Many capable homebuyers often question why exactly they need a lawyer for their real estate transaction. “Can’t my real estate agent see me through?” is a common question we get here at Thompson & Thomas PA. Even though the services of an attorney adds to the overall cost of a real estate transaction, it’s generally money well spent, and the one-time cost may save you a significant amount of hassle and money in the future. Read on to learn more about how a real estate attorney can help you close the deal and avoid the pitfalls that may end up costing you a lot of money.
Even though the majority of individuals can negotiate face-to-face with each other, the terms of the deal has to be memorialized properly in a contract for them to be legally binding. Attorneys not only negotiate on your behalf but ensures that the contract adheres to all state laws, along with addressing any specific issues that may affect the future use of the property. Many homeowners are unaware that in many states the buyer and the sellers have three days to review a real estate contract signed in conjunction with a realtor before it becomes legally binding. A lawyer would not only let the client know about it, but also review the contract for any legal glitches, make any necessary changes, and edit in any contingencies you may want.
A title search is supposed to make sure that the property being sold is free of any encumbrances, such as liens or judgments. The outcome of the title search is key since it lets you know whether the seller has the legal right to sell the property in question. Even though anybody can do a little search, especially in this digital age, an attorney will be able to accomplish it much faster, and often cost less. If something problematic comes up, your attorney can let you know how to proceed.
When one or more parties involved are corporations, trusts, or partnerships, the contract preparation and ensuring negotiations can get highly complicated. An attorney understands these different types of business arrangements and their legal boundaries within your state’s law. This means that the attorney will make sure that the contract is consistent with the law, but also that the terms of the deal will not violate in any way the partnership’s, trust’s, or corporation’s charter agreements.
Real estate deeds typically have to be filed at the county and state levels- an attorney can do this quickly and efficiently. Moreover, if the transaction involves property in an area where certain types of construction may not be permitted, the attorney can help navigate the maze of state regulations in order to complete the transaction.
Sellers Need Attorneys Too
If you’re selling a property, you need an attorney in order to reduce your chances of being sued by the opposing party for failure to disclose certain information. An attorney will review the home inspection and also ensure that all relevant facts about the property (as well as any judgments or defects) are made known to the other party. This is especially key when the opposing party is a corporation or a partnership.
If you are seeking a real estate attorney, contact Thomson & Thomas PA for a consultation today.