A real estate lawyer can offer you the best advice before you sign a contract, apply for a loan, or start the official home-buying process. While you may ultimately decide you don’t need assistance from a real estate attorney, their services are best procured before you enter into any legally binding contracts.
A blogger at Realtor.com shares:
“A common question I get from prospective clients is, “I signed a contract, and I want to get out of it. What can you do for me?” Or, “A court entered a judgment against me six months ago, and now I want it to go away. What can I do to avoid paying it?”
A real estate lawyer can help you avoid entering into agreements that aren’t beneficial to you or which include language or terms that aren’t appropriate for the circumstances. While the expense of a lawyer may seem steep in some cases their fees often only account for a very small percentage of the overall purchase or sale price of a piece of real estate.
Don’t assume that merely reading a real estate contract from start to finish absolves you of any problems that may come your way down the road. You may not understand the full ramifications of the contract you’re signing or the difficulties the agreement might create in the future. A lawyer with experience in real estate or with an emphasis in real estate law is your best ally.
Consider: The few thousand dollars you spend hiring a real estate lawyer can pale in comparison to the extra hassles and money you must pay if you encounter a problem with your real estate transaction. Even if the law doesn’t require a lawyer to participate in a real estate transaction, it’s your right to hire professionals of your choice.
A Real Estate Lawyer Can Help With Buying and Selling
You may assume a real estate lawyer is only necessary when you purchase a property, but you can benefit from the guidance and assistance a real estate lawyer can provide when you sell your house, commercial property, or real estate holdings. Your lawyer can help you avoid vague terminology and unclear verbiage in your real estate contracts.
The real estate blog at Find Law explains:
“Even if a lawyer is not needed during the course of negotiations, the buyer and seller each may have to consult with a lawyer to answer important questions, such as the tax consequences of the transaction. To a seller, the tax consequences may be of critical importance. For example, the income tax consequences of a sale, particularly if the seller makes a large profit, may be considerable.”
An attorney may be the best resource a seller has in making sure a hefty capital gains tax doesn’t come into play for the seller for the tax year in which he or she sells the property. Attorneys are also an excellent ally in making sure the purchase agreement is worded in the right manner. A lawyer will know exactly what changes and modifications should be made in the event an agreement contains improper language.
For example, a lawyer will help you figure out whether the addition on the back of the house that you’re buying or selling was completed with all the necessary permits and within the boundaries of the law, so you won’t face problems during the inspection or at any point after serious negotiations have begun for the sale.
Do You Need Assistance from a Real Estate Lawyer?
Have you decided to sell your home? Is it time to invest in new property? Contact Suburban Legal Group for expert assistance with your real estate transaction.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Suburban Legal Group PC shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.