Most states do not require an attorney to be part of the closing process of a real estate deal. Usually, a broker is sufficient. But, depending on the complexity and size of the contract, you may want a lawyer present to address any last-minute problems before you ink the contract. This post will go over when you may want to hire an attorney so that you can identify when you may need some legal assistance.
You don?t need a lawyer in the very beginning. Most of that is about the taste of the buyer and seller and whether or not you can do business with one another. Attorneys are expensive and should only be brought in once all of the details are finalized. Attorneys are useful to spot issues that may be overlooked by brokers and other people in the transaction. Lawyers can only do that if they have all of the eventual paperwork and most (if not all), details are finalized. The effectiveness of an attorney has reduced the more assumptions she needs to make.
Furthermore, consider that your real estate is paid when he sells the property, so he is incentivized to get the property closed as soon as possible ? maybe without property diligence. A lawyer is paid by the hour; she will work as much or as little as you need, she isn?t influenced by the size of the deal.
You may also want to bring in a lawyer for commercial transactions, seller-financed deals, or if the other party violates a term of the agreement.
As you can see, you can encounter unanticipated issues when you are closing a real estate deal. The last thing you need is a last-minute issue to derail the entire contract. Keeping a lawyer on hand can ensure that you anticipate these issues and address them before they are an issue. Don?t allow an entire commercial property deal to blow up in smoke, let an attorney guide you through the process ? so that everyone can make some money.
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