Making the decision to purchase a home or new property can be exciting. As tempting as it may be to finalize the transaction as quickly as possible so that you can begin this new chapter in your life, it’s important to to recognize that there are several steps that must be taken in order to ensure that the purchase protects and serves your best interests. Also, while you can complete a real estate transaction on your own, working with an experienced real estate attorney offers several key advantages. Let’s take a closer look at three benefits of working with an attorney to finalize your real estate transaction.
1. Contract Negotiation and Review
A considerable amount of paperwork is involved in any real estate transaction. If you choose to go over it on your own, it’s easy to miss minor details and risk signing a contract that does not represent your best interests. A seasoned real estate lawyer has a deep understanding of local real estate laws and can review any and all contracts involved in the transaction to ensure that each document adheres to all state laws and sufficiently protects your financial and legal interests. Your attorney may even spot inconsistencies or areas in the contract that need to be negotiated further before you agree to sign the document.
2. Title Searches
Before you officially take ownership of the property, it’s important to know about any encumbrances, liens, or judgments that the property may have. Anyone can perform a title search using the internet, but a real estate lawyer can complete the process much more efficiently. If the search reveals any issues with the property, your attorney can help you understand your options going forward. You may be able to negotiate a lower price, or you may decide to look elsewhere for a property that better suits your needs. Whatever the outcome may be, it’s essential for you as the new owner to be made aware of any problems associated with your property.
3. Filing the Appropriate Documents
Once you assume possession of the property, you’ll likely need to file certain documents at the state or county level. While you enjoy the early days of ownership, your attorney can file these documents quickly and efficiently. If you are purchasing a property that may have zoning restrictions, your attorney can help you navigate these regulations to ensure that you’re in compliance with all local ordinances. It’s especially important to work with an attorney if the real estate transaction involves commercial property, as there are significantly more bureaucratic hoops to jump through before the transaction is finalized.
Want to learn more about finalizing a real estate transaction in the Vancouver area? Contact John L. Davis PLLC today at (360) 597-4740 to get started with an experienced real estate law attorney.