Why A Real Estate Lawyer Is Beneficial When Buying Property
One of the biggest investments you will make in your lifetime is the purchase of a home or real estate. It is a process which you will need to think through before you commit, but also make sure that the property you are purchasing is worth its value, as well as is free of any legal issues tied to the property. In order to properly determine whether or not there are issues, you need to retain a real estate attorney, Here is an overview of some of the issues you may find attached to your property and how a real estate attorney can help you.
Title Review and Potential Issues
When you hire a real estate attorney to handle the purchase of your home or a piece of property, they will do more than just attend the closing. An attorney will be able to review the title to the property and make certain that there are no issues that need to be rectified before the closing takes place.
To begin with, if there are any liens on the property, and no one is made aware of those liens before the closing, the liens attach themselves to the property and they become your responsibility. If an attorney is able to find out about those liens before the closing takes place. Also, an attorney will be able to see if there are any encroachments on the property. An encroachment is when a structure is built on neighboring property that encroaches onto your property line. Many banks will not mortgage a piece of property if there is an encroachment.
Believe it or not, there are times when a seller enters into a contract to sell a piece of property that they are not otherwise allowed to sell. This would be in the case of someone passing away but the property was never transferred through surrogate's court. A real estate attorney will want to make sure that there is proof a prior owner has passed away, and they they will want the intended seller to become the lone and legal seller of the property before you close your transaction.
There are so many more reasons why a piece of title can have issues, so it really will benefit you if you retain a real estate lawyer even before you enter into a purchase contract. By having an attorney like Michael Adler advise you along the way, you'll be sure to own a piece of property that has no legal issues attached to it whatsoever.