For most people, real estate investments and transactions are the largest they will ever make in their lifetime. As it is such a significant investment, there’s simply no cutting corners here, and this is where a real estate attorney comes in.
For various reasons, a real estate attorney is essential when carrying out investment deals and transactions, whether you’re purchasing or selling. Their usefulness cannot be overemphasized, and they are indispensable as a result. Here’s why:
They Help Buyers Create a Modification Letter
Your attorney can help you create a modification letter if you're purchasing real estate. This is a list of items you request to be fixed or requested changes to the property.
Although this list typically comprises items discovered during a property inspection, having a real estate attorney can give you an edge. For instance, they can help you with considerations regarding protection against previous claims like mechanic’s liens on the estate, which may result in a foreclosure action and force the sale of the property in lieu of compensation.
They Handle Financing and Lease Agreements
In situations where buyers need lenders to finance real estate purchases, a real estate attorney can explain the terms and details stipulated in the mortgage contract. They can also communicate with the commercial or residential lender on the buyer’s behalf.
In addition, if the real estate purchase involves commercial property, a real estate attorney can help you draft and enforce lease agreements with future tenants.
You’ll Get Unbiased Real Estate Investment Advice
You'll benefit from unsentimental advice by hiring a real estate attorney for your investment deals. A real estate agent may have your interests in mind but is not bound by any legal obligation.
Real estate attorneys owe you confidentiality, meaning they won’t share details regarding your transactions and investments with a third party who might capitalize. As such, you’re guaranteed expert, confidential, and unbiased advice solely in your best interest.
They Help You Navigate Complicated Transactions
Most real estate transactions are complicated, often involving concessions, contingencies, and buy-leasebacks. A real estate attorney can help ensure you’re abreast of all the contract terms. They’ll also review the sales contract comprehensively to ensure that no clauses could negatively impact the deal in the long term.
With a real estate attorney, you can be sure that the contract will ensure you’re legally protected from potential liability.
They Can Help You Take Legal Action If Necessary
Most real estate transactions and deals tend to go on without any serious legal dispute. However, on rare occasions, it becomes necessary for a lawyer to become involved, especially when the deal begins to go sideways. A real estate attorney can help you understand your options and give advice on how to proceed.
Don't Leave Your Investments to Chance - Enlist the Help of Seasoned Real Estate Attorneys
As is clear to see, you need a real estate attorney for your investment deals and transactions. At McNickle & Bonner, we will help you navigate the complex maze of real estate investment and transactions and guide you in making informed decisions that protect your interests and optimize your returns. Contact us today.