“Why do I need a real estate attorney?” Many self-sufficient homebuyers often ask this question. The short answer is, selling a house is never an easy task. However, there are several reasons why you should hire a real estate attorney to sell your home.
An experienced real estate attorney provides support to your real estate agent, helps you find out loopholes in a purchase agreement, saves your money with contingencies, and maybe even protects you from judicial proceedings over time.
In this article, we’ll discuss some of the reasons to elaborate on the importance of hiring a real estate attorney. And living in Canada near Edmonton, you must already be looking for a place to move out. Since it presents you with a large number of great selling opportunities.
For all these reasons, you need to have the essential information on the importance of hiring a real estate attorney.
Read on and find out the reasons why you should hire a real estate attorney and how they can help you avoid falling into pitfalls when selling your home.
To Honor the Contracts
Most people can quickly negotiate with interested parties that are ready to buy the place. However, you must accurately define the terms and conditions of the deal in a contract to be legally valid. An attorney will make sure that the agreement follows state laws. Additionally, they can find any issue that might cause complications in the future use of the property.
Usually, the buyer and the seller have three days to properly review the real estate contract before it can’t be changed and becomes legally binding for both parties. Besides, the real estate laws vary from province to province. Meaning you would need to familiarize yourself with real estate law Edmonton to get a better understanding of your contractual obligations. Many buyers and sellers know this, but there are still many citizens who are not as well informed about the legalities surrounding real estate laws.
So, when you hire a real estate attorney, they make sure the client is aware of the laws, review the contract for legal ambiguities, make relevant changes, and include beneficial contingencies.
To Represent Your Interests
When selling your property, it’s not a legal requirement to hire an attorney to represent your interests to the interested party. However, not hiring an attorney significantly increases your chances of getting sued by the opposite party for negligence in disclosing a piece of particular information. It’s because a seller needs to disclose relevant facts about the property to the party that is buying your home. And you can do this only with the advice of an attorney.
Imagine the party that wants to buy your house is in a partnership or a corporation, and the final transaction is not fully completed. In that case, they might sue you for not disclosing the title to the property, breaching a corporate agreement, failing to resolve specific errors, or some other problems.
Having an attorney by your side will protect you from falling victim to such litigations. Getting legal assistance will unquestionably minimize your risk. Besides, your legal advice is much more likely to obtain a fair title and make all the necessary disclosures regarding your property.
To File Property Deeds
Property deeds often require to be filled at the county and state levels. A skilled and trained real estate attorney will be able to process your documents more quickly and efficiently. In most cases, some areas don’t allow you to make changes to a property according to your requirements. In that case, a real estate attorney will perfectly assist you in navigating the labyrinth of state regulations so that you can make the deal on your terms.
If the transaction is taking place around the commercial property, hiring an attorney is even more critical. This is because they are well versed in the language of the law and can help you establish your business correctly while helping you avoid future complications.
To Simplify the Transaction
During the transaction, problems such as defects or damages have gone unnoticed at first or convincing issues with title and ownership can make the deal doubtful for you and your customer. If you are worried about things going haywire and you may have to face some unexpected issues during the sale of your house, consulting with a real estate lawyer is the right thing to do.
As a result, it’s helpful to have an attorney by your side to ensure that you are protected from uncertainties that can put off the deal. The whole process of hiring a lawyer will ensure that you have damage control in case you need it in the future.
To Have Control Over the Process
You are the only one who knows what the right amount for your property is, but if you are in the seller’s market with unreal expectations, you will lower your chances of getting the right buyer. For this reason, many people trust hiring a real estate agent.
However, sometimes to close a deal, they can insist you settle down at a lower price, which may cost you dear in the future. But if you have an attorney by your side, they can guide you and stop you from making any hasty decisions.
Also, a real estate agent will help you have complete control over the deal. So even if the interested party tries to pressure you into making a quick decision, you will have an attorney who can give you sound advice and tell you what your next step should be.
To Sum it Up
Buying or selling a house involves several legal procedures, which are not easy to understand. Moreover, suppose you don’t follow these regulations and decide without complete knowledge of all the legalities that revolve around the property transaction. In that case, you may have to pay dearly for your errors in the future.
However, on the other hand, if you are working with a real estate attorney, you benefit from the knowledge and expertise of a professional. They can guide you through the whole process and give you the peace of mind you need during this complicated process.