You may have heard that a real estate attorney can make for a smooth sale. But should you also buy property in Dallas under the guidance of one? We recommend you do. In short, because this transaction involves intricate procedures. A maestro who knows real estate buying can best take care of the various factors that laypeople like us won’t even consider.
Moreover, there are so many complexities that can cause us to feel bemused – at the very least! Here are some specifics on how real estate attorneys are just the expert you need:
They steer you away from misrepresented properties
Can you even imagine the hassle buying a misrepresented piece of property can cause you? Now add to that the fact that you’d be without any recourse. That’s where you’ll need a real estate attorney. Their fundamental objective in such transactions is to act as safeguards of your interest in the contact and problematic deals. Since they have in-depth knowledge on their side, an eye for detail, and a vast store of information about the local properties, a good real estate attorney is indispensable.
From the time you go to carry out your initial property inspection to deals that conceal certain elements, have one with you. Your attorney will quickly catch any details that are atypical and can cause issues later on.
They answer questions that escape a real estate agent
A Dallas Real Estate Attorney can assist you with legal issues when an agent cannot. Sure, the latter may be well-versed about negotiations and the contracting parts of the process. However, don’t depend on them for judgments on legal questions. Or, you may be stuck!
For example, unbeknownst to you, your prospective new home may be equipped with an in-law unit that houses a tenant. Now, the unit is illegal. Wanting to evict the tenant, so that you can rent it out can spell trouble. Your lawyer is the person who can guarantee the feasibility of your plans with any certainty.
Likewise, say, you’re thinking of renting the home for a bit. You don’t want the obligation to buy it at the end of the period if you don’t like the place. But who can draw the unusual lease that will ensure that?
They create a safe zone for sellers
Buyers aren’t the only party in a transaction who will benefit from the expertise of real estate attorneys. Sellers need them too! For instance, when planning to sell your property, go to a capable lawyer who can handle all the related legal issues. Even missing out on a fact or two in the sales contract can be detrimental for buyers and sellers. The language may not be comprehensible or different to you. To a lawyer, however, who has been in the business for some time, the financial obligations on both sides will be clear enough.
They are there for you before the sale happens
Before and during the closing, some issues can arise. Those problems may result in the sale falling through – and you lose the property you had your heart and wallet set on. Or, you may purchase a problematic piece of land.
While any top real estate agent will do their best to keep the sale moving forward, it may not be enough. Matters that go beyond standard negotiations can potentially land you into legal hot water. Your real estate agent – no matter how good they are — won’t have the expertise to get you out of it.
With a real estate attorney, you can expect the blow to your personal assets to be minimal. Some situations that can derail the sale are:
- Houses that are part of a trust
- When the sellers and buyers are family members
- The property’s title has liens and judgments
- There may be tenants who live on the property
- A recent divorce is the reason behind a sale
They also take care of mortgage requirements
There is an added advantage to having a real estate attorney. If you want easy financing via a mortgage company, you can do so with their help. A skilled lawyer will certainly draft an error-free contract that not only considers your requirements. It will also amalgamate those of the lenders.
Finally, when you leverage the services of one, you also curtail the chances of losing your loan. That is always a danger when you borrow from mortgage brokers. Thus, a real estate lawyer is good in many tight situations. Find out some more problems they can straighten out for you.
While the reasons we mentioned above may compel you to hire an attorney, don’t go for just anyone. Instead, hire an individual with experience in the kind of services you need. That will ensure you have the best guarding your rights as they should be!