There is no legal requirement that mandates the hiring of a real estate lawyer serving San Jose when buying or selling property. However, failure to do so can cost you thousands of dollars in the long run. This is because a real estate lawyer will ensure full disclosure of necessary information, which greatly reduces the risk that the other party will sue you. Your real estate lawyer can also navigate state or county requirements to prevent you from incurring penalties, and he or she can negotiate for terms that are favorable to you, among many other functions.
Many buyers, particularly first-time buyers, fail to consider all legal issues when it comes to real estate transactions. A real estate lawyer will perform due diligence to ensure that all legal requirements are satisfied during the purchase or sale. This due diligence can include working with a title company to perform a title search and to set up title insurance and closing statements. A real estate attorney will also review financial information for the property and current leases of the property, which is especially important in commercial real estate transactions.
Another important job that a real estate lawyer will perform is drafting and reviewing agreements for your real estate transaction, such as letters of intent for purchase and sale agreements. Your real estate attorney can also help you negotiate a favorable agreement that protects your interests. If necessary, your lawyer can draft additional items to document the purchase or sale.
Oftentimes, to limit individual liability, it is advisable for people to take title to rental or commercial properties in the name of an entity instead of as an individual. A real estate attorney can form the entity for you and file all the necessary paperwork.
Recordation of Documents
The recordation of real estate sales or purchases is a very important aspect of these transactions, as it can affect property rights. Your real estate attorney can record grant deeds with the county recorder’s office, and work with the recorder’s office or the assessor’s office to resolve any issues that might arise.