Most people are quick to hire a lawyer after a criminal arrest, during a divorce or custody battle, or in the throes of a contentious legal dispute. We’re all familiar with situations where hiring a lawyer is a no-brainer. But when it comes to purchasing or selling real estate, do you really need to hire one?
In a perfect world, buying real estate is fast and seamless. But in reality, purchasing or selling real estate, whether it’s a house or a commercial property, has its challenges and complications.
What are the benefits of hiring a real estate lawyer, and what are some things to keep in mind when trying to find the right attorney? Read on to find out!
Conducting a Title Search
Lawyers conduct title searches for prospective real estate buyers all the time, navigating through piles of public records and legal documents in the process. Through a title search, a lawyer can identify the owner of the property, liens, and any judgments against it. Once they’ve completed a title search, a lawyer can advise you on the next best steps to take. A lawyer can also help sellers understand how to satisfy any title claims.
Though performing a title search is something you can do on your own, hiring a real estate lawyer is advisable. There are many legal details to comb through in a title search, and if not correctly completed, any minor issue can come back to haunt you.
Negotiating an Acquisition, Offer, Contract, or Lease
Acquiring real estate is challenging. But by hiring a real estate lawyer, your transaction can run smoothly from the time you make an offer to the moment you receive your keys. The goal of a real estate lawyer is to help you understand real estate law, how much a piece of property is worth, and whether the property suits your best interests.
If you’re selling a commercial property, a lawyer can help you secure the best deal possible. They can help you iron out any issues caught up in your property. They can also map out solutions to financial problems while reducing risks.
Negotiating a commercial lease is also something a lawyer can help you complete. Specific terms and conditions can have negative implications on your business. A real estate lawyer can help you understand the terms of a commercial lease and how they’ll affect your operations.
From contract breaches and zoning litigations to title claims and unpaid mortgages, there’s no shortage of disputes that can arise as a property owner. A real estate lawyer can help you navigate conflicts and disagreements that can suddenly put your investment in jeopardy.
Property disputes don’t necessarily mean you’ll have to go all the way to court. Real estate lawyers first try to mediate issues out of court. Your lawyer may try working out a settlement between you and the other involved parties through a process known as arbitration. In worst-case scenarios, a real estate lawyer can represent you in court, help you form the strongest case, and work towards achieving the best possible outcome.
Closing on Real Estate
A real estate lawyer can help you prepare all the paperwork as you get ready to close on a property. They’ll also work with sellers and facilitate the legal transfer of the property’s deed. When there are title claims to work out, your lawyer may work with insurance companies to better protect you in cases of property division.
As you close, a lawyer can explain the terms of your contract and your obligations as the owner. After you pay the balance of the purchase price, a lawyer will then prepare and provide a closing statement that documents the transaction.
Understanding the Benefits of Hiring a Real Estate Lawyer
The process of buying or selling real estate is an exciting time in an investor’s life. But it also comes with a handful of responsibilities, challenges, and critical legal steps. By hiring a real estate lawyer, you can have the right support around you every step of the way.
At Hoegen & Associates, P.C., our attorneys work closely with business owners throughout Wilkes-Barre, PA, and the surrounding region. If you’re planning on selling your commercial property or expanding your business, we can help you throughout the process, and well afterward! Learn more about how to improve your business prosper financially.