With any type of action or decision that delivers a reward, there is an inverse chance for risk. During any episode of Shark Tank you’ll hear the “sharks” discuss the potential of risk versus reward before they decide to invest. Of course one of the most rewarding times during someone’s life is when they purchase their first home, and as with any significant business transaction, there is still an element of risk; but that can be mitigated, if not eliminated.
Any real estate deal and home sale or purchase involves what is known as, the law of real property. This unique designation requires an expert, and the experts in this field are real estate attorneys. For all parties involved: buyers, sellers, REALTORS®, and brokers, there are a few helpful things that real estate attorneys would like you to know. These tips can make any transaction a smooth and successful one.
- Real Estate Attorneys do a lot of behind-the-scenes work: Ideally an attorney will, after reviewing your transaction, come back with a vote of confidence to move forward. This is because they have made sure to cover every scenario and potential issue to give you peace of mind with your purchase. The complex ins and outs of different laws in different areas require the expertise to not only understand the situation, but ensure that each document and form have been prepared correctly.
- Don’t hesitate to include a real estate attorney in your transaction: The nature of real estate deals are organized and fairly concrete once executed. With this in mind, having an attorney review documents and transactions before they become official is the best course of action.
- In some circumstances, attorneys can do things that REALTORS® can’t: REALTORS® with their expertise, training, and code of ethics and standards of practice can make any real estate deal smoother, safer, and more successful. However in some instances a real estate attorney can offer perspective and insight based on their expertise. Unusual terms in a purchase agreement and specific legal issues can be elements of a transaction where an attorney can be an asset in addition to a skilled REALTOR®.
While these are only a few examples of how a real estate attorney can enhance your real estate objectives, there are many more. The most important thing about leveraging the expertise of a lawyer is that it can significantly limit the risk of a transaction, while enhancing the reward of working with a REALTOR ®.