When you think of hiring an attorney, it’s often anticipated that a difficult or unpleasant situation has arisen. However, the act of buying or selling real property, while an exciting time, presents several legal challenges where having a real estate attorney by your side can be greatly beneficial.
Let’s look at some of the benefits of hiring an attorney when buying or selling real property.
Contract & Document Review
As with any legal transaction, the paperwork is plentiful. And in the purchase or sale of real property, there are several important documents that may require a legal professional to ensure your interests are well represented. These include the appraisal, the home inspection, any disclosures and most significantly, the contract. During the due diligence period, a real estate attorney provides perspective and advice when evaluating and assessing potential problems in the inspection or assuring the contract is well negotiated, accurate and properly represents their client.
The title search is normally a routine process. But it’s also a critical piece to the transaction as it guarantees no other financial claims to the property. A sale cannot proceed until this is completed. An attorney can investigate and resolve any liens or issues with the title should something turn up in the search. If the issue gets complicated, having an attorney involved to either nullify the transaction or find a resolution can save time, money, and worry.
The most exciting part of a sale or purchase is the closing. It’s also the most complex. A closing is a multi-step process that involves numerous documents and filings. Having a real estate attorney present at closing ensures your interests are protected. An attorney will review and explain all the necessary documents while confirming proper transfer of the title, allocation of the fees and appropriate filing with the county.
At TCMSC Law, we are committed to providing sound legal advice and counsel to individuals, farmers and business owners in matters involving the sale or purchase of real property. If you’re considering a property purchase or sale, contact us for a consultation.