Buying a property is perhaps the most important investment decision in a person’s life. Whether you are planning to buy a new property or sell an existing one, the first thing that you need to do is hire a credible real estate attorney. There are many factors that you need to consider. One wrong decision on your side can very well jeopardize your chances of making a sound investment. Hiring a real estate lawyer will protect you against unforeseen events and ensure a low-stress closing. Here are top benefits that a real-estate lawyer can bring to you:
Check the Fine Print. Many times the documents you receive are as thick as a phone book. An attorney will take those documents apart and check every inch of it for inaccuracies. Too often buyers of homes in common interest developments like condominiums and townhouse projects don’t read and understand the Conditions, Covenants and Restrictions (CC&Rs) that cover their ownership interest. A real estate attorney who has experience with condominiums can point out the important elements of the CC&Rs, so you don’t find out later that your ownership rights are restricted.
Make Sure It’s Legal. A real estate attorney will know if it just won’t fly. A real estate agent can’t give legal advice unless he or she is also an attorney.
Check Title Issues. If there is anything the title report you don’t understand ask the title officer for an explanation. Talk to a real estate attorney if your questions aren’t answered to your satisfaction. Problems with a title issue can be disastrous and the cost of defending your property can be substantial. Often, attorneys will examine title to the property as part of the purchase transaction. Stay ahead of the game.
Give Legal Advice on Pending Litigations. Many condominium associations are involved in pending litigation, and an attorney’s opinion of the probable outcome will keep you from investigating in a losing proposition.
Ease Your Mind. If you have a decent amount of money at stake, you may want to protect your assets by bringing in a real estate attorney. The question is – who is watching out for you interest? If the sellers are unreasonable in their requests or they request something out of the ordinary, it’s a good time to bring counsel.
Be sure to consult an attorney who specializes in real estate law. Ask your real estate agent or your attorney to recommend someone who has expertise in real estate.