The battle is on. Between, ‘I need a real estate lawyer’, and ‘I can figure this one out myself’. Sure, we’ve heard all the benefits of hiring a real estate lawyer. But does your situation warranty the help of one? Having a lawyer on payroll to handle a real estate transaction makes this much easier for an individual, but let’s not forget it is not cheap. While it might be good to have a real estate lawyer handle the complicated laws surrounding the transaction and protect your interests, it is not always required.
But before you get tempted to spend less by skipping the real estate lawyer, here’s a tiebreaker. Not all situations need the attention of an estate lawyer; however, in some cases, not having a real estate attorney by your side could be a grave mistake. So, which is which? This guide should provide you with headlights on when you will need the skills of a professional lawyer. Let’s begin!
- Purchasing or selling property
Okay, before you jump the gun, hear us out. When purchasing or selling a residential property, the services of a real estate attorney are not necessarily required. Both parties can handle the sale with the help of their real estate agents, but there is a catch. In some situations, you may a lawyer may have to step in, and the following are those instances;
- When encountering property disputes in the process of the real estate transaction
- If the state requires that a lawyer be present at the closing.
- If documents of the transaction have been misinterpreted.
- If the documents have some errors and need to be amended.
- If you need help reviewing or negotiating a fair deal during the process.
- When commercial real estate transaction
The importance of hiring an estate attorney when handling a commercial property transaction cannot be overstated. The stakes are not only high, which means more risk, but they are also very complicated. When dealing with these transactions, there is a lot of money involved, and you wouldn’t want to make costly mistakes by leaving it in your amateur hands (no offense). Unless you know the ins and outs of zoning issues, structural conditions, environmental concerns in the area, and legal accuracy of the transaction, it is best to leave it to a property attorney to handle it.
- When drafting a will
When you are planning to pass your estate to your heirs, it is better to have a real estate lawyer by your side. There are many legal requirements in estate planning, from the succession of your business, family property to assets.
You will need the skill of a real estate lawyer to draft the will and trust and make sure there are no errors in the important documents. An estate lawyer in Ottawa will help you find the best option when distributing your property and belongings. When you die, the lawyer will stand in your shoes and be the executor of your estate, ensuring that everything is allocated to your wishes.
- When facing land disputes with neighbors or tenants
In neighbors and landlord-tenant disputes, things can take a turn for the worst and fast. Instead of handling the situation and making it worse, it is best to seek the legal counsel of a real estate attorney who will come up with a strategy to manage the property dispute. A lawyer will advise you on how to maneuver the situation, educate you on your rights and the other part, and direct you to find more information on the problem. A real estate lawyer will serve in your interest, so you can be sure they will let you know what you are entitled to.
Real estate transactions are anything but straightforward. You will need the help of a professional estate lawyer who will walk you through every step of the complex and serve the best of your interest, but is it necessary in your case? If you are struggling to determine whether you need the help of a real estate attorney, let this article be your guide. A real estate lawyer can handle the transaction much better because, with their skills, knowledge, and experience, they can help you make an informed decision about one of the biggest transactions of your life. Waste no time contemplating; if you fall in either of the situations, time to lawyer up!