Are you currently in the process of selling or purchasing real estate? If so, you are likely well aware of the importance of hiring a real estate agent. However, surprising to many would be the fact that you may need more people on your team.
Unfortunately, we live in a world that requires people always to protect themselves, especially when it comes to situations such as buying or selling a home. We’ve all probably experienced at least one time in our lives that someone has pulled the wool over our eyes. Needless to say, when dealing with a significant amount of money, this is the last thing a person wants to happen.
For added protection, some people hire real estate attorneys to work alongside their agents. Believe it or not, in certain states, hiring a real estate attorney is not just recommended but required.
So, how do you know whether or not you need to hire an attorney?
To start off with, it’s advised that you ask your real estate agent whether or not the state you reside in, or the state that you plan on selling or buying in requires an attorney. However, not everyone is required to have a real estate attorney. That doesn’t necessarily mean that it would be a good idea to go without one though. This becomes especially true when it comes to particular types of sales, the circumstances involved in the sale or purchases, as well as how protected you would like to be throughout the process.
Not all purchases and sales are open and close cases. In fact, some have some serious underlying issues that are well out of the scope of the average person’s knowledge of the law.
For example, there is a lot that is involved when selling a property that has been inherited from a person that is now deceased. Therefore, if someone has left you a property and you plan on selling it, it is highly advised that you hire a Jackson WY real estate attorney.
Another example of a situation where an attorney is a must is when a seller has prior judgments or liens. Unfortunately, these two things can easily cause a sell to become highly complicated if the sell can be done at all. Believe it or not, a lien can prevent you from selling a piece of property. These are just a couple examples of situations where a seller should strongly consider hiring an attorney. There are many other different circumstances where a person would want to make sure that they are adequately protected.
Sellers aren’t the only ones who may need the services of a real estate attorney. Purchasers should also ensure that they are well protected. Just as sellers have many different things to worry about in particular situations, people buying a new home or piece of land also have many things to worry about that could lead to an adverse outcome.
One of the most common issues that purchasers run into would be the different laws that exist in various states. Your real estate agent may be highly skilled, but that doesn’t mean that they know the rules for other areas. If you plan on purchasing out of state, it would likely be beneficial for you to make sure you cover yourself from all angles. Another area that can create possible concern would be buying an industrial or commercial property. The laws about these types of purchases and sales can be quite different that those that pertain to residential real estate.
As well, if you are buying a piece of property that happens to be bank owned or listed as a short sale, it is highly advised that you hire an attorney. These types of sales can have a lot of hidden fees in them that may not necessarily be your responsibility. However, without a lawyer to protect you, you will likely end up being the one who pays the bills.
As you can see, there are a lot of different types of sales and purchases that may not necessarily require an attorney, but one would be beneficial. There are some other situations that they can come in handy as well.
The following are some great examples:
– Estate Sales
– Properties With Structural Issues
– Areas That Commonly Experience Issues Such As Tornadoes, Floods, Etc.
– Properties Located In A State Currently In Distress
– When Dealing With A Less Than Cooperative Partner
– And Most Of All, If You Have Any Bad Feelings
In all honesty, while it can be pricey at times to hire a real estate attorney, it can save you a lot more money, time, and hassle in the long run. If you want to make sure that your purchase or sale goes over without huge complications or possible legal backlash, an attorney is more than worth the investment.