Buying a house can be a very exciting endeavor, but it can be expensive, complicated, and even occasionally confusing. For most of us, purchasing a home or property is one of the largest purchases we will make— it’s a major life event! Hiring a real estate attorney can help you navigate the twists and turns of real estate and even help you save money (and stress).
As you go through the process of purchasing a property, you will deal with agents, banks, and title agencies at every turn, and no one will have your best interest—or your pocketbook—in mind. That is, except for your real estate attorney, who has been hired solely to protect your interests.
Here are just a few ways a real estate attorney can help you to make the most of your investment.
Knowledge of the Property’s Potential Legal Issues
Some properties, such as historic homes, have restrictions or regulations that may directly conflict with how you intend to renovate or use the property. For example, if your dream home involves the non-negotiable installation of an olympic-sized swimming pool or an art studio outbuilding in the backyard, and you only discover after purchasing your home that neither of these changes are allowed, you may wish to sell your home and find a home elsewhere that will allow you to do so.
Re-selling a house, even in an incredibly strong market, can be a very expensive undertaking, and recovering all of your investment is highly unlikely. A real estate attorney will be there to ensure that this sort of problem doesn’t happen in the first place. They’ll check (and double-check) your wish list, so you won’t be blindsided when you’re ready to dig your new pool.
Reviewing Your Purchase Agreement
Real estate law is complex, and some purchase contracts are specifically designed to be complicated to confuse you. Your real estate attorney will review the language of your purchase contract to make sure that your best interests are covered throughout the agreement. No nasty surprises can hide within the jargon of your contract if you’ve got a dedicated real estate attorney to look it over.
The Art of Negotiation
Negotiating anything can be complicated, and when you’re making a purchase or sale as large as a home, business property, or plot of land, the stakes are high. Your real estate agent has knowledge of the market, experience in negotiation on such a large scale, and will be sure to help you get the best deal possible.
The title to your property is your proof, or representation of ownership. When a title is being transferred from owner to owner, there are many things that can go wrong along the way.
An incorrectly transferred title can give another person legal claim of ownership to your new property, putting your ownership in jeopardy, and even resulting in an expensive legal battle. Rather than risk the errors on a complicated legal document, entrust a well-versed expert to sniff out any potentially costly mistakes.
Proper Title Documentation
Even after a successful title transfer, there are still things that can go wrong. After you cross all the t’s and dot all the i’s on a title, it still needs to be publicly recorded; this is the public documentation that your property belongs to you.
If there are any issues with the record of your title, it allows questions of the validity of your ownership to pop up. Even though you are the rightful owner, these questions, if pursued in court, can quickly add up and mean an expensive, time-consuming headache for you. Your real estate attorney will protect you from this by reviewing the proper filing of your title.
Selling a Property
While selling a property may seem easier in many ways than buying one, certain questions will likely arise, and a real estate attorney will be well-versed in the answers. Their day-to-day involvement with real estate means that they will know whether a property can or should be divided (and if that will mean more money for you), whether you can impose a covenant placing limits on development on the land, and what your rights are as the seller. They will be there to assist you with each new question and save you major dollars along the way.
Expertise: The Ultimate Timesaver
In our busy world, nothing is more valuable than time. While you may be fully capable of decoding and translating the complexities of real estate law, a real estate attorney does just that, daily. Why spend valuable hours throughout the entire process of buying a new home or property when you can hire an expert to it for you in a fraction of the time?