Purchasing property is an exciting and frightening experience. Finding the right property, sometimes, is easy enough. Sure, it may take some searching and a few showings, but if you have a good idea of what you are seeking, you’ll likely find it. The scary part of buying a property, whether commercial or residential, is the miscellaneous that most people aren’t experts in: deeds, title, liens. When situations such as these arise, it’s best to talk to a real estate lawyer. Here’s why you need an attorney to purchase a property.
The Role of a Real Estate Attorney
The role of a real estate attorney is to oversee all the legal work purchasing a property entails, as well as ensuring that both the rights and interests of their clients are fully preserved. When a person looks to buy a property, whether it be for residential or commercial purposes, there are documentation concerns which are best left to legal experts. These include the sales contract, the title, and any other relevant documentation.
Benefits of Using an Attorney When Purchasing a Property
Avoid Financial Losses
A real estate attorney can help check the chain of ownership of a property to make sure that there are no liens on the property or any other liabilities or problems of which the seller has not made the purchaser aware. In instances where there are unknown liens, working without a real estate lawyer may subject the purchaser to financial losses or legal concerns they did not anticipate.
Protect Buyers from Unforeseen Problems
A real estate attorney can inspect the contracts and paperwork in purchase agreements to ensure the buyer is protected from events such as an inspection failure. When a property fails an inspection due to mold, mildew, or structural failings, unless there are provisions in the purchase agreement allowing for the termination in the event of a failed inspection, a buyer may lose out on hundreds of thousands of dollars or more. Working with an experienced real estate law firm prevents buyers from unfair and damaging contracts.
A Proper Closing Process
The closing process is one of the most complex and vital parts of the purchase. The closing process includes the:
- Preparation of all closing papers, such as the deed
- Transfer of the title to the buyer
- Payment of the balance of the purchase price
- Creation of a transaction statement outlining sand itemizing the purchase
Because of the importance of closing, a real estate attorney is a critically important source of legal advice. They can assist the buyer with any last-minute questions or concerns and help the transaction complete smoothly.
Contact the Real Estate Law Experts at Eskander Loshak
Before you undertake any real estate purchase, contact Eskander Loshak LLP. Our firm has a combined 15 years of experience in all aspects of real estate law. We customize our representation to tailor-fit the needs of our clients. If you are looking for a law firm as dedicated to your success of your real estate transaction as you are, contact Eskander Loshak today at 954-334-1122.