You spent a good deal of time haggling with the seller to pull down the price of a real estate property a bit. So, why will you get a closing attorney that will cost you additional thousands of dollars? In Texas, and that includes College Station, it is not legally necessary to have a real estate lawyer present during the final stage of closing the sale, but it will be to your best interest if you have one.
Dealing with the Legal Jargon
There is always a lawyer handling the closing of a sale, but he/she is not acting as your personal lawyer. If the lawyer has been hired by the other party, it only means the lawyer is protecting his/her client and may not be able to answer your concerns. There are a lot of legal matters that you need to understand before affixing your signature on any document to finalize the transaction:
• Contracts: You need to understand every word in the contract that memorializes and makes the terms and conditions legally binding.
• Encumbrances and liens: There are real estate properties that have encumbrances or liens. These need to be clarified to determine if the property in question can be sold by the seller.
• Property Transfers: When the seller or the buyer has the legal personality of a corporation, partnership or trust, the ensuing transaction is more legally complex. It takes a lawyer to determine the terms and conditions that will not violate corporation’s charter, partnerships, or trust agreements.
• Real estate filing: Acquired properties need to be properly filed at the county and state levels. Navigating state regulations is easier with an attorney who is familiar with them and has clouts in the right places.
Avoiding Future Problems
You want everything to be done the right way to make sure that buying or selling a property will not pose a problem in the future. An attorney can save you from being sued because you failed to disclose certain critical information (if you are selling) or because you violated a corporate charter. There are also occasions when you need a lawyer because you notice some red flag signs indicating an unusual process such as:
• Change in the terms and conditions: If you notice there are some changes in the terms, conditions, stipulations and form than you agreed, you need to get the document assessed first by a real estate lawyer. Watch out for those signs that may lead to legal problems.
• Killing the deal: This happens as a sign of the seller or agent being offered another deal that means more hefty profit or commission. You lawyer is in a better position to thwart their unfair plan with legal remedies.
• A title defect.: If just before closing you discover an encumbrance or lien in the title, you need to clarify this before proceeding with the sale or purchase of a property. Stalling for a while and doing the clarification proceeds much faster with a lawyer.
Buying or selling a property can be very complicated; foremost are related to legal matters. Failure to address these at the closing stage is crucial. Having a competent, experienced real estate attorney is your best bet to avoid ensuing legal problems.