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Friday, March 31, 2023

2 Reasons to Hire a Real Estate Attorney

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Hiring a real estate attorney is of the utmost importance due to the complexity of real estate transactions. Without a real estate attorney on your side, you could end up losing out on quite a bit of money or end up purchasing a property that is not appropriate for your intended use. This type of attorney can assist you by amending purchase contracts, ensuring that you know the background of the property, and speeding up the transaction.

Amending Purchase Contracts

Many people enter into real estate transactions by using generic contracts that do not really do much to protect the buyer in the event that something happens during the purchasing process. For example, many real estate purchasing contracts do not mention what will happen if an inspection turns up foundation damage or pest infestations. This can be a very big problem because you might end up facing a situation where you have no recourse but to pass on a property and lose any deposit that you placed on the home.

However, your attorney can amend the purchasing agreement or contract in order to protect your interests throughout the transaction. An example of this would be your attorney wording the contract so that you will receive a full refund of your deposit if certain problems are discovered by an inspector and the property owner refuses to resolve those problems. Another amendment that your attorney can add is that if any problems are found, the property owner must repair the issues within a certain period of time.

Property Background

A real estate attorney is also going to make sure that you go into any real estate transaction with full knowledge of the property and its history. This is of great help to you as it can allow you to make a fully informed decision as to whether or not you want to proceed with the purchase.

Some of the issues that a real estate attorney will look into are the zoning of the property and any land usage rights. If the property is not zoned correctly for your plans, the attorney can also investigate whether or not the municipality would be willing to rezone the property.

Land usage rights typically include such things as grazing and water rights. You will definitely want to know ahead of time if a property has grazing or water rights awarded to other people in the area as this can restrict what you can do with certain parts of your property. For example, if a neighbour has grazing rights to a corner of your property, you may not be allowed to restrict access to that area or build on it.

Speak to a real estate attorney like Madigan & Scott Inc. as soon as possible if you are considering buying a piece of property. A real estate attorney can ensure that your real estate transaction goes as smoothly as possible by providing you with a detailed background of the property you want to buy and amending purchase contracts and agreements to protect you throughout the transaction.

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