A real estate agent makes an average of 5% to 6% commission per property.
Did you feel rushed when working with an agent on your last sale or purchase?
Buying or selling a property can be a chaotic time for any homeowner, and you deserve someone who is on your side from a non-financial standpoint. Real estate agents are fantastic for helping you close on a sale, but a real estate attorney will make sure you’re secured through the entire process.
Continue reading below for the seven reasons you should invest in a real estate lawyer for your next property hunt.
1. Represents Your Best Interests
Real estate agents work with you to make a sale. A real estate attorney has no end goal except to protect and secure you through this major event. Your best interests are their primary concern.
Hiring a real estate attorney is an excellent choice for an out-of-town purchase. You can have an attorney represent you in showings, meetings, or other steps of the transaction.
2. Reviews All Documents
There is a plethora of documentation that you should submit for an optimal transaction. A real estate attorney will review and decipher all documents, so you have peace of mind.
A simple review by a lawyer could save you from:
- Title inconsistencies
- Financial losses from property damage not outlined in the agreement
- Red flags in a mortgage loan application
3. Modifications to the Real Estate Contract
The real estate contract is one of the most important documents you will use. The agreement covers price and timeline, adjustments to property taxes, and who pays for inspections.
A real estate attorney ensures both parties, the buyer and seller, are fairly represented in the agreement. The lawyer can also check the various contingencies outlined and allow for the buyer to back out if needed.
4. Handles Any Unplanned Circumstances
Unknown property damage or illegal structures—you will face these unexpected situations and more in a real estate transaction.
Hiring a real estate attorney means you have an experienced individual on your side to help guide you through unforeseen circumstances. A lawyer will bring levelheadedness and objectivity to find the best outcome through any transaction obstacle.
5. Tracking and Maintaining Timelines
A property transaction contains many moving pieces and several interested parties who want the quickest turnaround. An experienced real estate lawyer keeps track of the timelines to keep the transaction moving forward, even in the face of potential setbacks.
Hiring a real estate attorney gives you the confidence that you can settle into a new property on a similar timeline to your goals.
6. Commercial Property
Dealing with a commercial property presents unplanned scenarios, more paperwork, and less security to a buyer. A real estate attorney becomes a lifeline when buying or selling commercial property to confirm both parties’ best outcomes.
The attorney comes with experience in commercial matters that would allow you to understand your rights and obligations.
7. Peace of Mind With a Real Estate Attorney
One of the top reasons to hire a real estate attorney is the simplest: your mental and physical health needs it!
Buying or selling a property can be a tangled web of setbacks, inaccuracies, and emotional conversations. A real estate lawyer brings you peace of mind. You know that there is someone there who is only focused on getting you what you need.
Use an Attorney for Your Next Sale or Purchase
You may not need a real estate attorney to carry out a property transaction, depending upon the state of residence. However, this could be well-spent money as an attorney will be your go-to for the reasons above and more.
Looking to make other lifestyle changes outside of a property? Read more of our blog posts to become the expert of your life.