The real estate sector attracts investors from all parts of the globe. If you’re seeking a passive source of income, residential or commercial properties are worth considering. However, you will need to engage an attorney in your dealings. Why is this important? The lawyer will guide you in the legal aspects involved in buying and selling property, which avoids future problems.
How can I locate the best attorney?
Nowadays, attorneys are highly in demand. Law firms come up each day, making it challenging to get the right expertise. Nonetheless, recommendations work best. Though you can search online, it’s easy to trust someone recommended by a close friend. Once you get a few referrals, schedule a meeting to gauge the attorney’s expertise. This will help you in making a wise selection.
How will an attorney help?
A lawyer plays multiple roles in real estate investments. You need a lawyer when closing deals. The professional will review the paperwork to identify any issues in the documentation, which avoids future problems.
The roles of a real estate attorney are;
1. Preparing & reviewing documents
Buying and selling property involves a lot of documents. Simple mistakes can lead to land disputes and loss of property. This is where legal expertise comes in. An attorney prepares documents regarding the sale agreement, title documents, mortgage documents, and transfer documents.
However, there’s a three day real estate review, whereby the lawyer discusses any issues with the sale contract. During this period, the attorney can approve or disapprove the agreement. During the purchase, the attorney will;
Write insurance policies
Complete title searches
Hand the transfer funds to the property seller
In the case of property financing, the lawyer will handle all the paperwork. This may include the federal HUD form and other documentation on behalf of the lender.
2. Attending closings
The attorney contracted to handle the transaction will accompany you during closing. This is the period where you pay for the property and the seller hands over the title and other essential documents. The attorney ensures that the transfer is legal and binding. Moreover, the legal expert oversees the entire process to ensure that the transfer is in your best interest.
3. Resolving disputes
Property disputes are pretty common. They include chain of title, lot line problems, among many other issues regarding property contracts. If these arise, the real estate attorney can help resolve the dispute. Besides, an attorney understands the legal aspects concerning the selling and buying of property.
4. Legal representation
Real estate lawyers offer legal representation to property investors. In case of disputes court disputes, the attorney will form an integral part of the case. They will gather facts from either side and help come up with an amicable solution. The process may also involve engaging a surveyor or title company for more clarification.
Buying and selling property is a complicated process that requires legal expertise. A lawyer oversees the closing process by preparing all the necessary documents. They also look out for omissions and mistakes in the sale contract. If you’re investing in real estate properties, only hire experienced attorneys for best representation.