8 Times You’ll Need to Hire a Real Estate Lawyer
When you’re buying real estate, you’re making one of the biggest financial commitments of your life. While an agent can help you find that dream location, there’s a lot more to it than just picking the right place. This is why you’ll need a reputable real estate attorney.
Having a real estate lawyer from The Law Offices of Diron Rutty, LLC in your corner can protect you against unexpected bumps in the buying and/or selling process. An attorney will ensure the entire process is smooth, legally secure, and aligned with your best interests. Not sure when to hire a real estate attorney? We can explain.
1. You’re Buying Commercial Property
Buying a commercial property, like a condo, office, or medical facility – is tricky. There’s a lot to think about, and a real estate lawyer can help you figure things out.
Financing
Getting a loan for your property involves finding a bank, filling out a significant amount of paperwork, and understanding your contract. Our lawyers can guide you through all this.
The Contract
Every real estate transaction has a contract, and they’re all filled with details that you need to get right. Our lawyers will make sure you understand everything you’re signing.
Closing
The final step of buying a property is the closing process, and it can be a lot of work. Our lawyers can handle the closing for you, saving you time and stress. You’ll know everything’s been taken care of without any problems.
2. There are Issues with the Property’s Title
Before buying a property, you need to know who has previously owned it. This requires navigating the property’s title, or ownership record. These can sometimes be complex. You’ll also need to purchase title insurance to protect your ownership as long as you have the property.
Also, a professional must check the property’s title to discover if anyone else has a claim to it. Problems can arise, such as tax issues due to a past owner not paying property taxes, mistakes in the property deed, or an heir claiming they own part of the property.
Other issues, like rights to use part of the property (easements), also need to be fixed before you can finalize the deal.
For this reason, you want a real estate attorney to review the title, which can save you from any headaches down the line. Our lawyers can make sure the title is clear and that there are no hidden mistakes.
3. You’re Dealing with Unresolved Liens
A lien is a financial claim on a property for money owed. Two common types are:
Mechanic’s Lien
This happens when a contractor does work on the property, like renovations, but isn’t paid. They can place a lien on the property until they are paid the money they are owed. The lien should be removed after the work is paid for, but sometimes it isn’t, which can lead to problems.
Child Support Lien
This is used to make sure child support is paid. This lien might remain even when the child support is paid in full. Getting rid of a lien can be tricky, but usually, the title company can deal with it. Hiring our real estate lawyers can make these problems much easier to handle, saving you stress.
4. You’re New to Property Taxes
If you’re investing in real estate, you need to be prepared to deal with taxes. You’ll pay taxes on the property, any money you make from it, and on the profit you make if you sell it for more than you originally paid.
Yes, taxes aren’t always cheap, but there is a way to minimize some of them. 1031 Exchanges occur when you sell a property and use the money to buy another one, which lets you delay paying some taxes. It sounds simple, but there are many rules and fine print.
A real estate attorney from The Law Offices of Diron Rutty, LLC can help with this. We can determine if you can use the 1031 exchange, help with all the paperwork, and make sure your taxes are what they should be.
5. You Need Sound Legal Advice
Our real estate attorneys will conduct property inspections and review disclosures on your behalf. By doing this, they can offer sound professional and legal advice regarding the buying/selling process. Your attorney is there to help you understand the contractual process, complete necessary documentation, and provide legal guidance on real estate transactions.
6. You’re Looking for a Good Negotiator
With a real estate lawyer, you can negotiate deals without worrying about the details. You only need to show up when it’s time to close the deal. Furthermore, we check the contract carefully, catching any tricky terms that could work against you.
7. Your Time is Treated With Respect
There are moments when navigating a real estate transaction isn’t the best use of your time, especially when you’ve got other priorities. A real estate attorney can help ensure that your time is not being wasted by handling complex details like checking the property’s history, negotiating deals, and even taking care of the necessary paperwork. This doesn’t just save you time; it also keeps you from making expensive mistakes.
8. You’re Trying to Avoid a Foreclosure
A real estate attorney is not limited to just helping you purchase property; they can also assist you if you’re facing foreclosure. In New York, countless homeowners are up against the threat of foreclosure for various reasons. The financial hardship and the thought of losing your home can be overwhelming.
A real estate lawyer can offer legal advice and guide you through modifying your loan. This could mean lower monthly payments and the chance to steer clear of foreclosure. With a lawyer’s help, you have several options to renegotiate your loan terms, sometimes up to three times.
Though the loan modification journey is complex and full of complicated steps, having a real estate lawyer by your side means you’ve got someone fighting for you every step of the way.
A Few Other Reasons to Hire a Real Estate Lawyer
- Real estate attorneys have no personal interest in the outcome of the transaction other than making sure that you, their client, are taken care of.
- A real estate lawyer will protect your interests and rights in the transaction and is the only party who is truly looking out for you.
- Real estate attorneys have the training and experience to handle issues and problems that come up during real estate transactions that many people do not expect.
- Working with a real estate attorney means you’ve got backup if problems arise while buying a home or property. Your attorney can set up safety nets in your contract to make sure you’re not locked into buying a property with hidden, expensive issues.
- Your attorney can check every document, including your mortgage, property deed, and title, to catch any errors. Missing even the smallest detail can lead to big problems and delays in your purchase.
- Lawyers work closely with your loan officer, the other party’s lawyer, and the real estate agents to schedule inspections, approvals, and searches.
- If something goes wrong, your attorney will lay out what it means to back out of the deal, ensuring you understand your rights and responsibilities before making any big decisions.
- Having a real estate lawyer means you’ve got a lawyer in your corner. You’ll feel secure, knowing they’re handling the complex details, which makes buying a property less stressful.
Consult With Our Seasoned Real Estate Attorneys Today
No matter if you’re investing in commercial property or are a homeowner trying to avoid foreclosure, a real estate lawyer’s experience can make a big difference. Knowing that a legal professional has handled everything correctly brings you peace of mind, and that alone can justify the cost of hiring an attorney. Plus, having someone to negotiate on your behalf can save a lot of money, time, and hassle.
If you have any further questions or are interested in working with a real estate attorney in New York City, contact The Law Office of Diron Rutty in the Bronx today. Our experienced team of real estate attorneys would happily assist you so that you can feel comfortable and confident during your next big home or property purchase.