For most people, the purchase or sale of a home will likely be the largest financial transaction they will enter into in their lives. From the time you make a decision to buy or sell a home or investment property, you must make a number of important decisions that have legal consequences, like a title company professional, can explain. To mitigate the risk associated with making the wrong or uninformed legal decisions, it pays to have experienced legal counsel on your side.
Here are some reasons why you should choose a real estate attorney over a title and escrow company.
They Protect Buyers and Sellers Against Unanticipated Risks
Many real estate transactions do not happen as effortlessly as they should. If you have an experienced real estate attorney on your side from the beginning of the transaction, you have essentially protected your client against unanticipated circumstances at a cost comparable to the fee charged by title companies, with a plethora of added benefits.
The most common reasons why real estate transactions fail to close are that the parties end up disagreeing about material terms of the contract, or title defects arise that cannot be easily cured. With several decades of real estate experience, the attorneys have the unique skills, training, and capability to spot issues early on which, if not addressed prior to closing, can either kill the deal or present expensive and time-consuming issues for the parties post-closing.
They Can Help Draft and Negotiate Necessary Legal Documents and Contract Addenda to Protect the Parties and Facilitate Settlement.
Many situations require contract addenda, non-standard legal documents, or changes to standard documents to address specific issues regarding the property, the parties, and title requirements. Experienced real estate attorneys can draft these documents, whereas, a title company is precluded from doing so because it would constitute the unauthorized practice of law. In most cases, they prepare contract addenda and other relevant documents (such as powers of attorney) needed to close at little or no additional cost to the parties, which in turn provides added value to clients. A title company cannot.
When you are selecting a real estate attorney company to work with, you may want to consider getting recommendations from friends and family. Conduct your research well before settling for one so that you will be sure to get all the help that you need. Contact a local real estate attorney office in your local area for all your real estate closing deals.