by Individuals purchase properties as investments. They may use a property as their primary home, a vacation home, or a rental that will generate income. Real estate attorneys help guide clients through purchasing properties and protecting their investments in these assets. How can they be of help?
Contract Reviews
Real estate attorneys are often hired to review purchase agreements and sales contracts. They examine each party’s rights and responsibilities. If any ambiguous terms are found, the attorney clarifies them before the client signs any documents. The attorney also reviews all contingencies to ensure they are present and protect the client. Contracts must comply with all laws, and the attorney confirms they do. By hiring a real estate attorney who handles these matters regularly, a person can ensure all contracts are legal and valid.
Title Examination
Property buyers need to ensure they will obtain a free and clear title. They don’t want to purchase a property only to learn there are liens or encumbrances they weren’t aware of before the purchase. An experienced attorney reviews the contract to identify outstanding liens and claims against the property. They ensure the title is clean and marketable. If it isn’t, the attorney works to resolve the matter so the transaction can move forward.
Streamlined Closing
Property transactions aren’t complete until they go to closing. The attorney coordinates all details related to the closing, including the paperwork. They prepare the documents and handle all financial transactions. During the closing, they oversee the signing of these documents to ensure their legality.
Zoning Laws
Many people are unaware of zoning laws and land use regulations. However, they determine how a property can be used. Areas are designated for specific purposes, such as residential or industrial use. The laws and regulations oversee buildings in those areas and determine what owners can and cannot do with their property. The real estate attorney helps with permits, zoning appeals, and resolving boundary disputes. A family law attorney, for example, may not be familiar with these laws.
Landlord-Tenant Relations
When people buy a property as an investment, they rent it out to others. Numerous problems may arise when they do so. Lease agreements and evictions are two areas where property owners often run into issues. The attorney can help draft a lease agreement, evict a non-paying tenant, or resolve a dispute over a security deposit.
Post-Closing Concerns
Attorneys might be asked to handle any arising post-closing issues. The title transfer must be completed, and the appropriate parties must pay all property taxes. Additional problems might also arise, and the attorney can provide legal advice, as they are already familiar with the situation. In addition, the attorney might help the new owner set up a trustor estate that includes the property to manage and protect this asset. They can also help the client with tax planning related to the property.
Real estate is the biggest investment most people make in their lifetimes. Any problems with this investment can be costly, so it is best to have legal advice from day one. However, the need for this advice doesn’t end once closing takes place. The owner must be vigilant and catch problems early to resolve them quickly at the lowest cost. A real estate attorney is of help in achieving this goal, as they know of potential risks and how to mitigate them. With the help of an attorney, a person can safeguard their real estate assets as long as they own them.
