It may be incredibly tempting to avoid hiring a real estate lawyer when moving or buying a house, especially if it is the first time that you have been involved in the process. However, even if that is the case, it is better to be safe than sorry when it comes to such a huge project to undertake on your own, with such big risks and potential difficulty if it goes wrong.
Some of the reasons why it is sensible to hire an attorney revolve around the fact that you could be sued after the process has taken place due to failure to provide necessary information on the property to the other party, not clearing the title to the property, or violating a corporate charter. This can result in the other party, and potentially the people with whom they are in partnership, suing you. By seeking legal counsel, it makes this less likely as it will be your attorney’s job to make sure that all of the disclosures are taken care of properly.
There are also some legal documents, such as the deed, that need to be filed properly at either state or county level. If this is not done correctly, it could result in various income tax or estate taxes to be imposed on the buyer or seller. Building permits may be a problem as well because if they have been filed on wetlands, then fines may be sustained and structures may have to be rebuilt. Also, if it is a commercial property that is being bought or sold, it means that there are other regulations that must be taken into consideration. It is vital that the new business receives its taxpayer identification number or it may be forced to close down until the problem has been sorted.
The laws regarding buying a home may be different from state to state, so it is even more beneficial to hire a lawyer if your purchase is in another state. For example, in New Jersey, the law states that the buyer and seller have three days to review a real estate contract before it becomes legally binding. Your attorney will make sure that you are aware of this and that any mistakes or amendments that need to be rectified are done so before you sign the contract.
Getting the right lawyer is clearly an important first step for you when buying a property, whether it’s commercial or residential. It is far better than finding yourself in trouble and having to seek out legal advice rather than having that advice from the start. Having a real estate lawyer may cost more, but in the long run, it may save you money because it decreases the chance of mistakes being made. Alongside saving you money, having a lawyer is also a time saver. If you are working on a schedule, a lawyer can help it run more smoothly and prevent the drawn-out processes that can occur.