5 Reasons to Use a Real Estate Attorney
When using alternative real estate buying/selling techniques such as rent to own, owner financing, or short sale, you are often dealing with self-composed contracts and individual, situational deals. While these can often work to benefit you and the seller of a home, if something goes wrong legally you may be in over your head. Hiring a real estate attorney to monitor your transaction and contracts can help you avoid legal turmoil in several different cases
1.Negotiating For You
Having a real estate attorney by your side when negotiating an alternative transaction can help you avoid future legal problems because your attorney can make sure the proposed deal is detailed and covers all bases. He can assist you as you discuss payment and the status of the home you are purchasing with the seller. Your attorney will be well versed in state laws, making sure the transaction will adhere to these. He will be able to point out and address any specific issues with the negotiation at hand before it is transcribed into a written contract.
2.Researching the Seller
One of the most devastating real estate scams involves a seller selling a home that does not legally belong to her due to foreclosure, lien or another financial situation. A real estate attorney can do all the preliminary research to make sure that the seller has the right to sell you her property and that the property is free of any legal judgments or liens. Your attorney will make sure any money you put into your new home will truly be put towards that home and not into a fraudulent seller’s pocket. If the seller has to pay a lien before selling the home, your attorney will make sure she accomplishes this properly before proceeding with the deal and may be able to negotiate a deduction on the home price based on the inconvenience she caused you.
3.Drafting and/or Reviewing the Contracts
Once you’ve decided on a home, negotiated a deal with the seller, and made sure the transaction could legally take place, your real estate lawyer can prepare and draft all of the legal documents you need to create a binding contract. He can also prepare a financial summary of the transaction so that everything is clear to both the buyer and the seller. If the seller has already had a contract drafted, your real estate attorney can read through and review every element of this contract to make sure nothing is left out or that nothing is misleading or incorrect.
4.Filing Legal Papers
If your new real estate deed needs to be filed with your county and/or your state, your real estate attorney can help alleviate your stress by taking care of this for you. Being very familiar with this process, she will be able to file all of your paperwork quickly and efficiently.
5.Conduct the Closing
Once the contract has been agreed upon by both the selling and buying parties, you will need to close the deal by signing the contract. Your real estate attorney can organize the closing date and location, and attend the closing with you. Before you sign the contract he can go over everything with you again so that you are perfectly clear about what you’re signing. He can describe to you the terms and conditions of the contract in full detail and answer any questions posed by either party before the deal is closed.