One of the most important things that one can do in life is to buy a house. The importance is given by many aspects – it insures that you have stability, that you are independent and that you work and earn enough to be able to afford it.
A house is an important item among all the things that one can buy during a lifetime, but dealing with the real estate law is not always easy. There are many things that need to be taken into consideration, and buying a house is just one example, when people can also invest their money into real estate properties and conduct businesses through this.
Having a lawyer to assist you is of great importance, as every aspect of the real estate law can be slightly different, depending on your location and the state you live in.
Here’s what you need to know.
When you think about buying a house, the first step toward this is to make an offer for the house or negotiate with the owner. Some people find this very easy, while others need the help of a real estate agent. No matter what the case is, once you have reached an agreement, you will need to sign a written contract, as the verbal agreement is not enough to make legal effects for transferring the property from one person to another. When this happens, you need to make sure that the contract is identical to the verbal agreement that you have made. The lawyer is the one who makes sure that everything is respected, not only the price but also the specifics about the selling.
The Ownership Papers
When you buy a property, you need to make sure that the person selling the property is also the owner of the said property. This is where the lawyer comes in, as he is the best person who can tell you everything you need to know about it. A real estate attorney will be able to tell you if the papers are legit and if they respect the ownership – this means that there must be no disruption in owning the property, and the change of the owners must be traceable from its appearance until the moment you want to buy.
If there are problems with the property – for example, if the person who sells is not the actual owner of the house, the lawyer will notify you and help you prevent a certain money loss.
Whenever it’s about a real estate investment, a lawyer is surely needed to make sure that everything is according to the law. This is because buying a property for investing in it is very different from buying a property to live in it. Those who make serious real estate investments are engaged in trusts, corporations or partnerships, and the contracts that follow these investments are very complex. There are different business agreements for each of these cases, and only a lawyer will be able to discern among them.
Every time a property is sold or bought, the situation must be notified to the local authorities. They have a database that encompasses every change that is made at ownership level. Not everyone knows the procedure with this, and a lawyer is the person that can help you with the procedure. Apart from this, different transactions have different statuses, and each of these need to be handled differently.
Without a lawyer to guide you, you can end up buying a house from someone who is not the owner – causing you to possibly lose both the house and the money, you can sign a contract with different clauses and you can end up with a property that is worth less than what you have bargained for.
It’s very important to know why you need a real estate lawyer, so that you can guard yourself against unwanted situations.