Real Estate Attorney
The real estate industry is a complicated one. In fact, it is more complicated than many people believe. Whether you are buying or selling, employing a real estate attorney is often a smart move. A real estate attorney is someone who not only understands the law and how to approach it, but also is an expert in the real estate industry. The legal expertise is something your real estate agent and your own attorney may not specialize in real estate. Both your agent and your attorney, however, are good sources to turn to for recommendations of good real estate attorneys.
When do you need a Real Estate Attorney?
It is not always necessary to secure a real estate attorney, but they are vital in some kinds of transactions. If you are buying a home in a common interest development like condominiums or townhouse projects, it is wise to seek the advice of a real estate attorney to ensure that your interest is not being surrendered entirely to the common interest. Real estate attorneys are helpful if there is a lot of paperwork, especially Conditions, Covenants, and Restrictions (CC&R;) documents because they understand how to read them, know what to look for, and don’t get bogged down in the lengthy, wordy text.
Typical Responsibilities of the Real Estate Attorney
Besides examining the paperwork you bring to them, real estate attorneys also assist in preparing the necessary documents. They consult with you before you sign the contract and supervise the transaction’s closing. One of their most important responsibilities is to determine the condition of the seller’s title to the property. This is vital because you don’t want to be buying into something you weren’t expecting. If you cannot secure an attorney before making an offer, make sure the initial contract includes an appropriate and ample contingency rider that allows you to have the attorney review the contract within a period of usually five days. Make sure that the contingency rider allows your real estate attorney to accept or reject the contract, not just modify it, in case they find any reason you shouldn’t go through with it.
Precautions to Take
If you do decide to consult an attorney, be sure to use a real estate attorney, someone who specializes in real estate law. Whether you are a buyer or a seller, familiarize yourself with the real estate process before selecting an attorney. Make sure that the advice they will give will be worth the expense. If it is a dispute over a fairly small amount of money, try to resolve the dispute directly with the other party before turning to an expensive attorney. Your real estate agent may even be able to assist you.
Additional Real Estate Advice
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