Real estate attorneys are required in many states across the United States to oversee real estate transactions. The presence of attorneys at a real estate deal ensures both the buyer and seller’s interests are equally protected. But that begs the question, do you hire a real estate lawyer?
But in states where it isn’t required, like Arizona, their presence and help are still worth it, especially if you are a first time buyer or are uncomfortable with the process.
How a Real Estate Attorney Can Help
When you sit down to negotiate a real estate transaction, it’s easy to come up with verbal terms you hope either side will abide by. But, when it comes to transferring those verbal terms to a legally binding contract, having a real estate attorney to turn to is invaluable.
Real estate attorneys will make sure all paperwork is appropriately drafted and executed so that it follows all state laws. They will also address particular issues you think might affect your ownership later on (such as easements, how you are able to sell the property in the future, etc.). Additionally, a real estate attorney can perform a title search before closing to determine if the seller even has the right to sell the property.
There have been hundreds of cases nationally where homeowners purchase property under fraudulent pretenses and don’t learn of the fraud until much later – costing them a tremendous amount of money in court fees..
Property sellers need real estate attorneys just as much as buyers do. Having an attorney on your side from the beginning can prevent your chances of being sued by the purchasing party if they feel like you did not divulge certain information.
Real estate attorneys will review the home inspection information and make sure to disclose specific facts to the other side.
Why You Should Hire a Real Estate Attorney
Commercial real estate transactions generally involve complex negotiations and contracts to guarantee that either side’s interests, both present and future, are protected. And, during residential transactions, when it feels like a real estate agent may be able to handle every aspect of the deal, you need to ask yourself who exactly the real estate agent is protecting?
Realtors work on commission, they’re only goal is to help you find a home you love, or a buyer for the home you love. They do not have as much foresight as a real estate attorney would for the specifics of the deal.
So, should you hire a real estate attorney? The bottom line is, yes.
If you are engaging in a real estate deal, having a real estate attorney protect your interests is paramount. Experienced real estate attorneys, like our group here at Bailey Law Firm, are vital assets that will help you navigate complex or uncomfortable real estate transactions and protect you from unnecessary legal action in the future.