5 Signs You Need a Real Estate Lawyer
While most of us would agree that having a lawyer by our side definitely makes for easy sailing through real estate deals, there are some who believe they’re better off on their own.
However navigating a real estate transaction by yourself can cost you heavily if you don’t have a lawyer to crosscheck the contracts and secure your best interests.
If you’re attempting to seal real estate deals on your own and finding it rather difficult, here are 5 signs you need a real estate lawyer:
You’re Dealing With Commercial Real Estate
Residential real estate transactions can be complicated but commercial real estate is at a whole other level of complexity, which is why they can take longer than a year to close at times.
If you’re looking to buy, lease or sell a commercial property, it’s imperative to have a real estate lawyer in your corner to protect your interests.
Even the most seasoned of real estate professionals are sure to consult real estate lawyers and accept that failing not having an experienced lawyer could turn a potentially lucrative deal into a disaster.
The Property is in Poor Condition
The lower prices on properties not in a good condition can be tempting; however, purchasing them can be risky and may cost you heavily in the long-run.
Sellers are obligated by law to disclose all damages and problems before the deal is closed. If they don’t provide this information then the buyer can sue them and claim that they were misled. If the judge concludes that the buyer was intentionally misled, the seller will be held liable for the damages.
A seasoned lawyer will devise a purchase agreement that fully protects you and puts your interests first.
Complex Terms
If the exchange involves unconventional conditions, you’ll need a real estate lawyer.
For example, if the seller is only selling a specific portion of the property, you’ll need to ensure that:
- All environmental issues are addressed
- The contract mentions access to parking and driveways
- The property split is in compliance with local zoning codes
- Titles are properly adjusted
Real estate lawyers know what to look for in a contract and have the knowledge needed to manage problems.
You’re from Out of Town
Purchasing any commercial property is incredibly complicated but it gets so much more difficult when you trying to buy a property that’s in a different town. Each state has its own laws that make the transaction harder.
You may not know of laws in the other state but a real estate lawyer will. If you want to buy property in a different town, it’s best to lawyer-up!
You Want To Buy Property As An Investment
Think of why you’re buying the property. Are you going to use it personally or is it an investment that you intend to lease out?
If you’re purchasing a property for investment purposes, it’s better to have a lawyer check out all the documents to make sure you’re making a good decision.
If you’re looking into buying a commercial or residential property in New York and require the help of a real estate lawyer in New York, contact Milenkovic Law Group PLLC. We offer legal services to people living in the Bronx, Brooklyn, Long Island, Manhattan, Queens, Westchester or other nearby areas of New York, contact Milenkovic Law Group PLLC.