Usually, when people hire a lawyer, it’s because they’re in trouble or something bad has happened to them. However, this should not be the case. Actually, you should use the services of an attorney to prevent problems from developing in the first place. This is especially true when it comes to real estate law. Real estate, also known as real property, pertains to land, in addition to the buildings that are on it. Thus, real estate law governs the people who may own and use the land. Here are three of the main reasons for hiring a real estate lawyer, along with some considerations and warnings.
1. Real Estate Purchases
When you buy real estate, a buyer’s attorney evaluates all the title work involved in a property. A title is a term that pertains to the evidence proving someone’s legal right to property ownership. A buyer’s lawyer also examines deeds, does lien searches, reviews contract terms, looks over financial statements and performs other tasks. As a result of performing these services, they’re able to recognize potential legal issues on properties before a contract is signed that could affect a buyer.
2. The Sale of Property
While a buyer’s real estate lawyer examines title to ensure the property is free of defects, a seller’s lawyer takes the initiative in resolving issues. A seller’s lawyer can also be helpful for sales that are complicated or those with potential legal problems. Some common issues include those, such as sales that involves several parties, the sale of portions of raw land, properties with septic/well and other disclosure issues, lakeshore properties and historical properties. Moreover, a good seller’s lawyer knows how to help you save money on taxes.
3. Asset Protection
Investing in rental property is another reason for using the services of a real estate lawyer. If you’re a real estate investor, you need to protect your assets, so you’ll need a lawyer. A high-quality real estate attorney knows how to set up the best entities that can deter lawsuits. We primarily represent landlords, but our firm occasionally represents tenants with rental disputes. We have a wide range of experience in resolving rental disputes and unlawful detainer actions.
Hiring a Real Estate Lawyer a Good Idea Even If Your State Doesn’t Require It
There are five states that require an attorney for every part of a real estate transaction. They include Georgia, Delaware, North Carolina, New York and South Carolina. Although a non-attorney in Alabama can do title searches, a licensed attorney is needed for drafting legal documents.
Even if you live here in Minnesota or another state that doesn’t require using an attorney at a real estate transaction, you may need one for other reasons. Consider how there can be disputes that develop between buyers and sellers, regarding negotiations or when you’re unclear as to what to do. Sometimes, there are issues with titles as well as mineral or surface rights and disclosures.
Other Considerations and Warnings
- The field of real estate law is closely linked with other areas of law. Consider how certain kinds of offenses and crimes can apply to real estate, such as trespassing on someone’s property without permission.
- Unlike real estate agents, real estate attorneys don’t work on commissions. Therefore, you don’t have to worry about them forcing you to buy a property that may not be suited for you.
- A real estate lawyer is necessary for short sales as they entail things moving quickly.
- When buying a foreclosed home, you need a real estate attorney so that you can be protected from possible risks that could be easily overlooked.
- Real estate lawyers can be well versed in health codes and zoning codes.
These are only are few reasons for using a real estate lawyer. Basically, you need an attorney to help you determine what to do because you’re not expected to know all the ends and outs of buying and selling real estate. You can depend on the Minnesota legal pros at Hero, Jorstad & Jacobsen Law Firm, P.A. Please contact us and find out more about our wide range of legal services.