If you are planning to buy a new home, you will probably encounter a lot of new information and details that might be a little too complicated. A real estate attorney can help you avoid costly mistakes and ensure that you do not get the raw end of the bargain. Here are 4 reasons you should have an attorney help you close a real estate sale.
1. Negotiating Contracts
Contracts are an essential part of any real estate sale. When buying a house, you need to memorialize the terms of the deal in a contract to make them legally binding. An experienced attorney can negotiate a good deal on your behalf and ensure that the contract is in line with all state laws. After reviewing the contract, he/she will make you aware of any legal glitches and add any contingencies you may have.
2. Conducting Title Searches
This is one of the most important roles played by attorneys in real estate dealings. The work of the attorney is to ascertain that the property on sale does not have any encumbrances such as judgments or liens. This will ultimately determine whether the seller is legally allowed to sell that particular property. If, for instance, the title search indicates that a lien must be paid before transferring ownership of the house, your lawyer can address the issue by, say, suggesting that the seller reduce the original price.
3. Handling Complex Property Transfers
Negotiating a real estate deal is often complicated when it involves a corporation, partnership, or trust. A real estate lawyer is familiar with the different types of business arrangements and how they are governed by state laws. This makes it easier to negotiate a better deal while staying within the boundaries of the law. They are also able to close the deal without violating the charter agreements of that corporation, partnership, or trust.
4. Filing the Real Estate Deed
Real estate deeds are usually filed at the state and county level. An attorney can significantly speed up this process. Additionally, if the property is located where certain types of construction are prohibited, the attorney can be able to navigate the web of regulations to allow you to close the deal.
Having an attorney is equally important if the deal involves commercial property. He or she will have an easier time obtaining your tax identification number and establishing your business as a valid entity for the purposes of state tax.
You are not legally obligated to have an attorney when purchasing a house. However, going into the deal alone increases your chances of neglecting certain legalities and, as a result, incurring unnecessary lawsuits. For more information or further assistance, the Law Office of Ray Garcia has your back. Contact us now today.
Law Office of Ray Garcia, P.A.
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