North Carolina is one of the few states in the US that compel you to involve an attorney in your real estate transactions, whether buying or selling property. Most people view this is an unnecessary additional cost, but it actually curbs rip-offs and helps buyers and sellers get around the labyrinth of legal formalities with the utmost ease.
Real estate transactions involve several steps that you may struggle getting the hang of, so don’t just go with the first attorney option that comes your way. A good attorney will not only obtain the right documents, fill them out, and submit them for you, but also ensure you don’t get in a deal that you will regret in the future. We have discussed below a few ways a real estate attorney in Monroe NC can come in handy for you in your real estate transaction.
1.There are hitches that only a lawyer would foresee and understand
Problems do arise before, during and after house closing. For instance, you could make an offer and all of a sudden realize the seller has become reluctant. Perhaps they got a better offer from another prospect and are trying to avoid you or prompt you to improve your bid. If they had initially agreed to your offer, a lawyer can compel them to honor the agreement and sell you the property.
2.A lawyer does away with the need for a middleperson
For-Sale-By-Owner deals are dreaded by many sellers who are not familiar with the legal prerequisites of real estate transactions. Lawyers can double as real estate agents and help you draft the right documents without charging you extra fees.
3.Title issues need legal counsel
Title issues are a common hurdle in real estate transactions. Any title-related issue must be resolved before the purchase lest you clash with the law in the future. For example, if you are buying a home that was inherited and all siblings have not signed off on selling it, the transaction can only move on if all the heirs formally agree to the sale. A lawyer will help you identify all the stakeholders and involve them in the transaction.
4.When buying foreclosed property
A foreclosed property may look like the perfect deal to get into when trying to save money, but it doesn’t come without its fair share of complexities. It is advisable to consult a real estate lawyer even before you choose a property to invest in. A lawyer will walk you through the taxing process of identifying properties and narrowing them down to a few homes that meet your specifications. Only involve a title company after you have scrutinized your final list of options and ensured they are aligned with all requisite legalities.
5.If you are doing a contract for deed sale or purchase
A contract-for-deed real estate transaction does not involve a bank. Instead the seller finances the purchase and receives monthly payments from the buyer. A good lawyer will advise you against purchasing or selling under a contract for deed. The deals are pretty complicated and are bound by too many rules that you could easily violate. However, if you must get into one, seek the counsel of a real estate lawyer.