5 Smart Ways a Real Estate Attorney Protects Your Investment
Buying or selling property is often one of the biggest financial transactions a person will make in their life. Real estate agents and lenders certainly play important roles in the process. But, a real estate attorney provides vital legal protection that can prevent problems now and costly disputes later. Here’s what an experienced real estate attorney should do during the transaction and what can go wrong without one.
The Role of your Real Estate Attorney
A real estate attorney is your legal representative and guide throughout the transaction. Their job is to make sure everything is accurate, fair and legally sound while protecting your best interests. Some important issues they assist with include:
- Reviewing and explaining contracts – Purchase agreements and contingencies contain legal language and deadlines. An attorney will explain the terms, negotiate changes and make sure your rights are protected.
- Resolving title issues – Real estate attorneys help identify and fix liens, unpaid taxes, easements, boundary disputes or unclear ownership that could cloud the title and affect your ability to sell or refinance later.
- Negotiating terms – Every contract has specific language that applies to individual buyers and sellers regarding items such as inspections, appraisals, credits, contingencies and more. Working with an experienced real estate attorney when negotiating the terms of your contract can help ensure you get the best deal and are protected long after the transaction closes.
- Handling closing documents – Real estate closings often involve a stack of documents to be signed, many of which have long-term legal and financial implications. Your attorney will review all of these documents for accuracy and explain each one during the closing so you understand what you are signing.
- Resolving disputes – Problems often do arise during the process, such as contract disputes, inspection disputes, financing complications or title defects. An experienced attorney will step in quickly to resolve them before they escalate.
Common Problems that can Arise Without a Real Estate Attorney
When you have a knowledgeable lender and real estate agent, it is tempting to think you can handle the process without an attorney. But these transactions can be complex, and contracts are binding. Even a small mistake can lead to big problems, and big costs, down the line. When people try to go it alone, they often face issues like:
- Contract misunderstandings that lead to disputes or lost deposits
- Hidden title issues like unpaid taxes or claims against the property that come up after closing
- Inaccurate or incomplete paperwork or missed deadlines that can delay closing or even void a deal
- Zoning or boundary disputes when property lines or permitted uses aren’t clearly defined
- Unexpected liabilities if disclosure forms aren’t properly reviewed or filed
- Incorrect closing costs or fees
- No legal protection when disputes arise
Working with Churchill, Quinn, Hamilton & Van Donselaar, Ltd
Our experienced team of real estate attorneys work to protect your legal and financial interests, uncover hidden problems and handle disputes so you can have peace of mind throughout the process. We have been helping our community with their real estate transactions for decades and understand local laws, title companies and typical issues for the area. Additionally, we recognize the importance of your lender and agent and will communicate with them regularly to coordinate timelines, resolve issues and keep the process moving forward. If you’re about to enter a real estate transaction, schedule a consultation by calling 847-223-1500 to review your situation and explain your options.