It is not just the buyer and seller in a real estate property deal. It is an affair that needs other important people like property inspector, an agent and lender and most importantly a good real estate lawyer.
The legal advisory is indispensable throughout the property deal. There might be issues that you may overlook while buying the property but later may grow up to be a pain. Such issues demand a good legal knowledge as well as experience, here are 3 problems that essentially require a good real estate lawyer:
1. Property or Liability
Often there’ve been cases where the property sold had some unpaid mortgage which later became the buyer’s problem. A property under mortgage debt is not only a painful deal but might be lost to the bank if the debt is not paid. This is where a real estate lawyer comes as a savior.
2. What’s Hiding There?
Latent Defects or in simpler terms, hidden expenses are another problem that the buyers face post buying the property. Defects like leaky roofs, molds, pests etc. may become a headache and may not just be tackled by a good inspection. A legal expertise is necessary to ensure that you have all hidden corners covered.
3. Contract Flaws
The contracts for the deal might be tricky to understand. What the seller tells may not exactly be what the contract says and thus you need a good lawyer to know that all the cases and terms are well stated in the contract
So, a good real estate lawyer saves you the stress of extensive research over legal matter and makes your deal smooth.
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