Why You Need Real Estate Lawyer When Buying Property?
The real estate buying process can be a little bit tricky. While the agent or broker will help you find and complete the sale, they will not help you with the legal aspects of property purchase. Yes, hiring the services of an attorney can entail additional expenses but it will save you a lot of potential costs associated with not getting a Houston real estate attorney. Here is how a lawyer can help you when buying a property.
Terms of Agreement
Although you can negotiate the terms of the deal yourself, it should be properly written in a contract for them to be legally binding. They can create the contract but negotiating on your behalf ensuring that the contract follows all state laws and addresses any specific issues that might affect the future of the property.
Addressing Liens or Judgments
Another way real estate lawyers can help you when buying a property is title search. It is the job of a Houston real estate attorney to make sure that the property you are buying is free from any encumbrances such as liens or judgments. The outcome of the title search is important because it determines whether the seller has the legal right to sell the property. Attorneys have working relationships with title search companies so the process becomes much faster.
Transfer of Property
When the parties involved are corporations, trusts, or partnerships, preparing the contract can be complicated. Attorneys understand these types of arrangements and their legal limitations within state laws. Your lawyer will make sure that the contract adheres with the law and that the terms will not violate the agreements of the company’s charter.
Filing At the Appropriate Level
Deeds of sales of properties need to be filed at the country and state level. The filing of the deed will be done quickly and efficiently by an attorney. If the transaction involves certain types of illegal construction, an attorney will be able to navigate state regulations to ensure the completion of the transaction. The attorney can help you obtain a tax identification number from the state. They can also help you secure a business license for the commercial property you are buying.
What Happens without an Attorney?
Without legal assistance, you may be subjected to being sued by the other party for your failure to disclose any information. Real estate attorneys also do home inspection and makes sure that all parties are informed about the details of the property being sold.