Most people buy or sell a relatively few pieces of real estate in their lifetime. However, these are often the largest investments they will ever make. That fact alone argues for hiring a real estate lawyer to make sure that the paperwork and the deal protect your interests. However, making sure that the sales contract is well-written isn't the only good reason to hire a real estate attorney. Here are four situations in which a real estate lawyer can be a great resource.
1. When you're buying or selling a commercial property. Commercial properties have more stringent inspection and financial requirements than residences. For such transactions, it's wise to have an attorney with experience in such transactions to make sure that everything about the deal is as it should be before you complete the deal.
2. When you're an out-of-town buyer. If you are moving to a new city and buying a new house and/or selling your old home remotely, it's a good idea to have a person present in the city to oversee the preparations for closing. Even if you are planning on attending the closing, it's wise to have someone there to make sure any inspections give done on time, any lien issues are satisfied and any agreed upon repairs are completed as promised.
3. When you have a gut feeling that this isn't going to be a smooth transaction. Sometimes you just have a feeling that something is going to turn up at the last minute to stop your real estate deal from going through smoothly. In such instances, having an attorney who is skilled in real estate law to represent your interests can mean the difference between closing the transaction and going home disappointed.
4. When it's a complicated transaction. According to the New York Times, most New York City home buyers are represented by an attorney. That's because real estate transactions in the city are generally complicated. That's because in addition to the usual concerns about titles and contracts, buyers in this market also often have to deal with co-op association requirements and building association minutes to scrutinize. However, you don't have to live in Manhattan to have a complicated real estate transaction. Liens, problems with inspections and historic building status can all present issues at closing.
While having an attorney to represent you when you purchase or sell a property isn't a requirement, having an unbiased person represent your interests can help you avoid making a costly mistake and/or help you close a complicated real estate transaction quickly and without a lot of hassle. It's often money well spent. Contact a real estate lawyer like Ward & Ketchersid PA today for more information.