Real estate transactions can be daunting and confusing unless you are equipped to deal with the endless layers of details and complicated legal documents involved. To understand the world of real estate investment, breaking the field into smaller, more manageable parts is a useful practice. In this article we are going to focus on the distinction between residential and commercial real estate.
Commercial real estate: buying or selling a property to occupy or to lease to others for the purpose of operating a business out of it.
Residential real estate: buying or selling a property that will operate as your home.
This is an important distinction because each type of real estate transaction carries with it a unique set of legal issues and risks. That is precisely why it is important to hire a real estate attorney. In this article we will look at why real estate lawyers are important for residential real estate.
Reason #1: Real estate lawyers ensure that you make informed decisions
Real estate law is known as being a particularly complicated field of law because of the staggering amount of details that are involved. Details are of the upmost importance when dealing with a piece of property that is a contender for being your new home. Buying a home is the most significant investment most people will ever make in their lives, so it is extremely important that you are able to make informed decisions.
Your real estate attorney will spend significant time combing through every legal document involved in the deal you are going to make. Then they will sit down with you to explain every detail to you so that you are fully aware of what is going on. Your lawyer will also give you advice to help you make the right choices as you bring your deal to a close.
Reason #2: Real estate lawyers can find problems that you can’t
Real estate law is known for its complexity. The sheer volume of important details contained in a real estate purchase contract is overwhelming. Without a real estate attorney on your side, you don’t have a prayer of being able to navigate a deal like this successfully. You need a lawyer to scrutinize documents on your behalf, and catch problems that you can’t.
What kind of problems might your real estate attorney find?
- Problems with the title (or deed) to your property: The title is a document that proves your ownership over the property. If there is any kind of problem with the title to your property then your right to ownership of the property may be in jeopardy.
- Problems with the physical property: Sometimes properties have unanticipated problems that could end up being a deal-breaker for you. However, you alone are not equipped to sniff out and identify these problems. Your lawyer can help you here.
- Problems in your purchase contract: It is unlikely that you will be able to vet your purchase contract properly by yourself. Your lawyer can protect you by making sure that all the terms of your contract are fair.
Reason #3: Real estate attorney can help arrange title insurance for you
Of course your lawyer will already have done extensive research to make sure that there are no issues with your title, but it is still a good idea to purchase title insurance. Title insurance protects you from the potential consequences of having something go wrong with your title. In some cases, the consequences could be catastrophic, so it’s best to play it safe and buy the insurance.
Your real estate attorney will make sure that you buy title insurance that protects you and your interests, not just those of your lender. Your lawyer’s only concern is you and your interests. Investing in real estate is a big deal, so you will appreciate having your lawyer by your side to help you out.
Reason #4: Real estate lawyers can give you peace of mind
It bears repeating: buying real estate is the most significant investment that you will probably ever make in your life. It will be stressful. Throughout the entire process, you will interact with agents, inspectors, lenders, and others, because these people may not be working for you, they may not have your interests at heart. That is why the relationship you have with your lawyer is so unique: your lawyer cares about you, and you alone.
Perhaps most important, hiring a real estate attorney will give you peace of mind, which is very valuable. Instead of going gray before your time stressing out over the security of your life savings, you will sleep soundly at night knowing that your lawyer has your back.
Buying or selling residential real estate in Nashville?
Rochford Law & Real Estate Title is a legal one-stop-shop that is equipped to help guide you through the legal procedures involved in residential real estate deals and fight for your interests. For more information call (615) 269-7676.