Real estate transactions involve complex legal issues beyond the simple exercise of selling and buying property. For instance, it involves contracts that protect the interest of both parties and scrutinizing crucial documents such as titles to determine if they can facilitate a legitimate transfer. Therefore, it's crucial to have a real estate attorney when engaging in such transactions to protect your rights and comply with laws and regulations. The following are some of the services that a real estate attorney may offer during transactions.
The help in drafting, preparing, and scrutinizing documents
A real estate transaction can't occur without proper documentation, e.g., contracts and transfer documents like title deeds. Before signing a contract, you have to understand the legal implications of different clauses in a contract and your obligations as a buyer or seller. Violation of the clauses may lead to loss of property or legal disputes in court. A real estate attorney is an expert in property contracts and explains the legal repercussions before advising you on whether to sign. Moreover, they help scrutinize transfer documents to ensure they're legitimate and prevent financial loss after purchase. For example, they conduct title searches to ensure a seller has the legal right to make transfers and there are no outstanding taxes or liens against the property.
They represent you in legal disputes
Disputes are common in the real estate world. They result from contractual disagreements, fraud, boundary issues, and zoning laws and regulations. For instance, a dispute based on fraud may arise when a seller or a real estate agent fails to disclose crucial information, such as a building's weak structural integrity resulting in collapse within a short period after purchase. A real estate attorney helps you file compensation claims against the seller and pursue punitive damages. Moreover, real estate disputes involve a lot of legal procedures and jargon that a person without legal training may find challenging to comprehend, increasing the chances of losing the case. Attorneys are familiar with legal procedures, and their representation promotes a fair process and increases your chances of success.
They oversee the closing process
Closing is the final step in real estate transactions where the buyer and the seller agree on every detail, from contractual obligations and sale price. The only thing that remains is the money exchange and the seller handing over the property to the buyer. Attorneys help set up a convenient closing date that doesn't infringe on any parties' interests. They also help prepare a notice of adjustment, which sets out the purchase price of a property and any unpaid taxes or liens.
Real estate attorneys perform their duties to protect the interests of a client. When participating in real estate issues, it's essential to have the representation of a reliable attorney to help you with drafting and preparing documents, represent you in legal disputes, and help finalize closure proceedings.
For more information, contact a real estate attorney near you.