Buying your own home can be one of the most important decisions you will ever do as part of adulting. Buying property involves more than just choosing a fancy-looking home with a backyard pool or a mini-pond. Rather, it should be able to satisfy your need as a soon-to-be homeowner. However, deciding which property to buy can be easier said than done.
If you are from Indianapolis, you can consult a business attorney specializing in real estate management. For one thing, dealing with real estate transactions can be quite confusing, especially if it is your first time. This is why lawyers specializing in real estate are there to help you with your property purchase.
The role of a real estate lawyer
Basically, a real estate lawyer’s role is to come up with a negotiation that both parties will agree on. The real estate lawyer will come into the picture once the property’s selling price and its terms and conditions have been finalized and put into a contract. The lawyer will then be responsible for reviewing the contract and negotiates for repairs after a title search and home inspection.
While it can be within your discretion to hire a real estate lawyer, some states require you to get one. These states require you, the property buyer or seller, to hire a real estate attorney from the beginning until the end of the entire transaction. Nevertheless, it may be a good idea to hire a real estate attorney for your property transactions due to these reasons.
- You are buying property from another state.
- You are buying a commercial real estate property.
- You are buying a property that is on sale.
- You are considering buying a property that may have issues on its structure (e.g., walls that need repainting, chipped tile flooring, etc.).
- You are considering purchasing property located in a disaster-prone area (e.g., floods, tornadoes, hurricanes, etc.).
- The original owner has already died and turned over the property to you, which you are now considering selling.
- You are selling a property following a separation or divorce.
- You are selling a property, but is not sure of its other details aside from what you already know about it.
Real estate lawyer or real estate agent?
Some may prefer hiring an agent if they are planning to buy or sell the property instead of hiring a lawyer. However, it depends on your real estate needs. For one, lawyers can offer real estate-related advice, but they cannot sell real estate properties.
On the other hand, real estate agents have a license to sell a property. However, they may not be as reliable when it comes to the legal aspects of real estate management. Real estate agents may not sell a property while practicing law. In other words, you cannot have the best of both worlds, regardless of whether you are an agent or a lawyer.
Having that said, there should be no competition between a real estate agent and an attorney. Both professions play a vital role in the real estate field. It will be within your discretion, which of the two you will need for their expertise.