Situations Where You Absolutely Should Get A Real Estate Closing Attorney
In any real estate transaction, you should always have an attorney. Even the “easiest” sale or purchase can get very complex and have legal issues you may not anticipate at the start of the closing process.
There are often certain indicators that should immediately tell you that you need a competent real estate attorney at your side. They are situations or circumstances in buying or selling property that you should never go into without a competent real estate attorney at your side.
Short sales or bank-owned property – Short sales entail in-depth negotiation with a lender, who agrees to allow the property to be sold at less than what is owed on the mortgage. If not done properly, there could be title problems, or the buyer or seller could end up owing money. Banks often have complex approval processes with short sales that an attorney should help you manage.
You are out of town – If you are buying or selling property that is far from where you live, you need eyes and ears “on the ground.” That should be your attorney. Your attorney will be familiar with local public records, ordinances, taxes, and other intricacies that you, being from a different area or state, may not be aware of. There also may be conflicts in laws between states that an attorney can help you figure out.
There was an addition to the property by the seller – Often, additions and modifications to property are not done legally, or in accordance with city building or zoning codes. Municipal or city fines could be accruing daily—fines that a buyer doesn’t want to end up owing. Or, there could be contractors that were never paid for any work that was done on the property.
The property is in probate or part of an estate sale – Property that is being sold by an estate or through the probate courts may have creditors, beneficiaries, and the court itself involved in the sale. There may be unknown title issues. An attorney can help you manage the probate and estate laws that get involved, when buying or selling property that is subject to an estate, or the probate courts.
Commercial property – Commercial property is often not governed by many laws that protect consumers in traditional real estate closings. Mortgages and loans can have very specific and punitive language, and the purchase prices can be much more than residential purchases.
There is a tenant – You can buy or sell property with a tenant in it—but there are legal requirements to do so, and the buyer may need to allow the tenant to remain in the property after closing. A lawyer can help you navigate real estate and landlord-tenant laws that could affect your purchase or sale.
Don’t leave your real estate closing to chance. Get legal help today. Contact the Tampa real estate lawyers at Gilbert Garcia Group, P.A.