors, and other relevant actors, to ensure the best deal.
Learn More About Hiring a Real Estate Lawyer
Now that you know when to involve an attorney for a real estate closing, you can have the peace of mind that every detail will be covered. It will ensure that the transaction goes smoothly and gives you the added benefit of comprehensive services for a single real estate lawyer fee.
We hope you found this information on when to hire a real estate attorney helpful. If so, be sure to check out some of our other business posts, as well as those on finance, education, health, and many other topics.