If you are interested in buying or selling real estate, you should definitely add the cost of a solid real estate attorney into your budget. Without a real estate lawyer, you are susceptible to a lot of different mistakes that can end up costing you big in the long run. Buying a home or commercial property is often times one of the largest investments you will make in your lifetime. There simply is no room for error when it comes to real estate transactions. Keep reading on to learn some important reasons why you always need a lawyer for real estate transactions.
1. Real Estate Lawyers Can Draft and Review Contracts
Finding the right real estate to purchase is a job in and of itself. After you’ve found a great property or home to buy, you will have to deal with lots of paperwork and contracts. A real estate lawyer can draft these important legal documents and review any contractual language to make sure you fully understand the implications of what you are signing up for. If you aren’t a legal expert, it can be tough to decipher some of the terminologies that are included in contracts. Having an expert business lawyer by your side that understands the real estate world is truly a priceless asset.
2. Helps with Purchase Agreements
A purchase agreement just might be the most important document to take care of during a real estate transaction. A real estate lawyer can help you understand the form and add any changes you’d like in a legitimate way. There are tons of things to consider for a purchase agreement. For example, any alterations of the property should have been done lawfully and included in the purchase agreement. What happens if there is a hazardous waste that is found on the property? What will happen to down payments if the deal doesn’t go through? A great real estate attorney will walk you through all of these scenarios and make sure that the purchase agreement covers all of the bases.
3. Ensures a Smooth Closing
Another big task for all real estate transactions is closing. This can be a confusing and stressful process for anyone who isn’t experienced in real estate. If you show up to closing without a real estate attorney, you could be risking a lot. There are often last-minute changes and disputes at a closing that you will want to have your business lawyer there to help out with. Additionally, a real estate lawyer can prepare all of the deeds and closing papers you need to ensure you enjoy a smooth closing on your real estate transaction.
There are plenty of other reasons why you should always use a real estate lawyer to help out with real estate transactions. It is a specialized part of business law that can be extremely challenging to navigate without an expert. Reach out to Derryberry & Associates LLP if you are interested in receiving the best real estate attorneys for your own business endeavors.