There are a plethora of hoops and hurdles to deal with when buying or selling a land, house, apartment building or office space. These transactions can often be overwhelming. A licensed agent can handle all the paper work required or any other issues that may arise in the basic transactions. However, in case of more complex deals or larger transactions, it is worth every bit the time and money to appoint a real estate attorney.
Lawyers specializing in this particular fiend not only ensure the customer a level of service that an agent cannot offer but also provide the customer a sense of confidence regarding the authenticity of the deal. Two biggest reasons why you must hire a real estate lawyer are:
To Uncover Any Unknown Problems
While in the process of selling or purchasing a property, there are a lot of basic questions that most individuals would pose to you. These are essential for them to know. These include if there is any dangerous or toxic material such as asbestos present in the property? When did you last get the plumbing, electrical wiring, and air conditioning systems checked or replaced? Has there been termite damage in the property? All these physical issues can often make the deal go sour, and a good agent or contractor will help you prepare with these basics.
However, there are also more complex issues like whether the seller is the homeowner and if they have a long lost sibling who may claim to own half. There can also be issues related to border disputes, oil or mineral rights or other tax issues which only a real estate attorney can help protect you from. While sellers are not prone to much risk, it is still in best interest to retain counsel. If for instance you are selling an ancestral property, you might want to confirm whether the buyer intends on knocking down the house for an apartment complex and only then would you finalize your decision.
If You Are Buying For Commercial Reasons
While buying a property for personal use may pose a number of potential risks, to buy a commercial property however carries many more problems. A major issue for those dealing with commercial property is to understand the complicated zoning laws. The property you are interested it you may be zoned for a restaurant that sells to-go food than for sit-down customers. Or you may have sit-down restaurants but can’t serve alcohol. You might as well be zoned to operate as a bar but cannot use that stage as you are not zoned for live music and performances. Also, if you are planning to rent out a home or apartment, you may need help with drawing the legally binding lease. In case of tenants that aren’t too well for you, a real estate attorney can help guide you through any issues like property damage by renters etc.
Real estate attorneys can really keep you from a humungous amount of stress and anxiety linked to such huge transactions. Not only will they help uncover any potential problems with the sellers or buyer but also if there are any with the property itself. If saving you stress isn’t worth it, then what is?