Why You Need a Good Lawyer When Buying Property
Granted, there are situations where a lawyer is not required when transacting in real estate property. The problem is, it may not always be apparent that a lawyer is needed or not, which begs the question: under what circumstances should you involve a lawyer when buying property?
Here are some reasons why you need a good lawyer when buying property.
When Buying Property in an Unfamiliar Real Estate Market
Sometimes you will find yourself buying property in a market you are not familiar with. In such a case, it would actually be reckless not to involve a good lawyer. Property laws change from location to location; sometimes, even within the same country. Therefore, you cannot rely on your proficiency of property law in the market you are familiar with when venturing into a significantly different property market.
Otherwise, you may find yourself violating laws and getting into bad deals that could be your undoing in this complex market.
When Your Real Estate Agent Can No Longer Address Issues in Your Transaction
In most cases, a real estate agent is all you need to complete your property buying transactions. At times, legal issues can arise that can be beyond your agent’s expertise. In such cases, finding a good lawyer is a good idea.
For instance, there may be legal issues attached to the property you are buying, and if your real estate agent cannot tell you how to go about it, then a good lawyer is the best option.
When You Don’t Understand the Legal Agreements
Buying property requires that you sign documents showing rights, obligations, and changes in ownership status of the property in question. Sometimes, the legal jargon used in the agreements may not be very clear, or you could have doubts in the other party’s ability to protect your best interests.
At this point, you should have a good real estate lawyer look at the agreement and tell you whether it addresses all the issues you agreed to during the negotiations.
When the Property in Question is Special in Some way or Another
Transactions involving purchase of a residential property are fairly common, and in most cases the real estate agent will help you see the transaction through successfully. However, the property in question may be special in some way. For instance, it may be a commercial property, a high-value home, and so forth.
In such a case, it is advisable to have a lawyer involved all through to ensure you do not overlook some important, yet unique legal issues specific to that category or property you are buying.
When the Property is a Short Sale or Bank Owned
Bank owned properties or short sales form unique types of property purchases because they involve a different class of regulations most people are no familiar with. Consequently, a good lawyer is required to make sure that the deal goes well.
The likelihood of making mistakes when involved in unfamiliar transactions is extremely high, and a lawyer would make sure you do not make costly mistakes.
Sometimes a lawyer is not needed when buying property. At other times, it would be unthinkable not to involve a good lawyer when partaking in a real estate transaction. Some of the situations where a lawyer is required when buying property include whereby you are venturing into new markets, when there are legal issues the real estate agent cannot address, when you have problems understanding the legal contracts, when you are buying a special kind of property, and when the property is bank owned or involves a short sale.