The procedure for buying and selling any type of property be it commercial building or residential house can be tiring and complex. Mistakes in such transactions can lead to serious financial loss to the part of buyer and seller. For this reason, in an effort to prevent these types of issues and at the same time, protect yourself from blunders in real estate realm, it is best to seek professional assistance.
As long as you’re backed by a real estate lawyer, you will know all the important elements included in real estate transaction while getting protection from cases of financial loss.
Real estate lawyers have the experience and knowledge in carrying out this procedure and provide sound advice before you and your agent prepare the agreement of sale and purchase. What your attorney is going to do is advise you on what is the best course of action to take in minimizing misunderstandings or conflicts and protect your best interests. Without their assistance, there is a great chance that you’re agreeing to something that you aren’t aware of and can lead to huge financial lost or even worse, face lawsuit.
Thorough and qualified real estate lawyer will be communicating and working with the seller’s/buyer’s agent and lawyer to ensure that the entire transaction will get a closing on time and also, keep you apprised of potential problems that might come up throughout the process. Your real estate attorney can help you in so many ways than you can think of.
It is them who will be reviewing the agreement of sale and purchase, check for errors that might risk your interest and so on. It’s best that you have a lawyer to review the agreement prior to signing it. It is the job of the lawyer as well to check for other documents that might affect the title and if you’re purchasing, they will complete title search of property to make sure that you’re getting the property with a clean title. Now if you will be financing your purchase, your attorney will work together with the financial institution and then, coordinate funding as well as register the mortgage on title.
Your real estate lawyer will establish communication with your real estate agent to ensure that condition similar to home inspection and financing are met by the dates required. Items similar to land, property taxes, transfer taxes and other related fees will be addressed with you. With the assistance of your lawyer you can steer clear of making mistakes that are usually overlooked which can affect the entire transaction negatively.