Making major sales transactions probably isn’t an everyday thing for you. This means that when you’re buying your home, for instance, you’re unlikely to be an expert in real estate transactions. Instead of handling it yourself and risking a costly mistake, work with a legal professional who has expertise in this area. Having a good attorney with experience in multiple areas of the law on your side will pay dividends. Let’s look at two legal experts you might need.
A Business Attorney
It is important to remember that buying or selling property is a legal process. It is also a legal transaction. How you go about this can make or break the deal.
Buying or selling real estate is a big decision. Before you sign the deal, there are multiple factors that you should consider. For example, you might think about the size of the property, the price, and the condition of the building…
When you agree to buy or sell a property, you might also be agreeing to other conditions. Once you sign the contract, it will become a legally binding document. For this reason, you should discuss it with a business attorney. This discussion will ensure that you understand the terms of the agreement and any obligations that you will be accepting. Read more at Mediation Matters
A business attorney could assist you in restructuring the deal. You can be sure you are getting the best terms if an attorney gives their approval.
A Real Estate Attorney
Apart from a business attorney, you may also want to involve a real estate attorney. You may think you can handle it on your own. However, having one will ensure the other party does not take advantage of you.
1. Real estate contracts are not as standardized as you may think. Far too many people assume that real estate contracts are standard instruments that cannot be changed and that they already know what to expect when looking at a contract. This isn’t true. Most legal instruments related to real estate can be negotiated and changed just like most other contracts— and without an attorney, you may not fully understand how these changes may affect you.
2. A real estate attorney can ensure that no small details fall through the cracks. A lot of nitty, gritty details must be addressed during a real estate transaction. Disclosures must be made properly, titles must be cleared, and many specific local laws must be complied with carefully. Failure to address all these details could lead to a lawsuit. Read more at Larsen Law
With a real estate attorney on board, there is a guarantee of incorporating any changes to the prevailing laws. This is one way you stand to benefit when you work with legal professionals.
Other Benefits of a Real Estate Attorney
Legal terms can be vague and confusing to the average person. An attorney will help you unpack the meaning of statements within the contract you are to sign. Plus, you will also know what to do if changes come up.
Mortgages, purchase agreements and other closing contracts are complicated, as there are many traps for the unwary. What happens if you miss a payment? Is your interest rate fixed, or will it vary? Will you have a balloon payment due in a few years? What does “as is” mean?
Our attorneys will explain the risks involved in the transaction, so you can make an informed decision regarding the purchase or sale.
Knowing Your Rights
What will happen if the buyer or seller backs out? What if a major property defect is discovered after closing? You need to know your rights before you can enforce them. We will make sure your rights are adequately protected in all closing documents and throughout the process. Read more at HMT Law
When you work with an attorney for buying or selling real estate, there are no hidden surprises. If that person is Jonathan Meek of Meek Law Firm, you’ll get a business attorney and a real estate attorney in one. Call him today at (704) 848-6335 or use the contact form on our website to schedule a consultation appointment. We look forward to hearing from you.