Why Real Estate Owners Need A Lawyer
There’s no smart way around it, every person who purchases real estate is going to need an attorney. Before you ever become a property owner, it is wise to hire yourself a good lawyer. Some states require this, though most do not. During your time as an owner, you will continue to have a need for occasional legal services or advice and when you sell or pass on your property, you’ll need them again.
In the Beginning
When it comes to property acquisition, there are so many details. You need to shop around, find the right location and amenities for your needs. Whether you’re seeking a home or business location, or some other type of property, the zoning needs to be correct. You’ll need to understand the process for legal property transfers and your obligations in each type of purchase. This is where an attorney is most helpful.
The seller may provide their own lawyer, but it’s better to hire someone who is on your side. You can use their services for education like legal consulting, and have your lawyer look over or draw up any paperwork you may need. They can advise you on what your duties are as well as make suggestions about actions you should voluntarily take.
In order to avoid missteps and additional costs of backtracking to make corrections, a lawyer can greatly improve and likely shorten the process. Once you are ready, they will guide you through the steps, and make certain you are the legal owner. Avoiding con artists and those seeking to unload bad properties is a lot harder when a bonafide attorney is on the case.
During Your Ownership
Once you own your property, there are still additional concerns. If you plan on renting, then it’s absolutely essential to maintain a good relationship with a landlord-tenant lawyer. If you plan to sell for a profit later, you’ll certainly need legal representation to ensure contracts and obligations are handled on both sides and to transfer titles.
For long term properties like family homes, you also need an estate planning attorney to help create and enforce the transfer of your property to your heirs. This sort of legal representation exists to help you form trusts and wills, among other duties. It is worth the time and effort to look into your local options and find a trusted estate planning lawyer or firm. Trying to ‘go it alone,’ and ‘just figure things out,’ can result in documents that aren’t up to standard and make it much easier for someone to contest them when you are gone.
Though it’s possible in some cases to avoid using a lawyer, typically it’s not a very good choice. Just as you could try to build a house without a contractor, plumber or electrician, the problem is lack of experience. Sometimes you just need a specialist who knows the ins, outs and potential dangers of what you are getting into. Protecting your property is more than simply putting in a security system or purchasing insurance.
Your real estate lawyer knows the proper format and filing requirements for everything you need. It’s technically possible to circumvent that and do all the research yourself, but mistakes can be costly and the sheer time commitment for checking into every aspect of legal paperwork is prohibitive. Trusting a professional takes the guesswork out of the whole process and provides peace of mind that you just can’t DIY.
