If you’re thinking of buying real estate, it can be incredibly helpful to have an experienced legal team on your side. You want to protect your investment and the future plans you have for that property, and working with a lawyer gives you an edge you simply could not have on your own.
Now, not everyone uses a lawyer when buying real estate, so what are the specific reasons you should consider it? A few of them include:
- You’re signing a written contract, and you can’t afford to take the risk of signing anything without being 100% sure of what it means for you.
- The real estate you’re about to purchase, whether it’s a residential property or a commercial space, is likely the biggest and most valuable asset you will own.
- There are predatory mortgage scams and other such issues that you need to watch out for, and industry professionals can spot them from a mile away.
- You need to consider all of your options, such as using contingencies in the contract to protect yourself if anything goes wrong or the property turns out to not be as advertised.
- Standardized forms, like the kind you might pull from the internet, may not address your specific needs and the unique deals of the transaction.
When vague and unclear wording is used, it can fool you into signing something you never would have signed if a professionally-trained third-party examined the document first.
You can’t predict everything — like any hidden defects you may find with the property during an inspection — and you need to know that you have a legal team that can address and adapt to these issues as they come up. Real estate transaction mistakes can haunt you for years to come. Make sure you know what steps to take to ensure that they don’t.