Whether you’re buying or selling a property, a real estate lawyer can protect your interests and shield you from major financial loss. The complexity of real estate law can make transactions confusing for laypeople, from those purchasing residential property to businesses purchasing commercial locations. Before you enter into an agreement, consult a real estate lawyer serving San Jose to make sure your rights are protected. Here is a look at some of the important ways a real estate lawyer can help you.
Protection for Buyers
When you’re buying a property, if the deal isn’t structured properly, you could find yourself committed to purchasing a misrepresented building or piece of land without any recourse. A real estate attorney can make sure your interests are protected in the contract. For instance, a lawyer will ensure that there is a provision to let you out of the deal if the property you’re buying fails an inspection —something you may not know to request without legal assistance. A real estate lawyer can also check the contract for hidden fees or clauses that are atypical of most real estate deals.
Protection for Sellers
Real estate lawyers can be especially important for people selling a property. As a seller, you can face significant liability issues if your sales contract isn’t worded correctly. A lawyer will ensure that provisions are in your contract to protect you financially if a buyer finds a major issue with the property after purchase. A real estate lawyer will also make sure that you are shielded from buyers backing out of deals at the last minute and buyers who don’t meet their financial obligations in a timely manner.
Mortgage companies sometimes require buyers to work with real estate attorneys before they provide financing. This is to ensure that the purchase contract is free of errors and that all of the necessary papers are filed. Buyers who don’t get an attorney when required by their mortgage brokers will lose their loans.