Are you planning to buy or sell a real estate property but don’t really have enough knowledge when it comes to legal matters related to transactions? If so, you may want to consider hiring a real estate attorney to do the work for you.
In fact, if you have had a real estate transaction in the past, you will know how important the role of an attorney is to the job. But if you are new to the business, the following can help you understand how an attorney can assist you in handling real estate transactions, whether you are buying or selling a property.
If you are buying property, an attorney should:
- Help you fully understand the purchase contract, including the title acquisition process, or in other words, the title acquisition process.
- Also do the job of checking for covenants, easements, links, etc. registered against the property that could hinder the use of said property.
- Process the registry and all the legal documents of the property.
- Help you understand the terms of the mortgage and work with your bank if a modification or adjustment is required. You can review the adjustments, including taxes due and other costs paid before the transaction closes.
- Also work on reviewing all the documents you will need to sign.
- Work for your homeowners insurance so that you are protected against losses that could be due to defects in title.
- Make sure you get valid registered property subject only to the responsibilities you have agreed to.
In the event you are selling a property, an experienced real estate attorney should:
- Review and explain the portfolio, also known as an “offer to buy,” a preliminary payment guaranteed by cash payment between a buyer and a seller as an offer to buy a property. In addition, you can also review or prepare the purchase-sale agreement, including the negotiation of its terms.
- Also work or arrange for the transfer of security deposits or the deposit of money to the landlord to ensure that the rent is paid and other responsibilities of the lease are carried out, such as paying for damages caused by the tenant.
- Also arrange for certificates of insurance if necessary.
- Prepare writing and power when required.
- Help you address any title issues that may arise and correct them accordingly.
- Represent you at the closing and review all the documents you will need to sign.
An experienced real estate attorney can help you address the legal burdens you may face in any real estate transaction.