If you ever wonder why every rich person has a dedicated real estate lawyer, you should research the work a real estate attorney can do for you. You may try to save money by not hiring a real estate lawyer. It may seem like a sound decision at the start. The fact is it can destroy the real estate property deal. There is also a risk of fraud when you do not hire a real estate lawyer. We have found the five most essential tasks a real estate lawyer can do for you. You can get the details of these tasks here.
When you are buying the real estate property, your attorney will check the title of the documentation. He will ensure that the person selling the property is the authentic owner. The lawyer will also ensure there are no court cases against the property owner for selling this property. By examining the documentation, the lawyer can prevent real estate fraud. You can visit stonesalluslaw.com to get all the details about document examination. They have many expert real estate lawyers for document examination.
Closing the deal properly
When a buyer pays for the real estate, he should get the rights of the property immediately. Some sellers may not transfer the rights even after full payment. The real estate lawyer will ensure that the seller transfers the rights after the buyer has paid fully.
Arrangement for insurance coverage
Some insurance companies will stop the insurance coverage if they are not informed about the owner change. Your property will be at risk if you do not have insurance. The buyer may think that he has insurance coverage. Without informing the insurance company, it is not possible. The real estate lawyer will perform the essential tasks for the continuity of the insurance coverage.
Writing sales contract
In case you are selling the real estate property, you are responsible for writing the contract to transfer all the rights to the new owner. If you fail to draft a comprehensive contract, you may have to face legal consequences if the new owner does something illegal. Stonesalluslaw.com lawyers will draft the sales contract to ensure that you transfer the liability to the new owner.
Settlement statement review
Sometimes, the purchaser may pay the money in installments. You must make a settlement statement to ensure that the buyer pays. The settlement statement can be complicated if you do not have experience selling real estate properties. The real estate lawyer will review the settlement statement to ensure that the buyer pays on time and close the deal properly.