A real estate attorney is a fantastic resource that can help you avoid many potential pitfalls during the real estate buying process. Listed below are two ways that a real estate attorney can assist you.
Creating Or Modifying Purchasing Agreements
One of the most useful things that a real estate attorney can do for you is modify or create a purchasing agreement so that you are protected in the event that the sale falls through or if other issues come up. For example, if you placed any earnest money on a property and discover an issue with the property during the inspection that makes you back out of the sale, then you could very well lose that money. However, a real estate attorney can create a contract that has a contingency for that situation so that you do not lose the money.
This is also useful if you find a property that seems ideal to you but a later inspection shows that there are extensive modifications or repairs that need to be made for the property to be usable. In that situation, your attorney can draw up a contract allowing you to back out of the deal without penalty if the property owner does not discount the price of the property to offset the repairs, performs the repairs himself or herself, or pays for the repairs out of his or her own pocket. Without this type of contingency in your purchasing agreement, you may be stuck paying the amount that you offered in addition to having to pay for the repairs or modifications yourself, or end up backing out of the deal and pay any penalties.
Looking For Any Potential Issues With The Property
A real estate attorney can also help you out by looking for any potential issues with a property before you make an offer or spend time touring the property. One thing that your lawyer will consider when looking at the property is whether or not it is properly zoned for the type of use that you are planning, of if the property can be rezoned for your use. For example, if a piece of land is zoned for agricultural use but you want to use it for a residential property, then your lawyer can see if the property can be rezoned or if there are any ways around the agricultural issue before you waste any time negotiating for the property.
Your attorney will also look for any prior agreements that may affect how you can use the property. For example, if the water rights for the land are shared among a wide area and multiple people, then the attorney can see if there is any way to get around those agreements. If not, the attorney can let you know what you will have to do to comply with those agreements if you buy the property.
Contact a real estate attorney today in order to ensure that you get the right property for you with as few complications as possible. An attorney can look into the background of the property in order to determine if there are any factors that could affect your usage of the property while also creating/modifying purchasing agreements so that you have contingency plans should unforeseen issues come up during the buying process.Share
8 January 2016
Like many people, I once found learning about law very intimidating. My brother went to law school and I remember glancing through a few of his books and wondering if I was actually reading English due to all of the legal jargon in them! However, when I ended up in a sticky legal situation due to accidentally breaking a small law I didn't know existed, I realized that I needed to learn more about the law, so I could make sure to follow it precisely in the future. My brother helped to break down some complicated legal concepts to me, and I have since been studying up online. I want to post what I have learned and continue to learn about law in the future on my new blog, so my knowledge cannot only help myself, but also help others!