What Are The Responsibilities Of A Real Estate Lawyer And Why Do You Need One?
When buying a home, there is a lot of legal documentation and regulations you need to sort through to ensure the home is legally yours. While you can look through the documentation yourself along with your real estate agent, it's always a good idea to hire a real estate lawyer to help you with the process.
In real estate, mistakes could end up being costly or result in the loss of the property. What are the responsibilities of a real estate lawyer and why do you need one? Here are just a few things to think about.
They Can Handle All Documentation
Depending on the type of property you are buying, different documentation will be required to complete the legal sale. If you are buying a house for your own personal use, then the documentation is simpler. If you are buying a commercial property or rural land, the documentation is more complicated such as water rights agreements, title transfers, and land leases along with the purchase agreement.
Your real estate lawyer can handle all documentation regarding the purchase of your property. This includes doing title searches, checking zoning laws if you wish to build on the land or extend the existing home, and more.
They will also complete the purchase agreement and make sure all documents signed are in compliance with your state's laws.
Help With The Transfer Of Funds
You might need a mortgage or are using a lender or some other form of financing to buy the property. A real estate lawyer can help with the negotiation of these funds plus better interest rates to get you a fair deal.
They can help set up the transfer of these funds to the seller. They will attend the closing of the property to ensure the correct and legal transfer of the final payment from your lender to the buyer and have all documentation signed.
They can help you work with your bank or financial institution to ensure your monthly mortgage payments are set up correctly and that all relevant funds will go to the lender.
Help With Any Legal Disputes
While most transactions run smoothly when buying a property, other times disputes can arise. While it's best to try to work out any problems on your own or through a mediator, sometimes these issues will end up in court.
Your real estate lawyer can help you with any disputes that might arise due to a property purchase, lease agreement with your tenants, or any other legal issue that comes up.
For more info, contact a local real estate attorney.