Real estate transactions can be daunting and confusing unless you are equipped to deal with the endless layers of details and complicated legal documents involved. With something so complicated, there is certainly some merit to involving a lawyer in the proceedings. This article talks about the importance of a real estate lawyer in your real estate transactions
Getting involved in a real estate transaction is truly a milestone in a person’s life, a process that takes thousands or millions of naira and sometimes months to complete. Hence it is essential you engage a lawyer in your transaction.
Real estate law is known as being a particularly complicated field of law because of the staggering amount of details that are involved. Details are of the upmost importance when dealing with a piece of property that is a contender for being your new home.
Buying a home or land is the most significant investment most people will ever make in their lives, so it is extremely important that you are able to make informed decisions.
While many people may bristle to the thought of adding another layer of oversight to the real estate process, beyond your real estate agent, there are instances where that lawyer can certainly come in handy, perhaps saving you money and ensuring a smooth transaction, something everyone should strive towards in their real estate dealings.
Your real estate lawyer will spend significant time combing through every legal document involved in the deal you are going to make. Then they will sit down with you to explain every detail to you so that you are fully aware of what is going on. Your lawyer will also give you advice to help you make the right choices as you bring your deal to a close.
Having a real estate lawyer look over the documents involved can save you this headache. Relying on outside expertise is critical to any real estate transaction especially in the aspect that deals with the title or deed to your property which can be really dicey.
The title is a document that proves your ownership over the property. If there is any kind of problem with the title to your property then your right to ownership of the property may be in jeopardy.
Dealings in commercial real estate are somewhat different and even some investment properties could use an additional pair of eyes to read through any special clauses or conditions applicable to a property.
These come on a case-by-case basis and by consulting your realtor, you can get an idea of the kind of complexity involved in a particular real estate contract and just how valuable a real estate lawyer would be to the proceedings.
In residential transactions, most contracts are fairly standard and do not need that extra layer of cost and protection. Of course, that determination is up to you and anytime a large sum of money is involved, it can sometimes be a good idea to seek an outside opinion on the viability of a legal agreement.
On the negative side, of course there is an added cost involved in getting a real estate lawyer to look over your transaction. That cost must be weighed about the money you already have involved in the transaction and the likelihood that there are legal issues an outsider party should look at.
Those situations are not typical in residential listings, but can crop up in commercial or investment opportunities and certainly take place in foreign real estate deals.
If you have an extensive history working on deals similar to your current transaction, that might negate the need for a real estate lawyer, so never discount your own level of experience and expertise on a particular project.
If you have done 10 similar deals and have used a real estate lawyer in the past, it is perhaps advisable to rely on your own knowledge base and forge forward. Of course, as with everything written here, that is a determination you will have to make for yourself.
In the end, a real estate lawyer mostly serves as a comfort to you, ensuring that there are no legal tangles that might come back to haunt you later. On something as important as a real estate transaction, a real estate lawyer can certainly come in handy, but is not applicable to all situations.
Again, buying real estate is the most significant investment that you will probably ever make in your life. It will be stressful. Throughout the entire process, you will interact with agents, inspectors, and others, because these people may not be working for you, they may not have your interests at heart. That is why the relationship you have with your lawyer is so unique: your lawyer cares about you and you alone.
Hiring a real estate lawyer will give you peace of mind, which is very valuable. Instead of going gray before your time stressing out over the security of your life savings, you will sleep soundly at night knowing that your lawyer has your back.