Buying or selling a home is a major transaction that involves multiple processes. You have to guard yourself against common mistakes that other real estate investors make. This makes it vital to engage a skilled attorney to offer legal support in the process. The professional will come in handy, particularly in interpreting the contract and verifying other essential documents. What exactly is the role of a real estate lawyer during real estate transactions? Read on to find out.
- Drafting& reviewing the sale contract
A real estate attorney will help you draft the sales contract to avoid making costly mistakes. They will review the document and help you solve any issues before signing the contract. The professional will represent you in the transfer of the property. Examples of important aspects included in the sale contract are;
- Down payment amount
- Type of mortgage
- Condition of the property on sale
- Compliance with the state’s building codes
- Sale contingencies, i.e., Property inspection
- Closing date
- Drafting contract amendments
An Mb Law – Real Estate Lawyer, will tell you that most contacts require amendments. For instance, it may take longer to complete certain processes, hence the need to amend the dates included in the contract. If the home inspector identifies some defects with the property, you may also want to make changes to the contract, and an attorney helps with this. They help update any new information regarding the property, which may even include natural disasters that strike and damage the property.
- Title verification& Reviewing liens
This is perhaps the most important role of a real estate attorney. The legal expert verifies that the property seller possesses a good marketable title. They also investigate whether there are issues surrounding the title and the property on sale. This involves conducting searches at the land’s offices to ascertain if the seller is the actual property owner.
What’s more, the attorney will help uncover any tussles relating to the property on sale and advice accordingly. They will determine whether there are restrictions that may interfere with the use of the property.
- Property transfer
A real estate attorney helps draft deeds and reviews the contract relating to the transaction in case of partnerships. And this avoids breaches to the contract. They ensure that both parties abide by the right protocol to avoid issues in the future. Moreover, the attorney ensures a smooth process to effectuate the transfer.
- Fulfilling additional legal requirements &Disclosures
Some property sales may require more steps. For instance, if the property is located in a wetland or the building permits aren’t secured, you may have to rebuild the structure. Also, zoning restrictions may apply if you plan to use the property for commercial purposes.
The attorney will help disclose all the information concerning the property. They will prepare the disclosures to avoid legal issues that may arise later on. What’s more, the attorney will include a home inspection clause in the property buyer’s documents to guard against unknown defects before closure.
An attorney plays an indispensable role when it comes to buying or selling property. Without legal guidance, you may discover issues with the property after signing the deal, which can be costly to remedy. To avoid this, have an attorney review the sale contract and liens.