Real Estate Law

Do You Need a Real Estate Attorney When Buying or Selling Properties?

Real Estate Attorney

Most people couldn’t appreciate the value of hiring real estate lawyers when selling or buying properties. They think it’s a waste of resources considering they can do these alone. Although it’s possible, you can steer clear of future headaches if you work with a real estate expert early on. A real estate attorney can give sound legal advice about the properties involved in the transactions. They can also check if the same has liens and encumbrances. According to www.ashworthlaw.com, a timely legal opinion is way better than an effective resolution.

If you’re still in limbo about whether or not to follow our advice, check out these advantages of working with a pro.

They can review the subject property

It’s possible that because you’re too excited about the property that you end up overlooking the crucial details. Things like liens, encumbrances, and mortgages attached to the property can determine its saleability.

If the property owner did not settle these attachments before you bought them, you would be fighting the ownership with creditors. These lenders could be private individuals, banks, corporations, or financial institutions. Unfortunately, most of them have the resources to ‘quiet the title’ in court. Hence, they might force you to give up what you bought in the end.

The same is true when selling properties. If it’s not free from liens, the seller can file an action to declare the contract of sale ‘void ab initio.’ They can also file a restitution case to oblige you to give back what they paid. Imagine the headache you’ll suffer if you have already used up the money. Plus, they can also file for damages due to the fraudulent transaction.

You can spare yourself the burden by hiring a real estate lawyer. They’ll ensure that the property in question is titled and free from any legal claims.

They can negotiate a fair price on your behalf

Another advantage of having legal counsel is getting representation. Regardless of whether you’re the buyer or seller, your attorney can sit on the bargaining table and negotiate a reasonable price in your favor. In any real estate transaction, the parties value the property at a price ‘the seller is unwilling to sell, and the buyer is unwilling to pay.’ Because of this, there is often a deadlock.

If someone with legal knowledge represents you, you can get the best offer. It may not always be the highest bid price, but it’s within a profitable range.

A real estate lawyer is also beneficial in expropriation proceedings. This is when the government forcibly buys private property for public use. These are national highways, airports, government buildings, and other public infrastructure.The government creates a three-person team to determine the property’s market value most of the time.

Sadly, the price they peg is always lower than usual. This is where your lawyer can come in and add value. They can help you raise the price of the property. They can also prepare the documentary requirements for easy turnover. Lastly, they can ensure that you get paid accordingly and promptly.

They can represent you in the legal battle

Suppose the seller or buyer defrauded you. In this case, your final recourse is to file a lawsuit in court. It could be an action to quiet ownership of land, restitution of the contract, declaration of the contract as void, or action for damages. Regardless of the legal path you want to pursue, your lawyer will be there every step of the way.

They can build your case, quash every allegation made against you, and do so while observing the rules of civil procedure. They can also ensure that you’re given a day in court to confront your accuser or lay your accusations. When you need to look for pieces of damning evidence, they can also do that for you. They can brief your witnesses on how to answer courtroom questions. If you need to bring in an amicus curiae to help your cause, they will find one for you, too.

Bottomline

A lawyer is like an extension of yourself. They’re acting in your best interest; that’s why you need their services. Whether you’re the buyer or seller, a good and reliable lawyer will fight with you until you get a favorable outcome. In this case, never feel bad about hiring and paying for one.

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