Hiring a real estate lawyer will save you time and money. This is by avoiding costly lawsuits caused by illegally buying, selling, or leasing property. Real estate lawyers know the land rights, and legal property ownership transfer. Read on for five reasons why hiring a real estate lawyer is ideal for you.
Real Estate Contract
Real estate lawyers have the legal expertise to draft contracts. These include:
- Purchase Agreement
- Lease Agreement
- Real Estate Assignment Contract
Also, your lawyer will review the terms and conditions of the seller’s contract. They do this to ensure that stipulated terms are friendly.
Investigate Past Owners
A real estate lawyer will review the chain of title ownership of property. This ensures that the property is properly conveyed to each subsequent owner. Thus, the buyer will not face any claims from previous owners.
Your lawyer will also confirm that there are no existing liens. These attach to a property even when its ownership changes. While looking to acquire property, hire a real estate lawyer Orlando-based to ensure there’s no hold on the property.
Land Use Restrictions
Some land has use restrictions. These are placed by government action, current homeowner associations, or past owners. Lawyers assess these restrictions. Violation of these restrictions will lead to a subsequent lawsuit.
Before buyers can sign, a real estate lawyer will thoroughly investigate the documents.
To avoid fraud, a real estate lawyer must perform a property search. The search is necessary to confirm the property location, and that the seller is legitimate. These records are on the land registry.
To ease buying, the lawyer advises the buyer on available mortgage options. It’s done to ensure that the terms of repayment are favorable.
The transfer of property ownership is challenging when the property is leased or mortgaged. Banks can even foreclose on property when ownership changes. This transfer could be to a business entity, spouse, or beneficiaries. Hiring an experienced real estate lawyer will ease this ownership transition.
Getting a real estate lawyer protects your interests. Besides reviewing contractual terms to ensure they are good. They also smoothen the process of property changing hands.