Definition
When you are purchasing or selling a residential building, you need the services of a lawyer along with a real estate agent. It is very important to hire services of an experienced real estate lawyer. He will guide you in finding the right home, if you are interested in purchasing and right market, if you are interested in selling. There are many legal considerations that should be taken care of during making such deals. You should be aware of all the legal formalities at the time of offer and acceptance. It is very helpful in avoiding litigation.
What is the need for hiring real estate lawyer?
Generally people think that hiring the services of lawyer is not necessary as it only increases the expenses. However, the people in the market are not working in regulation of state bar. They are not even required to have errors and omissions insurance. Hence, hiring the services of a lawyer is a wise decision in long term.
Real estate agent and real estate lawyer
People think that hiring the services of agent is enough as he is supposed to handle every detail of the deal. However, it is a fact that real estate agent as well as title companies work in regulation of state but they are not allowed to dispense any sort of legal advice. These agents are professionals but state has clear set of rules for them. It is also possible that these professionals might not have knowledge of some latest amendments in law or some legality.
Work of lawyer
The work of a lawyer is:
1. Explain all the rights as well as obligations under purchase contract.
2. Perform and disclose proper diligence the property is free of legal proceedings, liens, covenants and easements.
3. File all required legal documents
4. Complete all required legal documents
5. Make sure that the ownership of concerned property is valid
6. Review the mortgage and negotiate the negotiable terms
7. Analyse the adjustments and all possible tax consequences.
8. Make sure that proper title insurance has been obtained
9. Attend closing to review all the documents
2. Perform and disclose proper diligence the property is free of legal proceedings, liens, covenants and easements.
3. File all required legal documents
4. Complete all required legal documents
5. Make sure that the ownership of concerned property is valid
6. Review the mortgage and negotiate the negotiable terms
7. Analyse the adjustments and all possible tax consequences.
8. Make sure that proper title insurance has been obtained
9. Attend closing to review all the documents
Duties of lawyer while selling a house
Following are the duties of lawyer while selling home:
1. Review the purchase offer and make necessary changes where required
2. Negotiate the terms of purchase on behalf of their client
3. Review the sales deed
4. Prepare Power of Attorney documents, where applicable
5. If there is any title issue, address that issue properly
6. Oversee title transfer and security deposit
7. Attend closing to review all the documents
2. Negotiate the terms of purchase on behalf of their client
3. Review the sales deed
4. Prepare Power of Attorney documents, where applicable
5. If there is any title issue, address that issue properly
6. Oversee title transfer and security deposit
7. Attend closing to review all the documents
Finding a qualified lawyer
You can contact your state bar to find an experienced real estate lawyer. You can also contact local Better Business Bureau and/or Chamber of Commerce. Your agent or mortgage broker may also advice you about good real estate lawyer. You will be confident about your deal when you will hire the services of an experienced lawyer.
Daniel Zane is the owner of London property inventories one of the UK's leading suppliers of property inventories.
Article Source: http://EzineArticles.com/?expert=Danny_Z
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