Whether you are buying or selling your home, it can be tempting to try to go it alone, legally speaking. Especially if you’ve been through the process before, you think you know what to look out for. Why, then, consider getting the help of a real estate attorney?
At Mariano & Coiro, P.C. we’ve been helping clients buy and sell homes for more than 35 years. Our team has performed literally thousands of real estate transactions and can advise you throughout the process. There are many reasons why having an attorney on your team during a real estate transaction is important and smart.
Here are 3 reasons why a lawyer is essential for your real estate transaction
1: Your attorney is legally and ethically bound to protect your best interests.
While most Real estate agents, brokers and other participants in the real estate process are scrupulous, they are sales people, who earn a commission based on your purchase/sale. That means that they do not earn any money unless your transaction closes. Your attorney is not paid a commission. Hence, his primary responsibility is to protect your legal interests, even if that means terminating a transaction to better protect you, instead of proceeding to closing. A lawyer holds what is called a duty of loyalty to their client. It means that a lawyer is bound to place a client’s best interests above all else in the transaction. Therefore, you can rely on your attorney to do what’s best for YOU.
2: Attorneys are better prepared to handle the deluge of documents in transactions.
Contracts and paperwork are a huge and complex part of any real estate transaction, and often time is of the essence. With a lawyer on your team from the start to handle everything on your behalf, you can move quickly and with confidence, trusting that your contracts are good and you are protected. Should any issue arise, your lawyer will see it and correct the problem. As with anything else in life, what you don’t know can really hurt you. Leave your important transaction in the hands of your attorney, who is an experienced and knowledgeable professional.
3: Attorneys can best manage and advise you on tangential issues like inspection items and title matters.
The inspection is arguably the most important part of any real estate deal, as you need to insure you are not stepping into significant and costly problems that cannot be solved. Your experienced attorney can properly advise on how to proceed, what you can and cannot ask the seller to correct, and when it may be better to simply walk away from a transaction (either as a Buyer or Seller). Moreover, a real estate transaction can uncover issues like a cloud on title. This means that there is some sort of issue that could preclude the property from being sold–perhaps a lien, easement or old judgment. It could be a claim from litigation or any other matter. Should this happen, you cannot possibly proceed without the help of an experienced attorney unraveling and resolving the issues for you, expeditiously and properly. Imagine, trying to proceed without an attorney under such circumstances is akin to trying to decide which prescription drugs to take when ill, without a doctor’s advice.
When working with real estate, one small mistake can cause your transaction to fall through, or worse yet, leave you stuck in a bad transaction with no out. Get reliable help from the team at Mariano & Coiro, P.C. Reach us by phone at 800-800-9933 or through our contact page.