The process of buying and selling real estate can be complex and it often represents one of the most substantial investments made by an individual or a business. Although using an attorney to assist with the process will not be free, the fees are a minor expense in relation to the significance of the transaction, and is certainly money well spent.
Handling a real estate transaction without an attorney may complicate the process in the short-term and increase risks and expenses long-term.
So, how can an attorney assist you in the buying or selling process?
- Attorneys are able to negotiate the terms of the real estate purchase agreement to ensure your interests are protected, whether you are buying or selling.
- Attorneys are able to structure the transaction in a way to minimize present and future tax liability and limit personal liability for matters relating to the real estate.
- Attorneys are able to prepare agreements between partners in a real estate investment, as well as lease agreements with potential tenants.
- Attorneys are able to conduct due diligence with respect to the real estate, to help you fully understand what you are buying and identify issues ahead of time. This includes reviewing the title work relevant to the property.
- Attorneys are able to coordinate with other parties to the transaction, including real estate brokers and title companies, to ensure that the closing happens in a timely and efficient manner.
In summary, if you are buying or selling real estate, a real estate attorney will work for you to ensure you get the most out of your investment.