Top 4 Reasons Emphasizing Need for Consulting a Lawyer While Buying a Residential Property
Looking to purchase real estate property? If so, then it will be important for you to utilize services of an experienced real estate lawyer to be sure that the transaction will move ahead smoothly without any problems or complications.
In this context, we will look at some important reasons which highlight the crucial role a lawyer plays in such transactions.
Top Reasons to Hire a Lawyer When Buying a Property
Reason #1: Check Illegal Additions/Improvements
Lawyers specializing in residential real estate law will be able to check whether there are any illegal improvements or additions done on the property they are interested in purchasing.
An experienced lawyer can also examine if rules and regulations were followed while the property was constructed. Lawyer can also suggest steps you need to take before closing takes place.
By hiring a competent lawyer you get useful advice about various aspects related to property purchase. Few of the details a lawyer can analyze on your behalf would include:
• Will it be necessary for you to take down a certain illegal addition to the property after closing takes place?
• What your rights will be as a buyer after closing occurs?
• Will it be possible for you to rescind the purchase transaction or sue the seller for damages?
• Is it necessary for a seller to disclose vital details (such as any illegal addition) to you?
Reason #2: Knowledge of Tax Laws
Lawyers experienced in residential real estate law can answer some critical questions related to taxes you will have to pay. Let us go through details of some questions they can answer because of their knowledge of taxes:
• Is there any type of tax withholding requirement you need to be aware of (will it be possible to utilize any exemptions)?
• Who will be responsible for paying the transfer taxes and how much it would be?
Reason #3: Expertise in Dealing with Short Sale Properties
In case, you are buying a short sale property or any other property which is owned by the bank then it will be imperative that you consult a lawyer before purchsing such property.
The reason is that there are special conditions which are to be looked into which only a lawyer with experience in foreclosure defense will be fully aware of.
Experienced lawyer will be able to properly review the title and ake sure that you receive a insurable and marketable title.
Reason #4: Capability to Manage Legal Issues Associated with Trust and Probate Law
If you are purchasing a property which is under probate administration or trust then you need to be aware of the fact that a trust will represent beneficiary’s interest as well as interest of creditors.
Thus, by having a competent lawyer by your side you will be able to understand as well as manage legalities related to trust and probate law.
A Final Note
We will conclude here with a final note that there are several complexities involved in a property purchase transaction and a lawyer with knowledge of residential real estate law will be able to property represent you in such real estate transaction.