Buying a piece of property can often be a very lengthy, complicated, and risky venture. Thankfully, a real estate lawyer can be a great resource when you buy property because he or she can provide you with protection measures throughout the process and information on the property that you are buying.
Protection Measures
One of the biggest reasons to hire a real estate lawyer is that he or she can protect you throughout the entire buying process. For example, a real estate lawyer can place certain contingency measures into any purchasing agreement when you are making an offer on a property. This is important because those measures can help you get out of a real estate deal if any issues come to light shortly after you make your offer.
An example of this would be if you made an offer on a property and received an inspection report a few days later stating that there was extensive termite damage. With a contingency plan in place, you could back out of the deal and receive a full refund on any deposits or earnest money that you placed on the home.
Another option would be to have the contingency measures state that the seller will have an opportunity to repair the issue before the transaction proceeds. Without one of these plans in place, you may be stuck continuing with the purchase despite the issues or risk losing out on several thousand dollars if you back out.
Information on the Property
Another major reason to use a real estate lawyer is that he or she can look into every detail of the property that you want to buy before you make an offer. This is a great way to avoid wasting your time, as the real estate lawyer can provide you with information relating to the zoning of the property, any other claims on the property, and any other pertinent factor that could prevent you from using the property the way that you are planning to.
This information can then help you decide if the property is worth your time or if you should just walk away and find another one. For example, if you are wanting to build a private home on a piece of remote land so that you can use it as a private retreat for your family to use to relax, it could be a problem if the land were required to be used for agriculture.
Speak to a real estate lawyer today in order to discuss how he or she can make your next real estate transaction proceed more smoothly. This type of lawyer can provide you with the necessary information on the property that you want so that you can decide if it is worth your time, while also protecting you from financial loss by providing contingency measures in the purchasing contracts.
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