The most significant investment you can make is buying a home or piece of property. In fact, buying a home is like climbing a mountain in the dark—sometimes it’s a rocky, uphill battle and a number of unforeseen legal issues can arise, throwing your entire transaction off track.
Following the Map
A real estate lawyer provides expertise in handling the documents and any litigation resulting from the transaction. Some of the documents in the transaction include:
Real estate attorneys also help to resolve issues with title insurance or any environmental problems. For example, the lawyer will ensure you have title insurance in order to protect your finances and investments from a potentially defective title.
Falling Off the Beaten Path
So what could go wrong in a real estate transaction? Just like you could get lost or fall while climbing a mountain, legal issues can arise in a real estate transaction. Some issues that could arise include:
- Registered liens against the property
- Easements or encroachments (neighbors imposing on your property line)
A real estate lawyer is introduced to file a lawsuit or defend a case in court. In many cases, lenders will use the services of a real estate lawyer to execute a foreclosure while in other cases, some real estate lawyers will be on the borrower’s side, defending against a foreclosure case.
Don’t Get It Twisted – Get it Right!
If you are in the process of purchasing a home, you should have an attorney to explain the real estate contract to you and how you will assume the title to the property (whether sole ownership, tenants in common with two owners, joint tenancy with right of survivorship, community property according to state that you live in, or revocable living trust to avoid probate taxes and delays).
The lawyer will prepare all legal documents including the deed and register it with the state. You can depend on a real estate lawyer to clarify the mortgage terms and if necessary, work along with the bank to modify the terms of the mortgage agreement.
A good real estate attorney will do everything necessary to make sure that you get legally binding registered ownership, which is only subject to the liabilities you accepted – nothing more, nothing less!
The Seller Needs a Real Estate Attorney, Too!
A real estate attorney is just as important for the seller. The lawyer will also review the sale agreements and negotiate the terms of the contract as necessary. In most cases, the lawyer will help the seller to:
- Prepare a power of attorney when necessary and the deed
- Handle and correct any subsequent title issues
- Go to the closing and review the paperwork before you sign
- Make arrangements for security deposit transfer
- Make arrangements for any necessary insurance certificates
- Draft the real estate documents
Reaching the Peak
Many home buyers will ask for help in negotiating the terms and the conditions of a real estate transaction. Some buyers will negotiate on their own while the attorney completes the necessary research on the property. In both cases, the lawyer becomes guardian to the client, ensuring that there are no legal traps.
Get on the Right Path…
Purchasing and selling a home can be a rigorous, lengthy, and overwhelming process, but by working with a knowledgeable legal team, you can reach the peak!
Get on the right path with your real estate transaction. For more information on how a real estate attorney can help you, contact the experts at Title Lab today by calling 305-440-4150 today.
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