Purchasing a house is not as easy as buying bread and milk in the grocery store. The world of real estate is fast-paced and could be a dog-eat-dog arena that demands complete diligence and knowledge. Buying or selling a property is by no means a simple transaction. It involves some legal issues including changes of ownership from one person to another. If you have no professional know-how, you might want someone who does to hold your hand.
If you’re wondering what a real estate lawyer could help you with, in 2021, here’re a few pointers.
What’s A Real Estate Lawyer?
As suggested by the title, a real estate lawyer is a legal expert trained and licensed to practice real estate law. At any stage, real estate lawyers like Cincinnati lawyer Ryan Gibbs are knowledgeable about the many statutes and legal issues involved in real estate.
What Does A Real Estate Lawyer Do?
Typical duties carried out by real estate lawyers include handling due diligence such as:
- Conducting surveys
- Reviewing property titles
- Doing third party reports
- Drafting documents such as loans, purchases, or sale agreements
- Drafting or reviewing lease agreements
- Negotiating and closing property deals
Why You May Need A Real Estate Lawyer
Whenever you’re dealing with issues about properties, some various laws and regulations may be difficult to understand if you’re a layperson. Depending on your state laws, you may need to acquire the services of a real estate lawyer.
Whatever the case is, getting a lawyer to handle your real estate business has the following benefits:
1. Legal Protection
Unlike the regular real estate agent, a real estate lawyer will always have your best interests in mind in terms of the legality of your property transactions. They’re able to protect your rights during the purchase or sale of your property.
2. Proper Counsel
Because the estate agents typically want to make a sale, they may not always give you proper legal advice when you’re transacting in the property market. Some agents may also be unaware of some of the legal procedures and they may neglect to notify you of them. On the other hand, real estate lawyers will normally be obliged to give you proper counsel so that you make informed decisions when dealing with properties.
3. Risk Aversion
If you acquire the services of a real estate lawyer well on time, you stand a good chance of getting an objective risk assessment of your property deal. Having a lawyer involved in your property business could also give you peace of mind knowing that any potential risk has been considered and avoided.
4. Full Disclosure
A real estate lawyer will keep you abreast with any possible developments during your property negotiations. They’ll regularly inform you of any changes, be it in your contract or any other area. Lawyers are obliged to keep you well-informed of all the procedures in your property deal. They’ll be with you throughout the process until the deal is closed.
5. Keeping Track Of Things
The property market has a lot of procedures, documents, and stages that need constant monitoring. It can be likened to managing a complicated project, and that’s where real estate lawyers can come in handy. A lawyer will keep track of the whole process. This may include inspection, review dates, title search, and many other documentation processes.
A real estate lawyer will naturally guide you through the entire process of buying or selling a property. This is because lawyers know all the nooks and crannies and all the clauses in legal documents right down to the letter. Your real estate lawyer will know how to interpret legal documents, all the transfer details, insurance requirements, and other such issues.
When dealing with real estate documents such as title deeds, bank notices, sale agreements, and other important paperwork, there’s a high chance of making technical errors such as spelling, grammatical mistakes, numerical blunders, and name confusion. Such mistakes could be costly and may delay your property deals. When you have a real estate lawyer, however, you can rest assured they will go through the documents with scrutinized accuracy.
7. Time Management
When it comes to closing the deal, your lawyer will make sure there’s the proper and timely submission of all the paperwork. They will also make sure there’s no delay in your closing date.
So Do You Need A Real Estate Lawyer?
If you, like most people, think employing a real estate lawyer is an unnecessary expense, think again. The extra cost of hiring one will prove to be nothing compared to the many legal issues a real estate lawyer will shield you from. With the lawyer on your side, making a home purchase or sale will seem quite like a breeze.