Many steps are involved in purchasing investment property. Sometimes, this process can be relatively easy to navigate, but other times not so easy. As with any process, unforeseen things happen and unless you are an expert in real estate law, you could lose money, time, and possibly the property.
This example is only one of the various reasons why you always need a Dallas real estate attorney for any real estate transaction. The following are the four most critical reasons why an attorney will keep your investment and you safe and profitable.
#1 Real estate attorneys can identify issues with the contract.
A massive amount of details are in a real estate contract. It can be overwhelming trying to identify any legal issues or potential legal issues. This contract defines your agreement with the seller and when you sign it, you are held responsible for any and all terms and conditions associated with the contract.
These types of contracts typically favor the seller of the property, so need an attorney on your side to scrutinize the contract before it is signed. An experienced attorney can help to identify potential issues such as problems in the contract, title, or physical property.
#2 Real estate attorneys can protect you from these issues.
If there is a problem with the title, it can jeopardize your right to ownership. An attorney can help protect you by identifying the issue and solving it. He or she can also guide you through purchasing title insurance before you sign the contract.
A real estate attorney can help identify issues with the physical property by providing an experience eye. They will help protect you by recommending a complete inspection of the property before you sign the contract. They may even be able to recommend a trusted inspector to recognize any problems that may be deal breakers.
Most importantly, your attorney will protect your interests by making sure the terms of your contract are fair and legal.
#3 Real estate attorneys can provide advice.
When you hire a real estate attorney, he or she does not have a financial interest in the property deal. This lack of financial interest means he or she can provide you unbiased advice about each step of the process.
An attorney can also give you advice about your rights under the real estate law. For example, many buyers do not realize that certain time periods on a real estate contract can be extended. This extension advice could save you from losing your deposit or from not having enough time to make informed decisions.
#4 Real estate attorneys can protect you in case of legal action.
Sometimes, negotiations between the two parties involved in a real estate transaction can break down. An opportunity to save the deal before it’s gone forever or ends up in litigation is available only for a short period of time. An attorney can provide you with alternatives before you walk away.
However, even though most deals close without any major issues, you could potentially find yourself in a courtroom. If the other side decides to pursue legal action, you already have an attorney knowledgeable with the real estate transaction.
An attorney will also provide legal advice on whether to take legal action to protect or enforce your rights. Either way, you will have an attorney who has participated in all of the steps of the transaction process.
Buying real estate is a significant step in investing in your future. In each step of the process of purchasing the property, you will interact with various experts such as agents, lenders, and inspectors. Having an expert Dallas real estate attorney on your side will give you confidence and peace of mind when dealing with these experts.
AUTHOR BIO: Kamil Riaz Kara is a Writer and Inbound Marketer. He has completed his masters in Administrative Science from the University of Karachi. As a writer, he wrote numerous articles on management, technology, lifestyle and health.