A real estate attorney can save you from many real estate scams and misappropriation of your hard earned money. A few states in the US require you to hire a real estate attorney for closing deals. They must be present at the time to do the legal procedures. Even if you’re not required to hire a lawyer, it is advisable to do so to save you legal trouble later. If you hire a lawyer in the beginning, they would know of the terms and conditions at the time of purchase and be able to help promptly if a legal case arises.
Commercial real estate dealings are on a grander level than residential and has more at stake. It is even more important to hire a real estate lawyer to protect your best interests. If you’re contemplating where to hire a lawyer or not, read on for more clarity.
Which States Require You To Hire A Lawyer?
These states make it mandatory for you to hire a lawyer during buying and selling of property.
• Alabama
• Connecticut
• Delaware
• District of Columbia
• Florida
• Georgia
• Kansas
• Kentucky
• Maine
• Maryland
• Massachusetts
• Mississippi
• New Hampshire
• New Jersey
• New York
• North Dakota
• Pennsylvania
• Rhode Island
• South Carolina
• Vermont
• Virginia
• West Virginia
These states do not give you a choice for hiring a real estate lawyer. One must be present at the time of closing.
Why Should You Get A Real Estate Attorney?
Real estate lawyers are equipped to handle all the legal procedures that come with buying and selling properties. In case of commercial properties, it is even more important to employ a real estate attorney or a real estate law firm because of the nature and complexity of the transactions. You have the option of hiring a lawyer right at the beginning. This way the lawyer guides the process from the start and is aware of all the happenings in the transactions. You may also hire a lawyer only when the need arises like when you have to file a case or you need to move the court.
Real estate lawyers work actively with businesses and commercial properties to lease, buy, sell and develop properties. These transactions are on a huge scale and it is wise to have a lawyer on board to reside over such dealings. They also manage all the paperwork involved and draw up documents related to buying, selling, mortgage, title and agreements in case of leasing. You can find the best real estate lawyers at this website.
When Should You Hire?
If your state doesn’t require you to hire a lawyer, it’s at your discretion whether you want to hire one or not. Depending on the complexity of the transaction, the parties involved and the property in question, you can decide whether you need a lawyer or not. If you’re doing simple transactions like renting residential properties, you may not need a lawyer. Even if you’re leasing a commercial property on a simple monthly basis you may not need a real estate lawyer.
Before you decide to employ the services of a real estate agent, do your own research. Don’t rely on the agent to make all the decisions for you. Discuss the transaction options with your real estate lawyer. It is important to keep yourself educated on real estate matters too. Even though your real estate lawyer will have your best interests at heart since the property is yours and only you know what clauses in the deal you want, communicate your interests to them so they are prepared for everything.
Commercial And Residential Transactions
Commercial and residential transactions are very different. Right from the documentation to the purpose of the property, everything is different. The processes of acquiring these two properties are different too. Commercial deals are expensive and complicated and you could easily deal with property disputes. Hiring a lawyer and having them on board can save you a lot of money.
Real estate lawyers will advise you on about commercial properties that are the best for you. They do not work on commission like real estate agents do, and have your best interest at heart. If there are any problems during the transaction, lawyers are more than equipped to handle them and get you the best deals possible. Commercial properties are too complex to be handled by agents alone. Definitely hire a lawyer if you’re planning to buy or sell property. In case of rent residential properties it is at your discretion, you may not need a lawyer since this is a very simple transaction. Sometimes disputes with commercial properties may arise, you have the option of having a lawyer onboard or hiring one when the need arises.
I hope you enjoyed this blog post about when you should hire a real estate lawyer to protect your investments and property management.
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