In most states, like Arizona, a real estate attorney is not required to sell your home. But that doesn’t mean having one is a bad idea. So what does an effective real estate attorney do for the seller?
Real estate attorneys will work to protect your interests from day one by overseeing the sale of property contract’s drafting, participate in negotiations with the buyer, and finally, facilitate the closing. A seller’s real estate attorney is meant to mitigate potentially costly issues that might crop up in the future.
How a Real Estate Attorney Can Help You Sell Your House
While you do not necessarily need a real estate attorney to sell your home, or commercial property, there are certain situations where it becomes necessary. A real estate lawyer can prepare and review documents relating to any agreements you make as a seller, any mortgage documents, your title documents and transfer documents. A real estate attorney hired to handle a transaction will always attend the closing with the buyer.
Liens
A lien is a legal right that is placed on a piece of property when that property is used as collateral to satisfy a debt.
For instance, let’s say you had work done to your home, but you had a dispute with the contractor and refused to finish making payments until the dispute was resolved. Well, the contractor can place a construction lien on your home – giving him legal rights over the property until the debt is paid. If your property is subject to a lien, you will have a much harder, if not impossible, time selling the property.
A real estate attorney can settle the dispute which lead to the lien, allowing you to close on the sale of the property and provide the buyer with clear and free legal right to it.
Joint Sale
Joint sales occur when you decide to sell a piece of property with someone other than your spouse.
For example, if you bought a commercial building with a group of individuals (none of whom you were married to), this would constitute a joint sale.
And in this situation, a real estate attorney would help protect each seller’s interests, ensuring each seller’s happiness.
Short Sale
A short sale is where your lender lets you sell the property for less than you owe them. This type of sale is much more complex than most property sale matters and having an attorney’s help will ensure you navigate these complexities easily without running into issues in the future.
Does the seller need an attorney at closing?
Having a real estate lawyer in your corner can protect you from documentation issues, errors with your title and potentially expensive lawsuits. Like most states, Arizona doesn’t require that sellers obtain legal representation—but, in many cases, it would be reckless not to lawyer up.
Real estate attorneys can help you sell your home or commercial property with less headaches than if you simply hired a real estate agent or tried to do it yourself. There are several issues that can come about during complex sales, like a joint or short sale, or a when your property has a lien against it.
Having real estate attorneys, like our team here at Bailey Law Firm, to help you allay such issues is essential when purchasing a new piece of property.
Contact us today to schedule your consultation. We can’t wait to get started!
