The process of selling and buying a house is complex, especially if it is your first time. However, this should not get you panicked. In the real estate industry, two people can be of value, a realtor or an attorney. Definitely, this is the time where you factor in experience and costs in your decisions.
Some of the task that you will come across include:
- Paperwork- brokerage contract or purchase agreement
- Complying with state real estate laws
- Inspection
- Repair and renovation negotiations
- Filing housing and mortgage loans
- Handling bills of sale
- Reviewing of documents
- Sorting tax consequences
- Obtaining a title insurance policy
Contingencies
The common burdens that you might come across include: preparing the home purchase documents; performing a title search, and closing the deal. It is costly and time consuming if you choose to sell or buy a house on your own. In some states, this task is meant for an attorney but in some states realtors can chip in.
You need someone to explain the rights of each person in a real estate sale. There are certain contingencies such as tenancy and eviction which can be easily solved by a lawyer. Some information such as tax consequences you can’t get from anyone else. This comes down to finding someone you’re comfortable with to do the job.
Real Estate Law
Real estate law is complex since the customs and laws vary from one state to another. There are laws that govern the real estate industry which a realtor might not understand. The mortgage or loan policy has its laws too. Legal help is crucial when coming to an agreement. Hence, it is advisable to get a lawyer at the beginning of any agreement.
With the assistance of a lawyer, a legal document is obtained when the agreements are made in writing. This document will give you a hearing in court in case conflicts arise. It is important to put agreements on paper and seek legal advice. Some mistakes do happen and to make changes or back out of deal we need to consult a lawyer.
Negotiations and Transactions
With a lawyer, you are assured of working with one person after your interest in the sale. If legal issues arise, you have the right person to advise you on what to do. Lawyers are well versed in purchase contracts, so the negotiations will go as per your expectations and the law. In addition, experienced lawyers have contacts with banks and inspectors- this makes work easy.
When making transactions, you need to verify that the property is built to code with proper permits. This requires a lot survey and legal review. Lawyers take their time to read all your documents before letting you sign. There are some questions, which pertain to legal transactions, that a realtor can’t answer. A lawyer can do the work of a realtor, but a realtor is limited.
Hiring a Lawyer
Look for a lawyer who is licensed in your province and has specialized in real estate law. The legal description of any home is critical. A qualified lawyer will help you review critical closing documents such as the title deed, title insurance, land survey plat and mortgage or loan documents and give you an opinion instead of a title policy.
The cost of hiring a lawyer varies and is based on services required. They also offer flat rates for special work. Compared with commissions (7-10%) earned by realtors, you will find that a percentage of the sale or buy purchase can be high. You will appreciate the importance of hiring a professional law firm with real estate lawyers that can take care of all property dealings.
The closing process is always confusing to the buyer and the seller. You need a lawyer to explain the nature of the closing costs and instruments. Our real estate lawyer at Stemp Law will represent you in the sale and look out for your best interests. With us, you will quickly understand the steps and procedures required in real estate transactions. Contact us, we have the right real estate lawyer for you.
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