When You Will Need a Real Estate Lawyer : Many people have misconceptions about what real estate lawyers perform, and what transpires behind the scenes in a real estate firm is a mystery to many of them.
The following are perhaps the two most commonly asked questions about real estate lawyers:
When buying a house, do you need a property lawyer, and when selling your house, do you need a property lawyer?
Yes, both of these questions can be answered affirmatively. Whether you’re buying or selling a home, you’ll need a lawyer. A real estate lawyer, on the other hand, may help you with far more than just buying or selling a home. Land, buildings, landlords, tenants, and property developers are all dealt with by a real estate lawyer.
What is the role of a real estate lawyer and what does he or she do?
A real estate lawyer, often known as a commercial property lawyer, is responsible for all legal aspects of a real estate transaction, from document preparation to closure. Buyers and sellers will each have their real estate lawyer to represent them in a transaction, and their roles and responsibilities will vary depending on which side of the transaction they are on.
You want everything to go as smoothly as possible during the transaction. Take a look at this checklist of what a lawyer performs while assisting you with the purchase or sale of a home — it’s a pretty daunting list to tackle on your own, and it might persuade you to employ a lawyer:
Examine the Title to the Property
A commercial real estate lawyer will ensure that the seller has clear and transferable ownership rights over the property being sold. The property should be free of pending litigation and the title should be transferable. If there is a chain of multiple ownership of the property, the lawyer will verify this by reviewing the deed or deeds.
The lawyer will check to see if the property is free of liens and has not used as collateral for any loans taken out by the seller. The lawyer will also check to see if the property is subject to any pending lawsuits, requisitions, or acquisition notices.
Assistance in obtaining a favourable agreement
A real estate lawyer can help commercial buyers and sellers negotiate the selling or buying process on their behalf, trying their best to secure a deal that works for them. They’ll work out terms and try to come up with a solution that works for everyone.
While a real estate agent can be a fantastic asset and know a lot because they studied for and passed their real estate licensing exam, keep in mind that they are independent contractors who stand to profit from any real estate transaction, regardless of the price or terms. A real estate lawyer can add that extra layer of protection.
Prepare and/or evaluate the acquisition agreement, as well as any additional paperwork.
The purchase agreement will drafted and prepared by the seller’s real estate agent, also known as the listing agent. A real estate lawyers any pending registrations needed that it is appropriate and covers all aspects of the transaction.
Even if real estate brokers licensed and can write the purchase agreement on their own, it is still a good idea to have a second set of eyes evaluate the contract sending it to the buyer. A lawyer may able to notice special peculiarities with your property and can add disclosures or conditions to the purchase agreement if necessary.
Make the Required Searches
A lawyer’s other useful function is to execute the transaction’s requisite searches. This may entail looking up the title to check if any pending registrations need to resolved. The property dispute lawyer can conduct a search and examination of the property tax information, as well as the rental of a water heater and/or a water softener, and make adjustments as needed.
By doing these searches, the lawyer can confirm that both parties have made all necessary revisions. This eliminates the need for the parties to return after the closure to make adjustments for missed payments, etc.
Conclusion
We hope that this post has clarified the need of contacting a proficient real estate firm to help you through the process of purchasing a home. The average person can’t get a complete understanding of all applicable Indian real estate rules and procedures in their state. However, having this knowledge critical to avoid misled or becoming involved in something criminal. The safest course of action for navigating these deals is to hire an expert lawyer.
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