Whether you are going through a commercial or residential real estate transaction, it can be complex. In some cases, it can be very helpful to have experienced counsel, such as a real estate attorney.
First and foremost, it helps to know that you have a lawyer who is on your side. They are representing you and looking out for your best interests. The seller wants to make a sale, and the real estate agent wants to get their commission, but if you are the buyer, you know that your lawyer is working for you.
Reviewing documentation
One advantage of having a real estate attorney is that they can help you draft appropriate documentation or review any contracts that are being used. This way, there are no misunderstandings. Perhaps the contract specifies a possession date that is significantly after the closing date, for example. You do not want to assume that you get to take possession of the property as soon as you close, so it can help to have an attorney review all of the details and fine print.
Understanding your options
Additionally, an attorney can look at the documentation and help you know exactly what legal options you have. For instance, they can help you put contingency clauses in a purchase offer to give yourself an out in certain situations, so that you do not lose your deposit. It is very common to use a contingency clause stating that the home has to pass an inspection, for example, or that you have to be approved for the mortgage loan.
Working with an attorney
Real estate transactions are major investments, and you must understand all of your legal rights and options. It can be very helpful to work with an experienced attorney in Arizona.
