Purchasing a home is an exciting process, but it is also a complex transaction, which can get a bit nerve-wracking for buyers. When making this important decision, you may require the help of a real estate attorney, because a lot of legal issues can arise before and after the real estate transaction. They may include issues in disclosure agreements, potential title defects, taxes, discrepancy in purchase contracts, zoning problems, and others.
Situations When to Hire a Real Estate Attorney
It is imperative that you know the situations where having a real estate attorney by your side is important. Here are a few examples where an attorneyâ€™s help will be crucial:
- You are buying the house jointly with other people. In this case, the attorney will draft a co-buyer agreement, with terms and conditions pertaining to how the title will be held among multiple owners.
- The attorney will review the purchasing agreement, and ensure everything is in correct order before it is finalized. They will also deal with title transfer issues prior to closing.
- You are dealing with a homeowner association of a community, and want legal help to review community interest development agreements. The attorney will also review documents like a co-op proprietary lease, CC&Rs, or a new home contract, which the developer has drafted.
Issues Arising During the Real Estate Transaction
Aside from the above situations, some complexities may surface during negotiations with the seller, pitching purchase agreements, or during the escrow period. The following are a few situations where a real estate attorney can help you:
- Problems with the title report.
- There are a few legal claims against the house you are considering buying, and must be settled before it is sold to you.
- You want to get rights through an escalation clause to meet or exceed offers the seller receives during the buying process.
- You and the seller want to enter an agreement, indicating that they will retain possession of the property after a certain period of closing, but will give you a fair rent for it.
- You want to ensure the current tenant will move out of the house before closing.
- You would like the seller to allow moving some of your belongings to the basement or garage before the closing date, but want to agree on terms to deal with any damage caused during this time.
Another important reason for hiring a real estate attorney is they will represent you if the there are conflicting interests between the parties involved in the buying process. They will also assist you in taking legal actions if the seller violates any agreements and contracts.
If you are purchasing a home, it is a good idea to an experienced real estate attorney to ensure that you donâ€™t face any legal problems later on. You may contact Casement Group, P.C. today at (847) 888-9300 for a free consultation with an experienced and reliable real estate attorney.