Buying or Selling? Questions to Ask Your Real Estate Attorney

Buying or Selling - Questions to Ask Your Real Estate AttorneyRegardless of where you plan to buy or sell a home, it could in the countryside in England, or you could even be looking at a House for sale in The Ponds NSW, involving a real estate attorney is always a good idea. Real estate transactions are normally complex in nature, and most consumers have little to no knowledge about the content within them. While most real estate contracts are now standard and may only require a few signatures, everyone involved should be fully aware of what they are signing. If you plan on buying a property from real estate companies like William Pitt or selling your existing property, the following questions should be asked when speaking with a real estate attorney. There are different needs for different real estate opportunities, so some of these questions to ask may need to be modified to help you get the answers that you seek. You may want to live by the beach, this is where companies like Coastal Neighborhoods can be of service, but always bear in mind that research is important, and needs to be conducted no matter which type of property you go for.

Concessions and Clauses

Every real estate contract will include any additional clauses and concessions that were agreed to by both parties involved. Normally, clauses in the contract will pertain to necessary repairs that must be fixed based on the inspection, the timeframe in which the closing process should be completed and any concessions made in regards to the actual price. Before you sign the contract, bring it to your real estate attorney in order to help you better understand what you’re giving up and what you’re getting in return. A lawyer will also be able to tell you if the other party tried to slip additional agreements into the contract that would unfavorably change what you’d be getting. They can also discuss Section 1031 Exchange with you as well as any other legal jargon you may not understand.

Legal Issues That Arise During the Process

While a real estate agent should be able to explain everything within the contract, some legal issues that may arise will require the assistance of a real estate attorney. An expert from Doré Law Group says any real estate deal that involves an income property currently occupied by a tenant should be carefully examined by an attorney. This is because the current occupant of the property has special rights, and, if the buyer would like to move into the property, he or she would have to sign additional documentation and possibly engage in legal proceedings with the occupant in the future. If there is a disagreement over what is in the contract, an attorney should be consulted as well.

Examining Documents At Closing

Once you’ve signed all the documents, a real estate attorney should be asked to verify everything during the closing period. Be sure to ask the attorney to carefully check over every single document to ensure for accuracy. During this time, attorneys normally read and verify title records of previous sales, will verify that the seller actually has the right to sell the property, negotiate any issues with the bank and resolve any issues that reveal themselves prior to handing over the keys. Because the average escrow and closing process takes approximately one month, reviewing documents and checking on title records shouldn’t take more than two weeks.

Real Estate Attorneys and Investment Properties

Regardless of the size or use of an investment property, a real estate attorney should always be contacted to ensure a speedy and efficient closing process. In many cases, property investment deals require that both parties expedite the process as much as possible. Doing so will ensure a smooth transition to the new owner if tenants are involved, and properties that are scheduled for flipping by the new owner will be available before the 30 day escrow period is up. If you’re a real estate investor, you should always have a competent real estate attorney on retainer to help complete buying or selling paperwork while you focus on growing your business.

While most real estate agents are trustworthy, some will try to change the contract without you knowing. Either they’ll increase the amount that is owed to them by adjusting sales numbers and commission percentages, or they might negotiate privately with the other party without your knowledge. The best way to avoid any problems is to hire a real estate attorney to comb through every document before you sign on the dotted line.