Are you in the process of buying a new residential property? Are you wondering if you need a real estate attorney in addition to your agent or other real estate representation? For most simple real estate transactions, a real estate agent can provide good and competent advice. However, a real estate purchase can quickly become complex, and in those situations, you may need more advice and experience than an agent can provide. Agents typically use standard forms and procedures, and those processes may not help you if something unusual arises. Here are three situations in which you may be best served by hiring a real estate attorney:
The home has been modified or has improvements. Many homeowners will remodel their homes or make additions before a sale in the hopes of increasing the sale price. While you may appreciate their investment, it's important that you make sure the remodel is legal before you close the transaction. It's possible that the homeowners didn't get the right approvals from their local government before going through with the remodel. Or it's possible that an addition encroaches on the neighbor's property line.
You don't want to find out about these issues after your take ownership. Have a real estate attorney look into the legality of the remodel. If there are legal issues, the attorney can work to find a solution.
The home is a foreclosure or short sale. If you're buying a short sale or foreclosure, there are any number of issues that could arise. That's because you're negotiating with the mortgage lender or a bankruptcy trustee rather than the homeowner. The lender could have paperwork requirements that you're not familiar with. They may be unwilling to make needed improvements that are identified in the inspection. They may decide at the last minute that they need a higher sales price to close the deal. A real estate attorney should have plenty of experience working with these types of sellers and should be able to guide you through the process.
You're buying from multiple people. Another unusual purchase scenario is when the seller is actually comprised of multiple parties. This could happen if you're buying a house from an estate, and multiple heirs are involved in the negotiation. Or it can happen when the seller is a divorced couple. Any dysfunction or disagreement on the part of the sellers could make the purchase more difficult for you. For example, one seller may agree to improvements while another may not. One seller may agree to pay closing costs while others disagree. A real estate attorney can negotiate with all the parties involved to bring the deal to the closing table
For more information, contact Steve Butcher Sr or a similar legal professional.