Tuesday, October 11, 2016

Real Estate Lawyer Stuart, FL – 9 reasons why you need one

Real Estate Lawyer Stuart, FL –
9 reasons why you need one
Buying or Selling Real Estate in Stuart, Florida?

For many people home ownership is their most significant financial investment.  In order to protect your investment, hiring a real estate attorney is a smart choice whether you’re buying or selling.  A real estate lawyer can protect your rights and interests in the transaction; protect you against the unexpected; ensure a smooth and low-stress closing; and is the only one involved in the transaction who is qualified to provide you with legal advice.

What happens if the property has an illegal structure, termites, lead paint, asbestos, or other potentially hazardous conditions? What If there is an issue with your deal, what are your legal obligations?  Can you back out of the contract? Can you get your earnest money back? Will you owe the other party any money for changing your mind? Do you have sufficient time under the contract to get inspections done? Are there mistakes in the contract documents? Are there mistakes in the closing documents? And will that cost you money?

Your real estate attorney will keep an eye on all these different areas of concern and many more.  Knowing you have an independent, and experienced real estate attorney on your side will give you peace of mind and help you get your through what is often times a stressful situation.

1. Buyers need to know if the property has an unpermitted addition or improvements. If a seller has failed to obtain permits for an addition or other improvements to the property, it can be extremely difficult for a buyer to obtain any sort of satisfactory resolution after the closing. In order to protect themselves, buyers need to know if local codes and state regulations have been followed, and if they haven’t, what to do about it.

2. No matter how experienced you are at buying or selling residential property, any commercial real estate transaction involves complications which do not arise in simpler residential real estate deals. A real estate lawyer is important in commercial transaction so that these additional legal issues such as easements, corporate ownership, leaseholds, environmental issues, structured financing, tenant claims can be resolved in a timely and satisfactory manner.

3. Out of town buyers are particularly in need of a real estate lawyer. As a buyer you need someone local on the ground and familiar with the particular nuances of the area in which you are purchasing. Not only can your real estate attorney be your local point of contact for participants in the transaction, they normally are aware of specific municipal, county, state, or even federal regulations that may apply to the property.

4. Are you concerned the seller and/or real estate agent aren’t telling you something about the property? As difficult as it may be to believe, not every seller or real estate agent is honest and above-board; if you are suspicious, then a real estate lawyer can help you get answer to questions or suggest contract language to address specific concerns.

5. Are you buying or selling a property that is part of a trust or is in a probate administration? If so, it is not always clear who is representing the interest of the beneficiaries. Is the trustee or personal representative or perhaps one of the other heirs acting on behalf of the estate? Your real estate lawyer will help in jumping through the hoops associated with wills, trusts and probate courts.

6. Your real estate attorney will read everything. The volume of paperwork is insane. It’s tempting to throw up your hands and stop reading after the fifth page of your contract but that’s the way money gets wasted. Your attorney will read through your paperwork and raise any concerns. Even if there are no obvious red flags, your attorney will know the details of your transaction and can easily deal with issues if questions come up.

7. Do you want your attorney to hold your deposit just in case there is a problem with the transaction? Or do you want an unknown 3rd party holding your earnest money deposit? Real estate lawyers can act as escrow agents and most handle title insurance as well.

8. Are you concerned that you may not qualify for financing and you may lose your deposit? Your real estate attorney can suggest contract clauses to address this issue, including returning the deposit to the buyer if the buyer is unable to obtain prevailing market financing.

9. Do you what to make sure when you arrive at the closing you aren’t required to sign documents you are not obligated to sign under your contract? An experienced real estate lawyer will review the closing documentation before closing to be sure you only sign those documents called for in the contract.

Your real estate attorney has no personal interest in the outcome of the transaction other than making sure you, the client is taken care of. All other parties assisting you in the transaction have a financial interest – namely, commissions and payments which are far greater than your attorney Don’t wait until you receive an offer to sell your property. Contact a real estate attorney today to discuss how they can protect your interests from the outset. Call Guy Yudin & Foster, LLP. (772) 286-7372.

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