Lawyers are essential to give the right legal guidance and to ensure that any transaction is done according to the prevailing laws of the land. This is why they are central to every business including real-estate.
Real-estate lawyers help clients to address legal issues and requirements pertaining to residential and commercial properties, tenancy, roles and responsibilities of neighbors, leasing, and more. They can even help with checking the authenticity of a property and their transfer of ownership from one entity to another.
Here is a look at some of the important roles played by a lawyer in the real estate business.
Providing legal advice
Real-estate laws keep changing from time to time to keep pace with the prevailing business and social environment. Often, laws related to land use, zoning, foreclosure, property development, and tenancy keeps changing and it is not always possible for the real-estate developer to keep abreast of these changes. This is why it is a good idea to consult an experienced lawyer to take legal advice on these issues.
Most of us may think we know our responsibilities as a neighbor or as a builder. But in reality, the laws expect certain specific actions from us and we are unlikely to know these specifics unless a lawyer tells us what are our roles and responsibilities as a homeowner, lessee, tenant, neighbor, and developer.
They also help you to understand the responsibilities of the other parties in your transaction.
Checking documents and title deeds
Hiring a professional lawyer can help clients with many legal proceedings such as reviews, appraisals, inspections, leases, purchase agreements, and more. They even draft rental agreements, financial deeds, leases, conveyance transactions, and other documents related to real estate transactions.
When they prepare and review these documents, you can rest assured that they will be in accordance with the prevailing legal laws and procedures. The language will also be unambiguous with clauses for specific actions to ensure that you do not get into legal trouble later.
Representation in court
If you're caught in a legal battle relating to real estate transactions, you need a lawyer to represent you in court.
Real estate lawyers will participate in trials and hearings on your behalf. file appeals, undertake legal pleadings and defend you in a court of law. Sometimes, they also enter into negotiations on your behalf and help you to get the best possible deal.
Minimize financial risks
Lawyers work with their clients to protect their interests and to reduce or minimize financial loss for them. To this end, they check loan documents, contracts, title deeds, promissory notes, closing statements, and other necessary documents for errors and omissions. They also look for code violations in documents related to mortgages, liens, and taxes with an aim to prevent any financial loss to you.
In all, experienced real estate lawyers help to protect your interests, reduce or minimize your financial loss, and ensure that you do not violate the existing laws and regulations in any way.