Buying and selling real estate may not be as simple as some may believe. Most people should hire a real estate attorney to handle to a realty transaction from offer to closing. Contracts need to be written, earnest money collected, and final paperwork signed and recorded. A competent attorney will also thoroughly research the property, prepare necessary documentation, and will handle all legal matters as they arise.
In addition to normal real estate transaction dealings, real estate scams occur daily. According to a 2013 article by the FBI, scammers are going to great lengths to deceive unsuspecting people out of their money. Therefore, to protect yourself from real estate scams, make sure all contracts are in writing and hire an attorney to research the property you want to buy before exchanging any money. Attorneys are highly trained professionals and a few reasons to hire one are as follows.
Reasons to hire an attorney
1. Clear title. A good real estate attorney will perform a title search on the property and will make sure it has a clear title that is free from all liens, encumbrances, judgments, unpaid taxes, and other legal problems.
2. Legal advice. Many legal issues can arise during a real estate transaction and only a licensed attorney can answers any questions you may have. Additionally, he can make suggestions and recommendations for further legal matters that can be of importance after the closing, such as title and mortgage insurance.
3. Correct real estate documents. Real estate attorneys will prepare the correct documents and will properly record and file those documents with the local jurisdiction. An improperly recorded deed or wrong property description can cause a major loss of investment.
4. Protect your interest. The attorney that is hired works for you. His objective is to ensure that your rights and interests are protected throughout the entire deal.
5. Simplify and educate. A good attorney will not only make sure his client’s interest is protected and that all paperwork is in order; but he will also make sure that the client understands every aspect of the real estate deal and explain paperwork to you in detail.
The purchase and sale of real estate is a big deal and you want your investment protected. Therefore, hire a competent and experienced real estate attorney for all real estate dealings you may have in the future.
John Lynch with Dwell360 is a REALTOR® who services the cities and suburbs of metro Boston. He is focused on his customers and his experience in the residential real estate market is extensive. Search for homes in Massachusetts and then give John a call.