Why Having a Real Estate Lawyer is a Must For Both Buyers and Sellers

For most people, real estate transactions are the largest financial transactions that they ever handle during their lifetimes. Whether you are buying or selling a home, the process will involve aspects of real estate law. A real estate attorney has the knowledge and experience that you need so that your home sale or purchase may go more smoothly. There are several reasons why having a real estate lawyer is a must for both buyers and sellers.

Why Sellers May Benefit From a Real Estate Lawyer

When an individual decides to list his or her home for sale, he or she will often sign a brokerage contract with a real estate agent. In many cases, real estate agents use standard forms that do not address a number of different legal issues that may arise. When a real estate lawyer is involved, he or she may review a proposed brokerage contract and identify modifications that should be made to it. He or she may then negotiate changes that may better protect his or her client’s financial interests. For example, many standard contracts do not contain clauses that allow sellers to avoid paying commissions when their homes do not sell. A lawyer may negotiate the inclusion of such a clause so that his or her client will not be liable for the payment of brokerage commissions in the event that the home doesn’t sell.

Why Buyers May Benefit From a Real Estate Lawyer

When buyers make mistakes in their home purchases, they may lose thousands of dollars. A real estate attorney may conduct title research in order to make certain that no title defects exist. He or she may also negotiate the terms of the home purchase agreement to better protect his or her client. For example, an attorney may negotiate the inclusion of provisions for what might occur if issues are found, including asbestos, lead paint, termites and others. Finally, an attorney may represent his or her client throughout the closing process, making certain that mortgages and deeds are executed properly.

When people are preparing to buy or sell their homes, having real estate attorneys may help them to avoid a number of potential pitfalls. An attorney may help his or her client to negotiate the terms of the contracts in a manner that protects the client’s interests and provides the greatest benefits. To learn more, contact the McKay Law Firm today.