Purchasing a property can be very expensive, which is why some buyers try to save on their costs by for not using a lawyer. Unfortunately, not all real estate transactions go smoothly, which is why having a real estate lawyer can benefit you in the following 3 situations.
Your Contract Is Unusual
There may be circumstances that cause you to have a contract that is unusual. For example, you may be renting the property before you official buy it, or you may be letting the previous owners rent the property after you officially take it over so they have time to close on their next home.
These are the contracts that can cause problems if you are unclear of what you're signing. The other party may have a non-standard clause in it that you do not fully understand, and you are then expected to follow. Remember that your agent isn't your lawyer, and cannot give you proper legal advice. Even when your agent is helping you broker the deal, they may not tell you when the contract you are signing is not in your best interest.
The Other Party Is Creating An Original Contract
When it comes to selling a home, there are many standard contracts that have already been created that can be used. Most sellers will use this type of contract, and simply make additions to it because it is easy to do. You should be cautious when the other party is creating a contract from scratch for you to sign.
Having a lawyer on your site will let you know what key items have been added or omitted in the contract that you need to sign. Your lawyer will read the contract with your interest in mind, since you are paying them to do so.
You're Buying Commercial Property
While homes are pretty standard when it comes to contracts, commercial property has a lot of different factors that you may not be aware of that need to be in the contract. For example, you may need to get the property rezoned before you use it for your specific business, and the sale should be contingent on obtaining those rezoning rights.
With so much money on the line with a commercial property, a real estate attorney is the best way to make sure that you are getting a good deal. With so many different factors that need to go into a commercial property contract, you also want to make sure that everything in the contract is enforceable.