Last Updated on February 15, 2024 by Nasir Hanif
Whether you’re purchasing residential property for your own use or commercial property to serve as an investment, you can benefit from the guidance of a real estate attorney. They can help you navigate the paperwork, negotiate terms and conditions, and protect your interests during closing.
Real estate attorneys can represent the buyer or seller of property, but not both. Here are some of the ways they can help your business:
They Can Help You Avoid Legal Issues
There are many ways you can save money when purchasing a property.How much is a real estate attorney for closing? Keeping $500 on a real estate attorney shouldn’t be one of them. Instead, find an attorney who knows real estate, works with investors, and is there when you need them.
A real estate attorney is knowledgeable about state laws on real estate transactions and can help you avoid legal issues like improper disclosures or misrepresentations of a property. This is important for both buyers and sellers of properties.
Real estate attorneys also work with homeowners to help them navigate foreclosure and short sale processes. They also help resolve land disputes and conduct a title search on a property before finalizing the sale. In addition, they can prepare transfer documents for a home purchase and handle the mortgage lender agreements. They will also file and keep records of the transaction. In doing so, they can ensure that all legal procedures are followed correctly.
They Can Help You Draft a Contract
Real estate attorneys spend much time examining, amending, and drafting contracts. They may be brought in at the beginning of the process to draft a new contract or toward the end to ensure the contract accurately reflects their client’s interests. They can also draft leases, property purchases, sales contracts, land transfer agreements, and more.
If a seller wants to reserve certain rights, such as the right to live on the property or the rights to minerals, gas, or oil under it, the lawyer can help craft this into the contract’s language so that problems don’t arise later. This is particularly important for commercial real estate, as these reservations can significantly affect a deal.
They can also conduct a thorough title search and write a title insurance policy for the transaction. This will cover any third-party claims to the property not covered by the sale or purchase agreement.
They Can Help You Negotiate
Whether buying or selling real estate, issues requiring legal representation can arise. For example, forgeries can complicate a property purchase, or heirs may step forward to claim home ownership. Real estate attorneys can ensure that your contracts address such complexities and protect your interests.
Similarly, a real estate attorney can help ensure that all required disclosures and inspections are addressed in your contract when selling your property. This helps prevent future legal disputes between you and your buyer.
They can also help you negotiate terms that are favorable to you in a sale. This is particularly important in cases where the contract contains one-sided provisions that would put you at a disadvantage. For example, a real estate attorney can represent you in petitioning your local government for zoning changes, allowing you to use the property as you wish.
They Can Help You Sell Commercial Property
There are several things that a real estate attorney can do for you if you’re looking to sell commercial property. They can prepare documents and files for closing, write title insurance policies, perform title searches, and handle the funds transfer for a purchase. They can also be present at the actual closing of the sale with the buyer’s attorney to ensure that all of the terms and conditions are met.
They can also help you understand zoning laws affecting buying and selling. This knowledge can help you find a properly zoned property for your business. They can also help you review a commercial lease for any hidden pitfalls or unfavorable terms that may leave your business vulnerable.
A real estate attorney can be invaluable in a real estate transaction, saving you time, money, and potential legal issues. If you’re ready to start buying or selling a commercial property, contact us today for a free consultation.