There are too many reasons why you need to hire the services of a real estate closing attorney. Although, you can handle the closing stages yourself, a handful of states require the presence of an attorney during the closing formalities. In fact it is in your best interest to ensure they are with you because of the legal implications of the closing deals. Lawyers are well-schooled and will ensure that your legal rights are protected.
The process involved in commercial real estates are quite complex and needs the presence of a well-trained lawyer to deal with the bureaucracies of the law. Keep reading this guide to discover why it’s important to hire a real estate lawyer although the decision-making process.
What do real estate Attorneys do?
Real estate attorneys are experienced in handling the complex aspects of dealings with estate transactions. Hiring an attorney from the start will ensure that you have the best advice possible. They will guide you from start to finish and ensure you take advantage of the law to protect yourself from potential pitfalls. However, other individuals only hire them when there is a dispute so that they act as litigators.
The two main categories of estate law are commercial and residential. Commercial real estate laws are more complex to handle than residential real estate law. Commercial real estate attorneys work hand in hand with big-time businesses and high net worth individuals to develop, buy, sell or lease out properties.
On the other hand residential real estate attorneys work with individual owners to prepare and manage mortgage documents etc.
When to hire a real Estate Attorney
There are a few factors to consider if you need the services of a real estate attorney. One of such depends on the complexity of the situation. You’d likely not need the services of a lawyer if you are just entering a month by month lease on uncomplicated properties. Do your own research to determine if you absolutely need the services of a real estate lawyer. These lawyers work on commission bases and would likely not want the interference of other lawyers. Here are the top reasons why you need the services of a real estate closing attorney:
- Contracts can be complex and tricky
- The title Search
- The closing process
Let’s go over them one at a time:
- Tricky Contracts
It’s in your best interest to hire the services of a real estate lawyer to look into any contracts you are about to sign. Even more important are the contact requirements for commercial or even residential properties. Some of these contracts are quite tricky and might contain loopholes and pitfalls. Since a lot of money is at stake, it’s a wise idea that you understand fully the terms of the agreement.
Real estate agents aren’t lawyers. They are not as versed in estate law as lawyers so don’t leave the agreement process to estate agents. An attorney is in the best position to outline your next course of action whilst protecting you from any dispute that might arise. The proper verbiage needed in estate documents is only crafted by seasoned lawyers.
- The Title Search
The importance of the title document cannot be overemphasized. The title document is what gives you the legal right to own any home or property. If this document has inconsistencies in it, you will find it very hard to sell the house in the future.
Attorneys are in the best place to determine the authenticity of the title document. They have the expertise needed to thoroughly review the document to check for errors or problems with previous owners. Lawyers will help you explain concrete title terminologies like, easements, zoning laws and any restrictions in place by the previous owner.
- The Closing Process
The closing process is one of the most critical areas in the real estate business. At this stage you have to make sure the deal is done and there are no loosed ends. Employ the services of a real estate attorney to ensure that all documentation and paperwork is clearly taken care of.
Closing a commercial estate deal is very stressful and a bit confusing at times so you need the helping hand of a lawyer to sort out grey areas and unfamiliar terms. Perhaps one of the most important aspects is that every party involved has his/her own lawyer. Any party missing out of the services of an attorney can lose out if a dispute arises.