Given how expensive it is to purchase real estate, there are a surprising number of people who will try to save money by negotiating a sale without the help of a lawyer. By doing this, however, they place themselves at a much higher risk of legal difficulties that might have been avoided if they only had a lawyer present to help with contract negotiations. Here are five reasons you should have a lawyer with you to help negotiate your real estate contract:
A lawyer will probably know the law better than you
- The most obvious reason to hire an attorney for your real estate contract negotiations is that they possess the knowledge and experience in real estate law that most other people lack. They understand all of the potential legal issues that may arise, and know what language to put in your contract to protect you from those issues. Even if you have bought real estate before, a dedicated real estate lawyer can still assist with some of the more obscure problems that may arise.
A lawyer can find things you might miss
- A real estate lawyer can go over your contract with you and discover potential issues you may not realize are there. Depending on the language of your contract, for example, you may become responsible for closing costs or other expenses you might not otherwise need to pay. You may also face liability for any unforeseen legal or financial issues you fail to safeguard against in your contract.
A lawyer can help ensure clear title
- One of the most important things a lawyer can do for you is make sure the property you are looking to buy has clear title. This is done by performing a title search to determine if there are any potential title defects, and then working to resolve any problems that are discovered. Without this help, you may face serious legal and financial issues in the event a title defect is discovered later on.
A lawyer can stay on top of developments in the transaction
- A real estate transaction should theoretically be done by the time the contract is signed, but in reality, things can potentially change at any moment, right until closing. Your lawyer can help stay on top of any developments in your transaction, including any changes that may need to be made to your contract. This can help you to avoid needing to waste your time and energy trying to follow up with the other party, and needing to keep track of everything yourself.
A lawyer can focus on the contract so you don’t have to
- While it is theoretically possible for anyone to negotiate a real estate contract by themselves, that does not mean it is a good idea. Not only does it require specialized knowledge and experience, it is also extremely time consuming, and you probably have enough to deal with. A lawyer can take these issues off your plate so you can focus on other important matters.
The law office of Georgaklis & Mallas PLLC is experienced in various areas of real estate-related transactions. The firm’s skilled attorneys handle both commercial and residential transactions on behalf of lending institutions, real estate investment and management companies, business and individual clients. Call (718) 238-2400 for more information or to schedule a consultation.