There are many situations in life when you will need the legal expertise of a lawyer by your side. Cases like a divorce, custody battles, criminal arrest, and such come to mind. But we somehow forget their importance when we are doing something like a real estate transaction. People assume that thorough research, backed by a keen observation of the market is all they need to handle such a transaction. The truth is real estate lawyers are just as important in the process. There is a need to have a lawyer present every time property has to exchange hands. Here are cases where you cannot do without their input.
They shall look at all the contracts present. There are usually so many pages to these contracts, with complex legal wording that a layperson will not comprehend. Sometimes, you may find yourself being pressured to get on with the signing, which is not wise, as you shall pay dearly for it in future. This is why you need a lawyer to go through such paperwork before you sign any of it.
They shall also be needed when the contract in place is an extensive one. They also know how to oversee transactions that have partnerships, trusts, or corporations in them. You will find a new level of complicated in such transactions, unlike what a two party one looks like. They know how to make sure that no law is broken when working out the complexities involved. This is how you are assured of integrity in the transaction, as well as safeguarding your interests.
They shall also handle title searches and address liens. As you are buying real estate, there has to be a title search done. As soon as both parties agree to exchange the property, they will do a title search on it to make sure there are no pre-existing conditions that hinder its sale. Things that can hold it back include judgments, liens, and such. Should there be such a thing, your lawyer will tell you what you can do.
You can also count on them to make sure there is proper closing. There are so many complications in the closing of a sale. This part involves processes like preparation of closing papers such as the deed, passing the title of the property to the other party, completion of the payments, and preparation of a closing statement indicating the details of the transaction. There should be a real estate lawyer there to make sure nothing is left to chance. People have been known to be shortchanged even at this later stage.
This means that in case you shall be a part of ant real estate transactions, you need to make sure you have a real estate lawyer by your side. As much as you may think you can handle it, there is no loss in getting a professional perspective on the matter.