Whenever you are buying a piece of property, there are many different legal considerations that will need to be addressed. Hiring a real estate attorney can be the best option for protecting your rights throughout the course of this transaction. More specifically, there are several different services that real estate attorneys are commonly asked to perform for their clients.
Prior to purchasing a piece of property, it is important to conduct a thorough review of its legal history. This can reveal many surprising issues with the property that may dissuade you from actually purchasing it. A common issue discovered during this process can be a lien on the property. These are often imposed in response to the owner reneging on a debt. This can be due to taxes, failing to pay a loan that was secured with the property and many other potential issues. Home buyers may be tempted to avoid this additional service to save money, but this may result in much higher expenses in the future as a result of these complications.
The documents that are needed to finalize this transaction can be extremely complicated. Errors in them can result in significant delays to the transfer as well as the imposition of additional and unexpected liabilities. Before any documents are signed, your real estate attorney should thoroughly review them to ensure that they conform to the purchase agreement. In addition to being able to thoroughly review these documents, these attorneys can also prepare them for clients that require this service. It can take a day or two for these documents to be prepared or thoroughly reviewed, and you will need to consider this when you are making your plans.
Zoning And Usage Restrictions
It is common for communities and neighborhoods to have usage restrictions for the various real estate lots. These restrictions are designed to help protect the quality of life and property values for the community by avoiding over-congestion and other development issues. Unfortunately, these restrictions can be extremely inconvenient when they interfere with your intended plans for the property. Real estate attorneys will often be asked to review the zoning restrictions and other regulations that apply to potential properties so that the buyer will know exactly how they will be able to use the property. While individuals may assume that this only applies to businesses, it can also be important for residential properties. For example, there may be restrictions against adding swimming pools or making other upgrades to the property.