Real estate transactions involve enormous sums of money, with potential pitfalls that can cause a sale to fall through or accrue additional costs. Whether you’re buying or selling a property, a real estate attorney will guide you through the process and help protect your interests. Below are a few examples of ways an attorney can help.
Which Real Estate Transactions Require a Lawyer?
1. Drafting and Contracts
Real estate agents often use standard contracts that may not accurately reflect the terms you negotiated. These important documents also usually contain fine print you may not fully understand. Whether you’re selling a house or buying a new one, having an attorney draft the contract and review any amendments ensures your sales agreement includes the correct price and agreed-upon contingencies.
2. Selling Inherited Property
Putting property you’ve inherited on the market can be even more complex than other real estate transactions. A clerical error or missing piece of paperwork can leave a cloud on the title; uncovering this issue late in the process will delay the sale. Your attorney can identify any defects with the title and suggest ways to cure them before putting the house on the market.
3. Purchasing a Foreclosed Home
Foreclosed properties often have lower asking prices than other properties, but they also carry additional risks. Banks are typically unwilling to negotiate and usually won’t make repairs before selling a foreclosed home.
After the sale, you might be held responsible for additions that aren’t up to code, and other parties may also have a lien on the property. Your attorney can work with the bank on your behalf and help minimize these unanticipated expenses.
4. Buying Commercial Property
The law offers fewer protections to commercial real estate buyers, who are assumed to have some experience and legal resources. If you’re starting a business or expanding operations, you will need an attorney to review the rent structure, tenant responsibilities, and other provisions to ensure your interests are protected.
The attorney will also review local zoning laws to ensure your business activities are allowed at that particular location. They can also find out whether you need additional permits and help you start the application process before closing.
If you’re involved in a real estate transaction anywhere in the Commerce, GA area, let Allen L. Lacey Jr. Attorney at Law guide you through the process. With nearly 30 years’ experience and an in-depth understanding of the system, you can rely on them to protect your interests in even the most difficult situations. Visit their website for more on their legal services, or call (706) 335-7886 to schedule a consultation today.