Are you planning to buy or sell real estate but you really don’t have enough knowledge when it comes to legal matters involving transactions? If so, you may want to consider hiring a real estate attorney to do the work for you.
In fact, if you’ve had a real estate transaction in the past, you know how important a lawyer’s role is to the job. But if you’re new to business, the following may help you understand how an attorney can help you handle real estate transactions, whether you’re buying or selling property.
If you are buying property, an attorney must:
- Help you fully understand the purchase contract, including the process of obtaining title to the property, or in other words, the process of acquiring title.
- Also do the work of verifying that there are no covenants, easements, encumbrances, etc. registered against property that could obstruct the use of such property.
- Process the registration and all legal documents of the property.
- Help you understand the terms of the mortgage and work with your bank if a modification or adjustment is required. You can review adjustments, including taxes due and other costs paid before the transaction closes.
- Also work on reviewing all the documents you’ll need to sign.
- Work for your property insurance so that you are protected against losses that could be due to title defects.
- Make sure you get a valid registered property subject only to the responsibilities you have agreed to.
In case you are selling a property, an expert real estate lawyer should:
- Review and explain the binder, also known as an “offer to purchase,” a guaranteed cash advance payment between a buyer and seller as an offer to purchase a property. In addition, you can also review or prepare the sales contract, including the negotiation of its terms.
- Also working with or arranging for the transfer of security deposits or the deposit of money to the landlord to ensure rent is paid and other responsibilities of the lease, such as paying for damages caused by the tenant.
- Also arrange for insurance certificates if required.
- Prepare the deed and power of attorney when necessary.
- Help you address any title issues that may arise and correct them accordingly.
- Represent you at the closing and review all the documents you will need to sign.
An experienced real estate law attorney can help you address the legal burdens you may face in any real estate transaction.