Oftentimes when buying a home, having a real-estate agent walk you through the process is enough to cover your bases. However, there are some extreme cases in which having a real-estate attorney might be needed. Here are three instances when having a real estate attorney review the details surrounding a specific property can safeguard your potential purchase.
1. Buying Commercial Property
If you are hoping to invest in commercial property, this can be a sound business decision as long as you go into it prepared. If you are hoping to rent space for offices but the property is meant as a warehouse, you need to know what the parameters are. If a commercial property is more limiting than you thought, a real estate attorney can review the details before you are locked in an owner's contract. Have a real estate attorney review all of the fine print when it comes to options on leasing and what exactly the commercial property can be used for.
2. Buying a Home with Baggage
Homes that are in a tricky location or that are older might require more review than a new home or a home free of a natural disaster zone. If you are buying a home that has structural damage or is being sold as-is without inspection, have a real estate attorney review this situation. He or she can ensure a review of the extent of issues before purchasing. Buying a home in an unsafe area such as a flood zone, on a hill, or in earthquake territory can add another layer of review when it comes to making a final decision. Understanding the insurance costs and needs that go along with possible home loans must be a factor in your purchase as well.
3. Buying a Bank-Owned Home
Plenty of unexpected roadblocks can pop up with a bank-owned home. There might be little assistance from the bank about details on the property, so your realtor and attorney will probably have to do most of the heavy lifting. If a home is owner or tenant occupied, this can add in a whole host of additional nuances. Tricky details such as eviction timelines, notices, and how to go about the process of ensuring your home is vacated can be handled by your attorney.
Buying a home is a big deal, and sometimes there will be details that would be better handled by an attorney. Make sure that you are covered by hiring on a real estate attorney along with your agent to protect yourself. Go into your purchase knowing that everything is above board and any unique details around your home purchase have been reviewed by a professional real estate attorney, such as one from Levin & Levin, LLP - Attorneys at Law.Share