Seek Counsel When Buying or Selling Real Estate
Why hire a real estate attorney?
It’s wise to consult with an attorney that specializes in real estate law when you’re buying or selling real estate. They are experts in drafting and reviewing real estate contracts, they’re familiar with title exam or abstract language, they can prepare or review your deed and related settlement documents. A real estate attorney can also review all loan closing documents provided by your lending institution.
Don’t risk potential financial loss
A knowledgeable real estate attorney can protect a buyer or seller from potential financial loss. Sales contracts often include clauses that can have financial consequences for buyers or sellers when either party falters. Loan documents with errors can be costly to resolve after the closing papers are signed. A deed or survey defect may be detected and corrected by an attorney who oversees your transaction.
Buying or selling real estate without representation
People today are more educated in real estate matters than ever before. There are books, videos and websites like ours that inform people. As a result, more people are buying or selling property without representation. Whether it’s a FSBO (for sale by owner) transaction or a cash deal, if there’s no Realtor® or lender in the mix, critical steps in the process could be missed. Don’t go it alone. Seek legal counsel.
Real estate titled in a trust
Use of your property, the ownership interest of others, or strategic moves related to financial or estate planning may require that you transfer the deed (title) to your property into a Trust. This will obviously involve an attorney. While a trust may provide certain income tax advantages or may reduce personal liability, it may also impact your property homestead exemption or taxes. Investigate these details.
Property to be included in a will
Planning to leave your property to your children, family members or a close friend? Consult with a real estate attorney first. It could be as simple as stating final wishes in your Will and filing a Beneficiary Deed, or it could be quite complicated. If your heirs can’t pay mortgage or other liens, handle probate proceedings or pay any related taxes, you could be leaving them with big problems. Seek counsel first.