Real Estate Law Misconceptions
A real estate attorney can be an invaluable resource when you are working through the process of buying or selling real estate. While these services can be essential for ensuring that this transaction goes smoothly, misinformation about the services provided by real estate attorneys can limit your ability to evaluate whether these services are right for you.
Myth: All Real Estate Contracts Are The Same
In order to transfer a piece of real estate, you will need to sign a series of documents that transfer legal ownership of the property. Unfortunately, many people assume that these documents will essentially always be the same. However, it is important to understand that a real estate transaction will be extremely open to negotiation. As a result, it may be necessary to customize these documents so that they will reflect the exact terms that were negotiated.
Myth: You Have No Recourse If The Seller Misrepresented The Property
There are many people that assume there will be nothing that they can do in situations where the seller of the property mislead them. While it is essential for a person to be diligent about evaluating a potential property, it is also an obligation of the seller to be honest and forthcoming about the property. If you find that you were misled about the property, you may be able to take legal action to remedy this situation. In extreme instances, it may be possible to have the transaction reversed or the seller may be required to compensate the buyer for the damages caused by the deception.
Myth: It Is Not Worth The Cost Of Hiring A Real Estate Attorney
Sadly, some individuals will fail to retain the services of a real estate attorney because of the costs that will be involved. Yet, the costs of hiring a real estate attorney will be a small fraction of the total cost of the transaction. Additionally, the costs that can be incurred by problems with the transaction can quickly surpass the costs that hiring a real estate attorney would have required.
Myth: All Real Estate Attorneys Accept Individual Clients
When you are looking for a real estate attorney to represent you throughout this transaction, you will need to be mindful of the fact that many real estate law firms will primarily represent commercial clients. As a result, these services may be more expensive or unable to accommodate the needs of an individual seller. You should let the receptionist for any law firms you contact know fairly quickly that you are an individual buyer or seller so that they can let you know whether they accept this type of client work.