Reasons You May Need a Real Estate Attorney as a Seller

Subhadip Modak

Real estate is a huge part of the American economy, and it is also a very competitive market. As such, it can be difficult for your business to compete with larger companies and other buyers when you are selling your home. This is why you should always hire an attorney to protect your interests as a seller. If you are asking yourself why you should hire a real estate attorney for this particular purpose, then here are a few reasons that might help you make your decision.

If you do not hire a real estate attorney to protect your home from a buyer that does not abide by the contract, then you could miss serious money. An attorney for closing on real estate will read and negotiate the contract with you to make sure that you know what is expected of both parties. The attorney will also ensure that the contract complies with all laws and regulations, which is especially important if your home is located in a complicated area where there are numerous building codes or restrictions that might affect your sale. Here are some reasons you should hire a real estate attorney with experience for the sale of a residential or commercial property.

Prepare and Review Paperwork

A real estate attorney goes over the paperwork for your sale and makes sure that you are not missing anything important, so you do not miss your money. For example, if you need a separate or different type of document required by another party, your attorney tells you about it. It is best to find out what these requirements are upfront instead of waiting until they come up in the sale and causing trouble. In addition, the attorney ensures that your paperwork is accurate and complies with any local laws or regulations.

Handle Unusual Contract Terms or Requirements

Most transactions do not require a separate contract for each party. Instead, the real estate attorney reviews the original contract and introduces any additional terms or requirements needed by the buyer or seller. It is common to see additional clauses like bank guarantees, construction plans, or disclosures of certain items in a home that are required by a mortgage company. These are covenants, often required by banks as well as buyers. The attorney takes care of all this for you as a seller and ensures that these will be included in the contract. Your attorney also works with your insurance agent about any special coverage or requirements related to the sale of your home.

Negotiate Difficult Circumstances Such as a Foreclosure or Short Sale

Sometimes transactions have complications, and the buyer is not happy with something in the original contract. In order to avoid this, a real estate attorney reviews the paperwork and makes sure that everything is clear. If you have to deal with a short sale or foreclosure, then your attorney negotiates with your bank or mortgage company on your behalf. Moreover, when you hire a real estate attorney, he or she helps you understand how these situations apply to legal regulations. Therefore, you understand what rights you have as a seller in this situation.

Selling a Property with Lead or Other Environmental Contaminants

If you have a problem with lead or other environmental contaminants in your home, then you should speak with an environmental attorney before deciding to sell. You may have a claim against the original property owner and need to stop work that has already been done on it. The real estate attorney helps you fill out the necessary forms so you can protect your rights as a seller. In addition, he or she explains how this applies to local laws and helps you understand your rights so that you can avoid any disputes with the buyer and any third parties.

Comply with Local Building Codes and Permit Guidelines

Certain properties may require building permits or approval from the local municipality before you can sell them. It can be difficult to determine this on your own, especially if you do not know much about the local codes. A real estate attorney reviews these details with you and ensures that you understand the expectations when it comes to your sale. Before signing any contracts with a buyer, the attorney ensures that all permits are in place and the buyer has cleared his or her right to purchase the home.

Save Money When You Hire a Real Estate Attorney

Selling a home or another home-based business is an important task, and you will have plenty to worry about without having an attorney working with you. The seller will also have many upkeep expenses such as repairs, taxes, maintenance, and even landscaping. An attorney finds the best course of action while making sure that you are saving money when it comes to buying and selling your home. If you want extra peace of mind as a buyer, then it is a good idea to hire an attorney that specializes in real estate.

Give Sellers Peace of Mind

As a seller, you do not want to have an attorney handling your sale. However, he or she can provide you with peace of mind by reviewing the contract so that you understand it from every angle. You will not feel obligated or pressured into signing certain documents if you know the legal requirements. A real estate attorney also negotiates with the buyer’s attorney to ensure that nothing is missing from the contract and that both parties are getting everything they deserve for this transaction.

Conclusion

There are many situations where you should seek the advice of and hire a real estate attorney. If you are a seller or buyer, then you do not want to make any mistakes with your paperwork. An experienced attorney reviews your contract and explains your obligations to make sure that everything goes smoothly. He or she also simplifies the process and ensures that everyone involved understands the terms of the agreement. An attorney has experience with all types of real estate transactions and can navigate any unique situations or regulations with ease. Therefore, everyone is happy with the purchase or sale.