Why is it Important for Homebuyers to Have a Lawyer?

Posted on Friday, June 19th, 2015 at 6:46am.

Prime Edmonton Real Estate - Buying a home is probably the largest and most significant purchase you will ever make in your life. The entire home buying process gives immense joy to the buyer and at the same time develops equal amount of tension as it involves the law of real property, raises special issues of legal practice, and property related disputes. A real estate lawyer is trained to deal with these problems and has the most experience to deal with them. Although using the services of an attorney can easily add several thousand dollars to the cost of a real estate transaction, it's often considered as money well spent.

Here are a few common problems that some home buyers face and how a lawyer can help you avoid them:

  • Property Transfers:

When one or more parties are trusts, corporations or partnerships, the contract preparation and the following negotiations are complex. A real estate lawyer understands these different types of business arrangements and their legal parameters considering your state's law. He will have to ensure that the contract is consistent with the respective laws of your state and also the terms of the deal in no way violate the partnership's, corporation's or trust's charter protocols.

  • Contracts:

While many people have the ability to negotiate face-to-face with another party, the terms of the deal must be properly learned and interpreted in a contract in order for them to be legally binding. Attorneys can do that by not only negotiating on your behalf, but also ensuring that the contract adheres to all the laws of your state and address specific issues that might affect the future use of the property.

  • Filings:

All the real estate deeds often need to be filed at the county and state level. A lawyer is well versed with various filings and hence he will be able to do this quickly and efficiently. In addition, if there are any obstacles in your transaction that involves property where certain types of construction might not be allowed, an attorney will be able to find relevant solutions so that you may complete the transaction. 

An attorney's job is to review the home inspection and make sure that all relevant facts about the property are made known to the other party. Of course, having an attorney represent your interests isn't a legal requirement. However, without have one; you increase your chances of being sued by the opposing party for failure to disclose certain information. 

You can be sued for various reasons, such as, if the opposing party is a corporation or a partnership and the transaction is improperly completed for any reason; like, failing to disclose certain defects or violating a corporate charter, the entity may sue you, and the partners may individually sue you as well. 

Without an attorney, you run the risk of failing to file the appropriate documents or disclose certain facts, for which the other party can sue you. Thus, having a legal counsel makes good business sense because of the complexities that come with real estate. A competent, experienced real estate attorney can help you by protecting your interests and ensuring that your real estate transaction adheres to the applicable rules of your state. If you want to buy a house in Edmonton and also desire to get detailed understanding of the real estate transactions, please get in touch with me.

1 Response to "Why is it Important for Homebuyers to Have a Lawyer?"

Financial Mistakes to Avoid when Shopping for a New Home wrote: [...][...]

Posted on Wednesday, July 1st, 2015 at 4:02am.

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