Buying and selling a real estate property can be difficult when it comes to handling legal transactions, most especially if you have limited knowledge on the matter. The good news, however, is that you have the option of hiring a real estate lawyer to do the job for you.
If you are buying a property, a lawyer should:
Help you fully understand the purchase contract, including the process of taking the property title – or in other words, the process of title acquisition.
Also, do the job of checking to see to it that there are no covenants, easements, liens, etc. registered against the property that could obstruct the use of such property.
Process the registration and all the legal documents for the property.
Help you understand the terms of the mortgage and work with your bank if there is a modification or adjustment required. He can scrutinize the adjustments, including taxes owing and other costs paid prior to transaction closing.
Also work on reviewing all the papers you will be required to sign.
Work for your property insurance so that you will get protected from losses that could be due to title defects.
See to it that you get a valid registered ownership subject only to the liabilities you have agreed.
In case you are selling a property, a lawyer who is expert in real estate law should:
Review and explain to you the binder aka ‘offer to purchase’ – a preliminary payment secured by cash payment between a buyer and seller as an offer to purchase a property. In addition, he can also review or prepare the buy-sell agreement, including its terms negotiation.
Also work or arrange for transfer of security deposits or the deposit of money to the landlord to ensure that the rent is paid and other responsibilities of the lease performed such as paying for damage caused by the tenant.
Also arrange for insurance certificates if necessary.
Prepare the deed and power of attorney when required.
Help you to address title issues that may appear and correct them accordingly.
Represent you in the closing and review all the documents you will need to sign.
An expert real estate attorney can help address the legal burdens you might be facing in any real estate transactions.
For more tips, feel free to contact us!