When you’re new to investing, you need to understand when and why hiring a lawyer can help you control your risks before plunging too deeply into financial commitments. The more expensive a real estate transaction is, after all, the more important it is to make sure you avoid foreseeable pitfalls associated with the purchase, and that’s where a real estate attorney can really help. Lawyers who specialize in this area of the law know how to parse complexities around tax debt, third party claims to partial or total ownership, title mishaps, and other issues that can throw a wrench into your purchase.
Hiring an Attorney as the Seller
If you’re looking to sell a property, a real estate attorney is a huge help. To start things off, your lawyer can do a title check to make sure there are no outstanding claims or liens that would complicate a sale. Lawyers are also helpful when writing a purchase agreement or a final sale contract because they give you the option to control the terms of the contract yourself, instead of having to hire an outside realtor to do the work for you. They can also manage the paperwork around the title if you choose, providing you with an alternative to using a title company that still comes with the assurance that a legal professional is protecting your interests. Used judiciously, legal services on retainer can save you a lot of money.
Property Attorneys and Income Property
If you own rental property, then investing in the services of a commercial real estate attorney Austin TX becomes vital. Landlords and property managers very frequently need help with tenant disputes, nonpayment of rent, and the creation of custom lease agreements for commercial lessees. Using an attorney to deal with all of those issues means having professional help who understands your rights under the law.
It’s certainly possible to get into the real estate market without an attorney, but it’s not a good idea to wait too long. The larger and more complex the deals you make, the more you need legal advice on a regular basis to be sure of your position before you close.