Whether your real estate transaction will be large or small, the process can be complicated and require expertise you may not personally have. Buying real estate does not simply entail the exchange of money and signing a few documents. The rights of the seller of the property are transferred to the new owner and many legal records need to be checked and updated to reflect the new ownership. As a buyer, you have special risks as you must perform due diligence on the property to make sure it will fulfill your intended purpose, as well as to check for latent defects. To ensure your real estate transaction is properly executed and that your rights to the property are protected, you need experience on your team. A real estate attorney brings to the transaction the professional knowledge and experience you need.
Whether you are the buyer or the seller of the real estate, you are going to be bound by a contract. The conditions of the transfer of the property, as well as potential unforeseen events, need to be considered when negotiating and drafting the contract and related documents. The process of negotiating itself can be quite overwhelming – many times a broker is involved, but the documents themselves require the expertise of an experienced real estate lawyer. Items such as delivering a title free from judgements or liens, warranties to protect against hidden issues, and consideration of mineral rights are just a few of the issues that need to be considered when drafting a contract. Contingencies regarding damages that may emerge are written into the contract terms in order to clearly explain which party will be responsible. As a first time or even as a seasoned real estate buyer or seller, you may overlook or be unaware of important issues. An experienced real estate attorney will ensure you consider important issues during the negotiation and the drafting of the contract documents.
When negotiating a transaction involving a business entity such as a corporation or when the transaction is between parties in differing states, the issues are increasingly complex. These situations can render the negotiation difficult to navigate. A real estate attorney will ensure relevant state laws are considered and that the agreement will satisfy all parties’ needs. Real estate transactions should be conducted with the guidance of a knowledgeable and experienced real estate broker and attorney, especially when a corporation or partnership is involved.
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