There are a few situations where it might be advisable to hire a Real Estate lawyer whether you’re purchasing residentially or commercially. Whether you’re buying or selling the property, seeking out the advice of a Real Estate Lawyer is always a safe bet.
Some States REQUIRE a Real Estate Attorney be Present
For some real estate closings in some states, it is required that a Real Estate lawyer be present to help with the transaction process. Illinois & Missouri do not have this requirement, but about 20 other states do.
Commercial Real Estate Deals
Unfortunately, commercial real estate deals can become complicated quickly. It’s best to seek the advice of a Real Estate lawyer when you plan to purchase property for your business. Several factors besides location go into play here; environmental issues, zoning, liens, legal descriptions, structural conditions, etc.
ANY Time there’s a Dispute
You may not need an attorney initially, but if any disputes between buyer and seller pop up during the transaction … you need a Real Estate Lawyer. Issues could arise that aren’t necessarily between buyer and seller, and these need to be addressed by an attorney, too.
Title issues, tax concerns, disclosure, etc. can all be room for concern when handling a Real Estate transaction.
Easement issues can get tricky fast. You need to know if there is any kind of verbal agreement with previous owners & neighbors and you need those agreements in writing. Those written agreements need to be handled by a Real Estate lawyer, so nothing is potentially left out.
Property within Someone’s Estate
A Real Estate lawyer can be an unbelievable asset if you’re dealing with property left from a loved one’s estate. It’s a double bonus if this attorney is also well-versed in Estate planning & probate. Sometimes more than just property can be fought over in these delicate situations.
In some cases, you just won’t need to have a Real Estate attorney to assist you in real estate transaction process. Before they can receive their licenses, real estate agents are required to have a thorough understanding of the standard documents that buyers and sellers need to file before they can close on their homes. If you selected an agent with solid credentials and experience with handling real estate matters in your state, you might not need an attorney at all.
If you’re ever uncomfortable about something within your residential or commercial real estate transaction, do not be afraid to reach out to a qualified Real Estate lawyer for advice or to take over. Even if it’s just to ease your mind, the comfort of having a team working with you is invaluable. They can also assist with the careful review of language in purchase agreements, contracts, deeds, etc. to make sure all parties are getting exactly what they want and know exactly what they’re agreeing to.
Our attorneys at Sivia Law are experts in Real Estate Transactions. Like we mentioned earlier, we can also assist with the Estate Planning & Probate … we’re experts at that, too. Don’t hesitate to call our office: 618.659.4499.