Do You Need a Real Estate Attorney to Buy or Sell a Home?

Do You Need an Attorney to Buy or Sell a Home?

For most Americans, buying or selling a home is their single largest investment transaction. And just like any other large financial deal, it should be done with the proper legal guidance to avoid mistakes and potential legal liabilities.

Legal guidance is especially necessary if you are involved in a For-Sale-by-Owner (FSBO) transaction. In this type of real estate transaction, the seller does not have the expertise of a licensed real estate agent, and this can be true for buyers as well. Dealing with the many legal details during a FSBO transaction can be extremely difficult and confusing for those without the knowledge of the specific rules and regulations that govern a home sale or purchase.

Here are some of the things an experienced real estate attorney can do for buyers and sellers:

• Represent your interests throughout the transaction.
• Provide advice on your obligations, rights, personal liability and taxes.
• Prepare the proper legal documents for the sale or purchase, including deeds, promissory notes, etc.
• Review contracts and other legal documents that are provided to you by another party to the transaction, such as purchase contracts, loan agreements, promissory notes, etc.
• Provide advice on vehicles for protecting assets, like establishing a limited liability company for real estate investments or a trust.
• Negotiate the terms of a contract.
• Ensure that you are in compliance with local and state laws and regulations.
• Help you understand the legal jargon in standard purchase agreements so you know your rights and obligations.
• Help settle any disputes that may arise.
• Advise you on your options for taking title to the property for estate planning or tax purposes.
• Conduct a title search to ensure there are no liens or other encumbrances on the property.
• Advise you on your best options for financing the transaction and purchasing title insurance.
• Review all closing documents to ensure everything has been done correctly and represent you at closing.

Even if you are working with a real estate agent, you should still have an attorney involved in reviewing all your documents prior to the sale since real estate agents cannot provide legal advice.

Jurado & Farshchian, P.L. assists both buyers and sellers with real estate transactions and questions. Please call one of our experienced real estate attorneys at (305) 921-0440, or email us at info@jflawfirm.com.

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