Top 3 Reasons You Need an Attorney for Real Estate Transactions
Whether you are buying or selling a home, a building, or a piece of land, every real estate transaction comes with potential pitfalls that can pose a real risk to your investment. Getting sound advice and guidance from a qualified Indiana real estate attorney can help you manage that risk, no matter what side of the deal you are on. Here are the top 3 reasons buyers and sellers need an attorney for real estate transactions:
1.Creating a clear contract.
Look up the definition of “contract” and you will always find the words “law” and “legal” at the heart of that definition. Indiana real estate law is complex, and while realtors, title companies, family members or friends are sometimes willing to help negotiate and draft a contract, you need the guidance of an experienced real estate attorney who understands the nuances and application of Indiana law to real estate transactions.
Form contracts issued by the Indiana Association of Realtors are often used in Indiana. Even though these forms are generally accepted, checking the wrong box or missing a “fill-in-the-blank” section can have significant financial consequences. Even if your realtor drafts a form contract, it is in your best interests for a real estate attorney to review it for errors or omissions since there are many pitfalls only discernable by a trained eye. Furthermore, only a real estate attorney should prepare custom addenda to these standard forms since poorly drafted language can have unintended consequences and create “gray” areas in the contract that could ultimately undermine your position or cost you money.
For more complex transactions, whether residential or commercial, it is advisable for an attorney to prepare a custom contract that is specifically tailored to your particular purchase or sale.
2.Identifying and remedying problems.
Often issues can arise during a transaction such as title defects, inadequate or improper disclosures, or a survey that reveals an encroachment or easement. When this occurs, only a highly experienced real estate attorney can identify and resolve those issues.
For buyers, an attorney can draft contract provisions designed to require the seller to remedy the issues rather than force the buyer to either accept the property with defects or walk away from the deal.
Conversely, for sellers, an attorney can work to limit the seller’s warranties and representations upfront, so the parties are clear as to how the issues are to be handled if and when they arise.
3. An attorney is your advocate.
By their very nature, real estate transactions are unpredictable since you are dealing with human beings and valuable assets. A buyer or seller may make verbal promises or claims that are relied upon during the negotiation, but if these are not written down in the form of a contract, real trouble can ensue.
A qualified Indiana real estate attorney is someone you can count on to always be on your side, ensuring that as a seller you get your money and avoid litigation, and as a buyer that you get what you pay for without having to go to court. When you begin to contemplate your next real estate transaction, don’t hesitate to include a seasoned real estate attorney from The Nice Law Firm as a member of your professional team.