[Please read my disclaimer before continuing]
When you are buying or selling a property, you want the whole process to go as quickly and as smoothly as possible. You can do it alone, however, there are no guarantees that this will be quick or smooth. You can easily miss important steps in the process or come across legal problems that you can’t deal with on your own.
When legal issues are on the line, it is always best to go with the experts who can deal with any problems that might occur and ensure that the transaction process is trouble-free.
What can real estate attorneys do for you?
A real estate attorney will collect, examine, complete and submit all of the required contracts. Even among lawyers, contract law is a specialty and real estate attorneys are able to navigate this minefield ensuring that all of your rights are protected.
Doing it alone would require identifying all of the different contracts that are needed, understanding them, completing your part, and then sending them on to the next person to be signed. Once they are all complete, you will need to submit them yourself to the right people and on time. For someone not experienced in real estate contracts, this can be an intimidating process.
There are so many different documents that need to be collected that it will literally make your head spin. As one example, you will need to do a title search to ensure that the person selling the property has the legal right to sell it (More important than you’d imagine; think co-owned properties).
Also, there are land area or council searches that need to be performed, to make sure that there are no major developments due to take place in the immediate area. You also need insurances and property inspection reports, all of which need to be gathered together and submitted to the right place before the settlement date.
There must be procedures in place for money to exchange hands and the day for final settlement needs to be arranged by the financial institution as well. Any problems with mortgages or payments during the settlement process can easily be handled by an attorney, who has the experience and the knowledge to navigate the muddy waters of the real estate process.
A streamlined process:
Hiring an attorney who is experienced in real estate law helps to make the entire buying or selling process run smoothly. Many attorneys actually use up-to-date software, such as the REVEAL tool from Infotrack, which helps attorneys keep track of multiple sources of data and assists them to visualize complex processes easily.
Having a real estate attorney on your team can make the entire process run much more smoothly and also save you money, in the unlikely event that problems occur around the settlement period.