Q & A
"I'm selling a home or other real estate. I have a real estate agent. Why do I need a real estate attorney?"
Using a real estate agent is a great way to find buyers for your property. A good agent has the skills and utilizes the latest marketing techniques to find buyers at the right price with acceptable terms. A real estate attorney specializes in what happens prior to, during, and following the sale of the real estate. If you are selling your home or other property, I will make sure your contract states the sales price at which you agreed to sell, the amounts and time frames for all earnest money deposits, the closing date and location, and all other terms of your sale. I will inform you of your rights and obligations, including the effect of any contingencies the buyer may request, such as financing and sale of a current home. A sales contract is a legal, binding document. If you plan to sign one, shouldn't you make sure you are legally protected? I will attend the closing to protect your rights and make sure you are receiving the correct sales price under the terms provided in the sales contract. I will advise you of your rights and make recommendations to you to avoid liability. I will help you achieve your two primary concerns as a seller, which are to be timely paid the full amount to which you are entitled and to incur no or as little liability as possible. Only an attorney has the legal background and knowledge to offer you this advice. My modest fees to represent you are a small price when you're selling, if not your biggest asset, then one of your biggest. "I'm buying a home or other real estate. I am using a real estate agent. Why do I need a real estate attorney?" Real estate agents are great for finding the right property in your price range. Good agents are familiar with the market and specialize in matching buyers to sellers. As a real estate attorney, I specialize in legally protecting you, the buyer, when you sign the contract of sale through closing (when you take ownership). Buying real estate is complicated and has many pitfalls. I will protect you and advise you of your rights and explain your obligations. Some of the matters that my representation will cover are as follows: • Provide for a return of your deposit and termination of the sales contract in the event you are not approved for a mortgage on terms acceptable to you and/or in the event you do not sell your existing house. • Review the title to the property to determine that it is marketable without any claims, mortgages, other liens, encumbrances, or other matters which are not acceptable. • Advise you how you should take title and how this affects your estate and liability. • Review or prepare the deed, bill of sale, affidavits, and other closing documents and advise you of their terms. • Make sure you are protected in the event of damage to the property after you sign the contract and before you close as a result of fire, hurricane, or other casualty, or in the event the property needs repairs. • Review and advise you of the terms of your mortgage and other loan documents so you will know your liability to the lender after closing. • Review and determine that the title insurance policy adequately insures your ownership interest of the property. • Make sure you have adequate legal access to your property. • Review and interpret a survey of your property to make sure there are no unacceptable encroachments. • Advise you of where to file for homestead and other tax exemptions. • Make sure you are acquiring legal ownership to the appliances, window treatments, floor coverings, pool equipment, and all other items of personal property to which you may be entitled in addition to the real estate. • Counsel you on other issues which may affect your purchase or future ownership. Please note that the above list is for example purposes. Since each real estate transaction is unique, not all of the items listed may pertain to your transaction, and additional matters not listed may be of concern in your purchase or sale. As a real estate attorney, I know the proper legal language all contract and closing documents must contain to protect your interests. For most of us, the purchase of a home is the biggest investment we will ever make. My fees are a small price to pay to know your interests are protected. "Why should I buy title insurance from a real estate attorney?" When you purchase real estate of any kind, be it residential, commercial or vacant land, title insurance is your protection that you legally own the property. A real estate attorney has the legal expertise to sort through and analyze detailed legal documents affecting the property and the rights, obligations and liabilities of the seller and buyer to ensure the seller has the legal right to sell and the buyer has the legal right to buy the property free and clear of all unacceptable liens, encumbrances, and title defects. "Why do I need an attorney when I buy or sell a business or start a new business?" Many of the reasons listed above for why you should hire an attorney for the sale or purchase of real estate also apply to the sale or purchase of an existing business or the startup of a new business. However, there is one important difference. Insurance similar to title insurance is not available in connection with the purchase, sale, or creation of a new business. Therefore, it is important that an attorney represent you in the transaction. Further, an attorney can make recommendations on different ways to handle a sale, such as the pros and cons of an asset sale versus a shares/stock/membership interest purchase. When buying or starting a new business, consideration must be given to the type of entity, such as corporation, sole proprietorship, partnership, limited liability company, etc., and the liability, tax, and other advantages and disadvantages of each. An attorney can help you with all of these matters. |
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