In the property purchasing process, there are more people involved than just the seller and buyer. Financial institutions, building inspectors, and realtors are generally the people who help finalize the property sale.
However, a person who is often overlooked in the property purchasing process is the real estate lawyer. The real estate lawyer plays a vital role in the successful conclusion of the property sale – even if your state doesn’t mandate their services.
So, whether you’re going through the property purchasing process or you are a realtor advising your clients to get legal representation, you may need the services of Peter B Mason Real Estate Lawyer for four main reasons.
1. Protect Your Interests
Hiring a real estate lawyer to facilitate the real estate transaction is the best way to ensure everything is above board and legal.
Your real estate lawyer will examine the legal paperwork, act as an advisor for anything to do with the property, and serve as a mediator if there are disagreements between any of the parties involved in the property sale. Above all, your real estate lawyer will ensure that the real estate legal contracts serve your best interests and that you are protected.
2. Get Legal Advice
If you have never gone through the process of buying or selling real estate, you probably won’t know what the process entails. Because legal real estate transactions and ownership can be confusing to the layman, you might have questions about how everything works.
By hiring a qualified real estate lawyer, you’ll have someone on hand to answer any questions you may have about the process. You’ll also have someone to guide you through all the real estate purchasing or selling steps. A real estate lawyer will also be able to bring any legal issues to your attention to make sure everything is ethical and legal.
3. Avoid Expensive Mistakes
Because there is a significant amount of money changing hands when you purchase a home, you may feel tempted to forgo hiring legal representation to avoid the costs involved. However, going through the real estate purchasing or selling process yourself may result in mistakes that can be extremely costly to rectify.
A real estate lawyer will ensure that all the legal documents are in order and ready to be filed by the deadlines. If you try to get your documents ready yourself, you can easily become overwhelmed and miss deadlines. If you miss deadlines, you could incur extra expenses and fees that you may not have considered – or, even worse, the transaction could fall through completely.
4. Draft a Will
When you become an official homeowner, you’ll need to ensure the continuity of your estate and asset. While you may not even consider the possibility of never making your mortgage payments or living in your new home, unfortunate accidents can and do happen.
Your real estate lawyer will help you draft a will or set up a trust to ensure that your assets – including your new home – are distributed as you see fit. Your real estate lawyer will also ensure that the assets named in your will are handed over to your beneficiaries promptly should you pass away.