Reasons You Need a Lawyer to Buy or Sell Property
A home is one of the largest purchases most people make during their lifetime. As exciting as it can be to purchase your first home, there is also the potential for lots of problems that could pop up in the form of legal disputes. Although most people don’t think about getting a lawyer when they purchase a home, this practice could be a preventive step that will stop trouble before it happens. The same is true for commercial property purchasers who are buying commercial space for their own use or to rent out to other businesses. Every detail of the transaction should be reviewed before any agreement is signed.
The Importance of a Title Review
A title may not be as black and white as it appears. A review will determine if there are any liens against it or if there is missing paperwork. Without taking this extra step prior to purchase, the buyer could end up buying trouble that will last for many years after the transaction is completed. Staten Island Attorney Frank Savona explains that “An attorney who is experienced in real estate transactions will know what to look for to identify problems with the title prior to purchasing.”
The Complexity of Condo Agreements
The reason that purchasing condominiums can be so complex is that there are many conditions and provisions that apply on the part of the purchaser and the seller. There are some services that the condo association will be obligated to fulfill while the purchaser will also be expected to follow the rules of the building. Without having a lawyer look over the agreement, the buyer is investing in the condo to rent out to other tenants may find that this is not an option provided in the building.
The very fact that commercial property is purchased for the purpose of making money makes it even more important to understand every detail of the purchase agreement and whether the obligations of the agreement coordinate with the plans of the buyer. The same is true for buyers who are purchasing a condo for their own use. They may be searching for the carefree home of their dreams and find that they are obligated to do more than they expected to care for their new place.
When potential buyers find a property that is listed “as-is”, they become concerned that they are about to purchase a lemon! However, this term differs in relation to buying a home than when purchasing a car. It simply means that the home is being sold as-is, without any modifications being made. The seller is still responsible for the condition of the house.
Talking to a lawyer before buying or selling a house will ensure that every member of the transaction understands the legal terms and the implications that accompany each. The last thing anyone wants when buying their dream home or making an important financial investment is to find out they didn’t get the deal they thought they had.