Although it's possible to complete the process of buying real estate property without an attorney, it's highly risky. You could lose money by engaging in a bungled transaction or have different errors of commission that go against laws and regulations. It is much easier to protect your interests and ensure you get everything right when you hire an experienced real estate attorney to help with the transaction. This article lists the different ways a real estate attorney can protect you when buying property;
1. Review the Documentation To Identify Risks
A real estate lawyer will review the documentation to identify risks, such as zoning changes that could lower the value of the property or encumbrances that could make it difficult to sell the property in the future. The lawyer can also do title searches to identify the real owners of the property and how it has exchanged hands over the years.
2. Interpret the Laws and Regulations Governing the Property
A real estate lawyer can interpret the laws and regulations governing the property you're interested in buying. They can tell you what your rights are as a buyer and the seller's obligations. This can help you avoid any potential problems down the road.
3. Draft Lawful Sale Agreements
A real estate lawyer can help you draft lawful sale agreements. This is important because it will protect your interests if something goes wrong with the sale. If the other side already has a contract for you to sign, your real estate attorney reviews it to ensure your rights and interests are protected.
4. Seek the Necessary Approvals
Before you can even think about breaking ground on your new home or office, you must ensure that you have all the necessary approvals from the authorities. A real estate attorney can help you navigate the bureaucracy and get the green light to move forward with your project.
5. Make Escrow Arrangements
Real estate transactions often involve huge amounts of money. Your lawyer will help you arrange your escrow account, where the funds are held until the sale closes. Escrow can be made up of any combination of cash, cashier's checks, wire transfers, and even international bank drafts to accommodate different types of buyers and sellers in every region of the world.
Your attorney will ensure that all payments are received as soon as possible and handled efficiently so that your payment is not delayed or closed prematurely.
High prudence is called for when buying real estate, especially where a lot of money is involved. Therefore, it's important to get the counsel of an experienced attorney to ensure your rights are protected. Speak to a real estate attorney before committing pen to paper in a real estate deal. For more information, contact a company like The Law Firm Of Richard H. Lovell, P.C.