Seling or purchasing commercial or residential real estate is likely the largest transaction someone will encounter during their lifetime. While there are many professionals that help ensure that this transaction moves from start to finish smoothly, a real estate attorney is one of the most important entities you can contact.
Many states do not require a homebuyer to hire a real estate attorney to purchase a home. However, real estate lawyers can prevent you from entering into scams or contracts that have potentially devastating clauses. While these are some of the best reasons to hire a real estate lawyer, below are the five most common benefits you will receive from hiring a real estate attorney.
Contracts
The written contract between a real estate buyer and seller contains tens to hundreds of pages of real estate specific language and general legal terminology. By hiring a real estate attorney, you get the advice of someone who is working on your behalf only. A real estate attorney who can review and revise the real estate contract is especially important if you are a first-time homebuyer or seller. Further, a real estate attorney also ensures that the contract receives the necessary signatures.
In addition to the standard real estate contract, the purchase agreement is an important document when buying or selling a property. While you should have a real estate attorney review this document, if you need to amend anything contained in the document, a real estate attorney will be instrumental in this process.
Finally, a real estate attorney can help smooth over any other issues that may pop up during the transaction such as lead paint issues, asbestos or termite problems, or cases where the current tenant of the property refuses to move out. If any of these or other common issues occur during your real estate transaction, an attorney is useful as they can create terms suitable for both the real estate buyer and seller.
Title Search
When selling a property, one is obligated to pay any liens on the property before the completion of the sale. In this case, a real estate attorney can work to reduce the initial purchase price. The reason for this is that the buyer must wait to finish the purchase until the property is lien-free.
Closings
The real estate closing is the last step you must take to officially become a homeowner. In most cases, the closing will take place about 30 days after the buyer submits a formal offer. However, the closing can be pushed back by a number of issues. The most common issues include contingencies, issues with financing, credit changes, and lack of insurance. Without an experienced real estate attorney present, these issues could quickly derail the entire transaction or leave one party with unfortunate consequences.
Specifically, a real estate attorney will be able to help a buyer who is left in the dark about the down payment on the home in the event the closing falls through. Additionally, a real estate attorney can help a buyer understand their down payment options while also having the power to hold the down payment in escrow.
Scams
Fraud is an unfortunate part of buying real estate. Most commonly, property sellers fool potential home buyers with false identities only to take their closing funds with no property. A real estate attorney can help turn homebuyers away from common scams. Further, if you do experience a scam, an attorney can press charges against the seller.
Professional Advice
Finally, an experienced real estate attorney can offer critical legal advice to both buyers and sellers. This advice is particularly useful if the property has some problematic characteristics. For example, zoning issues, unrelenting homeowners’ associations, and sinkholes can necessitate legal advice. Further, if an unexpected issue occurs during the transaction, a real estate attorney can step in on your behalf and help to smooth issues over.
Final Thoughts
With over 20 years of experience, Antonoplos & Associates real estate attorneys have the knowledge and experience required to assist clients with real estate litigation in DC, Maryland, and Virginia. Furthermore, our attorneys have a strong background in real estate, construction law, and business law. Because of this experience, we are can assist clients with most aspects of real estate litigation. Finally, we are able to help you before, during, and after your real estate litigation. This is true whether you need assistance with personal or commercial legal issues.
Contact Our DC Law Office for More Information
Finally, for more information on five benefits of a real estate attorney, contact us at 202-803-5676. You can also directly schedule a consultation with one of our skilled attorneys. Additionally, for general information regarding real estate law, check out our blog.