Buying or selling real estate is probably one of the most significant financial decisions you will make in your life. It involves property law, which is not only unique but also raises issues of practice and complexities that are not present in other types of transactions. A real estate attorney is trained in these areas of law and has the most experience to deal with any issues that arise from real estate transactions.
While different states and regions have varying requirements regarding the hiring of a real estate attorney, there are several reasons you should consider hiring an attorney. Whether you are buying or selling a property, a lawyer can help you avoid some of the common problems. For instance, an attorney can explain the effect of multiple listings and recommend a legal solution.
Even if some of the most common transactions can be handled by an agent, you may have to consult with a real estate attorney to answer some crucial questions, such as the tax implications of a transaction. In the case of a property sale, a lawyer can advise how to take advantage of tax provisions to allow for capital gains in certain circumstances.
Complex Real Estate Transactions
Attorneys can also come in handy when one or more parties are partnerships, corporations or trusts. The negotiations and contract preparation can be complex, requiring the expertise of an attorney with an understanding of different types of business arrangements. An attorney will also ensure the contract is within the law.
Working without a lawyer can be a risky ordeal. The attorney is responsible for reviewing the property inspection and making sure all relevant details regarding property are made known to the other party. Therefore, working without a lawyer increases the chances of a legal suit by the opposing party for failing to disclose vital information. A lawyer will also ensure you file all the appropriate documents required for the transaction.
Having legal counsel is imperative when it comes to real estate. A competent, experienced real estate lawyer can help to protect your interests and make sure your real estate transaction is within the legal boundaries of your jurisdiction.