If everything is going well and you have an excellent agent, you may not require the services of a lawyer. However, there are situations when to hire a real estate lawyer is a good question.
A “for sale by owner” transaction will save you money on real estate commissions, but someone is needed to create the purchase agreement, title deed, and other paperwork. A lawyer may aid you in organizing your paperwork, ensuring that the title is clear, and assisting you with the finer points of the transaction.
If you make an offer on a house without using a real estate agent, the seller’s agent will offer to handle everything for you. This type of deal might need a lawyer because one agent cannot represent your and the seller’s interests. When you hire a lawyer, you may rest assured that they will only work for you and safeguard your interests.
A lawyer can assist you in resolving some of the difficulties that may arise. For example, easements, rights of way, boundary disputes, and other concerns about the house’s land can have problems. If the property is in foreclosure or further legal proceedings, or you could require legal assistance if you disagree with the buyer or seller. If someone threatens to sue you, you should always see a lawyer.
As the seller, you may be subject to capital gains tax if the home’s value has increased. If you’re the one who’s buying, you may be able to deduct interest on a mortgage from your taxes. If you want to rent the property, you’ll need to keep track of your rental revenue and expenses on your taxes. A lawyer or CPA can assist you in determining how the purchase or sale of your home may impact your tax return.
Your local government, historic district, or homeowners’ organization may have tight guidelines for what you can and cannot do to the exterior of your property. These guidelines might apply to anything from demolition to additions to solar panels to new paint colors. A lawyer can interpret and clarify these rules and advise you on the viability of your plans and assist you in structuring the transaction and obtaining the necessary approvals.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Instead, we offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.