Many people wonder if they should be using the services of a real estate attorney. Generally speaking, if you are purchasing a residential property and the contract is standard, then you probably won't need the services of a real estate attorney. Instead, here are some cases where you should consult a real estate attorney.
1. You Are Buying A Short-Sale or Foreclosure
In the case that you are buying a short-sale or foreclosed home, you should consult an attorney. There may be special circumstances where the house had some problems, which is why the person is selling it in the first place. In addition, you don't want to get stuck with something simply because the bank is trying to get rid of. This is why you should be careful when you buy a short-sale or foreclosure. This doesn't mean that it is not a good idea, in fact it could be a great deal, but you need to take extra precautions.
2. You Are Buying Commercial Real Estate
Commercial real estate operates nothing like residential real estate. There are less standard contracts and when you buy a commercial property you could be spending a lot more money than you would when you buy a residential property.
This is why you should have a real estate attorney act as the broker for the deal. Although you can use a real estate agent to find the property, when it comes down to contracts and legal advice, a real estate agent is not qualified nor able to give you advice. Thus, talk only to an attorney about the actual contract.
3. You Are Leasing Or Renting Commercial Property
Much like purchasing commercial property, you should talk to an attorney even if you are leasing or renting the property. Each rental contract is different when it comes to commercial property and these contracts are binding. It is not like you can simply lose your deposit or last month's rent if you break the contract. You could be on the hook for the whole contract if you are renting. This is why both parties of the agreement should be consulting an attorney. You should make sure that you understand the contract and make any changes to it before you sign.
If at any point in buying, selling, renting or leasing property you are confused about a contract or the terms of the agreement, you should contact an attorney. With a purchase as big as this, it is important that you take the time to make sure it is done right. For more information, contact a company like Brandt Law Group.
