The dream of everyone is to save enough money to buy a house or real property at some point in their lives. Making that decision to buy a house is not an easy one and that’s why you need an expert like a property lawyer.
A property attorney is important and should be involved from the beginning of the real estate transaction.
It is also important when hiring a property attorney that you hire the best lawyer for your case.
Those who get it wrong when it comes to buying or leasing real property suffer enormous financial and personal losses.
The first step towards buying a house or real property is usually to get an expert in the real estate sector.
That is where real estate agents come into the picture. Real estate agents are people involved in the business of leasing, buying, and selling real property.
Although the real estate profession has laws that regulate the activities of their members, quacks seem to have invaded the industry.
In some countries, the situation has gotten so bad that these quack estate agents now dominate the industry.
The activities of these agents have raised concerns among property attorneys and real estate lawyers who are losing revenue to the quacks.
Many real estate agents go as far as telling their clients not to involve a property attorney until the closing of the deal when real estate lawyers come in to prepare title documents for peanuts.
Real Estate Agents.
Real estate agents help people who want to buy or sell real property. They act as the middlemen between the transacting parties.
Quack Estate Agents.
In some countries, the real estate agency has become an all-comers affair as people from all walks of life have joined the practice.
In countries where real estate transactions are unregulated or barely regulated, all that is needed to become a real estate agent is your ability to bring sellers and buyers together.
In many places, quack real estate agents seem to be using their numerical numbers to dominate the industry.
These agents make millions of dollars annually just by bringing buyers and sellers of landed properties together.
Role of Lawyers.
Many people do not see the need to involve lawyers in real estate transactions, opting to do the negotiations themselves.
But it is only a lawyer that can effectively capture the terms of the agreement between both parties in real estate transactions.
Lawyers are essential in real estate transactions and can save their clients from future financial ruin.
The roles of a property attorney in real estate transactions include the following:
- A Property Attorney can help in Negotiation.
Real estate lawyers can bring their wealth of experience to bear during the process of negotiating the deal.
Clients who do not consult property lawyers at the initial stage of negotiation sometimes pay a heavy price in the future.
A property attorney will make sure that only favorable terms for their clients form part of the deal.
- A Real Estate Attorney Investigates Title.
The process of buying a property usually starts with investigating the title of the seller.
Real estate lawyers are skilled in the process of investigating the title of any real property to ascertain the genuineness of the seller.
The importance of a search is not only to investigate the seller but also to find out if the property is encumbered.
The places where a property attorney will conduct research include the land registry, company registry, court registry, and probate registry.
- Real Estate Lawyers can Inspect the Property.
Property lawyers are highly skilled when it comes to inspecting real estate and managing property. There are many things a buyer of real property may fail to spot that a lawyer will notice during an inspection.
- Property Attorneys Prepare Title Documents.
In many jurisdictions, lawyers are the only professionals allowed by law to prepare documents relating to the transfer of interests in real property.
Shockingly, some buyers can buy land without consulting a lawyer to prepare a document evidencing the transaction.
The type of document to be prepared will depend on the type of real estate transaction.
- Property Lawyers are involved in the Perfection of Title Documents.
Perfecting your title documents involves the process of registering the transactions with the authorities.
While the estate agent’s job usually ends after the payment and receipt of the purchase price, the lawyer’s job continues to perfect your title.
Until you perfect your title documents, your interest in the said document is equitable and not legal.
- Real Estate Attorneys can sue to protect your interest.
Litigation is another reason to involve lawyers in your real estate transactions. The truth is that things sometimes do not work as planned.
When real estate transactions go wrong, a real estate lawyer can represent his client when disputes arise.
Wrap Up.
Quacks parading themselves as agents are increasingly entering the real estate business and even drafting land documents for their clients.
Real estate lawyers should fight back and protect their profession from being invaded by quack agents.
For those wondering why they need a property attorney for their real estate deals, a real estate lawyer will ensure that your transactions conform to applicable laws.
Photo by MarkMoz12 