Real estate purchases are often completed without the assistance of an attorney. However, when questionable issues come up, you may be happy to have one.
Do you need a lawyer when you are selling a house? In 21 states and the District of Columbia, you are legally obliged to hire one to proceed with the closing.
Even if you don’t live in one of these states, you may still want to consider hiring an attorney before proceeding with the sale.
Situations You Need a Lawyer
In some situations, you can’t complete a sale without a lawyer’s assistance. According to Real Estate Lawyer from Orlando, these situations are:
Liens – in case there are outstanding liens on your house, a lawyer can help you deal with these issues. They can work with the title company to make sure all lien holders get their payments in a correct manner.
Joint sales – in case you own a home together with someone other than your wife or husband, you need a lawyer to keep the interests of both parties in mind during the sale.
Short sale – if the lender agrees to allow you to sell a home for less money than you owe in a short sale, you have to go through complicated paperwork rounds. An attorney can provide irreplaceable assistance with the matter.
Estate sale – if the house you are selling was inherited, you may need a lawyer who helps you with the ownership documents.
Other situations in which you may want to hire a lawyer are commercial property sale, condo sale, and absence of a buyer’s agent.
How can A Lawyer Help When You Are Selling a Home
A lawyer can help you through the process and discover hidden problems.
1. Clear Up Complicated Terms
Selling a home involves a lot of different paperwork, riddled with unknown terms and unclear conditions. Having a lawyer at your side to check all the nuances can help you avoid extra expenses and poor deals.
2. Answer Legal Questions
Several legal questions may arise during a sale, including tax consequences, and other issues. The ability to consult a lawyer about such matters can speed up the sale and help maintain peace of mind.
3. Review Purchase Agreements
A purchase agreement is a highly important document, which needs to be drafted perfectly to suit the needs of all parties involved. The agreement has to be carefully worded. Without an attorney’s help, mistakes are usually unavoidable.
4. Assist at the Closing
During the closing, an attorney’s help is especially important. When the title passes to the buyer, who pays the purchase price, a closing statement may need to be prepared. The statement indicates the debits and credits to the buyer and seller. The lawyer can prepare the statement and explain the nature and amounts of closing costs.
Even the most straightforward property transaction can have unexpected issues. Working with a lawyer can help you make sure that the sale goes through the way you expect to without any legal complications.