Every day, people buy and sell property: homes, lots, commercial buildings and more. While real estate transactions take place every day, they are far from a simple handing over of property. The complexities of both residential and commercial real estate transactions requires the expertise of a qualified attorney. Here are a few examples why.
Although an agent will guide you through the process of completing a brokered transactions, real estate agents are not trained in the fine points of all applicable laws. In fact, they aren’t licensed to provide you with legal advice. The surest way to protect yourself in a brokered transaction is to hire a lawyer who will look out for your best interest.
For Sale By Owner Transactions
For sale by owner transactions let sellers save the money that would typically go to a real estate agent. If you sell your property through a for sale by owner transaction, though, there is no real estate expert giving you advice. A misstep could leave you open to serious legal and financial consequences. In order to avoid a tragic mistake, consult with a real estate attorney during the selling process.
No matter how you go about completing your transaction, there are legal documents that must exchange hands. Deeds need to be signed over, and often there are other documents involved (e.g. financing documents, surveys, home warranties and disclosure statements). Any business involved in the transaction will have lawyers working for them, but these lawyers are not being paid to protect you. Because the transaction is a legal transaction, you should have an attorney who will be on your side.
Some of the most complicated real estate transactions involve estates. How trusts and wills are structured could affect both who receives what and how much the government gets. Only an attorney familiar with estate planning, taxes and property laws in your state will have the knowledge to write up documents that meet your wishes and ensure you will pay as little in taxes as possible.
If you don’t currently have legal representation for your real estate transaction, seek the guidance of a qualified counselor before continuing in the transaction. Doing so might just save you from making a costly mistake.