Buying, selling, leasing, or managing real estate can be confusing due to all the different legalities surrounding it. Actually, these legalities are good, they are there to protect people. Real estate transactions involve money, and quite often a lot of it. Even if you have bought, sold, leased, or managed different properties in your life, it is always a good idea to use a real estate attorney for all real estate contracts. Here are just a few things they will do to ensure the safety of your investment.
One of the most important tasks when buying real estate is knowing that once you pay for it it is actually yours. There could be a lien on the property you are not aware of that could mean you cannot buy the property until the lien is paid. Your attorney will try to work with the lienholder and the seller to make arrangements for the debt to be paid. Another issue with a title could be that somewhere along the line an heir to the property was not notified of a sale. In this situation, they have the legal right to come back and make a claim for the place. This could be several generations ago. When you have a title search done, the chances of this happening are slim. In addition, the real estate attorney will offer title insurance. If a problem does arise they will do everything to take care of it without any added cost to you.
Real estate lawyers can help you plan what to do with all your properties if you should pass away. Not only will this help your family while protecting the properties, but it will also be of great benefit for the next title search.
If you have real estate you lease to tenants, advice from a lawyer can be a great help when problems arise, and they will. The attorney can create the lease documents so everyone involved understands what is to be expected with no questions. There will be no loopholes for the tenant to take advantage of that cause you to lose money or that can reduce the value of the property.
Real estate law, like most law, is constantly changing. Zoning laws, property line disputes, and eviction issues need to be handled within the law or you can end up losing. Contact a real estate attorney to help you make sure everything you are planning when it comes to real estate is done correctly and within the law.