If you are thinking of buying a house or selling a house, you will probably already be aware that the market is not what it was. America's white-hot real estate market has led to frenzied buying and no shortage of cutthroat deals and high-pressure tactics. That's why it is important to consider the benefits of a real estate attorney if you are buying or selling.
A real estate lawyer is not always necessary, but they will ensure that you have the full protection of the law when buying or selling a home, as well as ensuring that you get the best possible value for money. Read on to find out when you should consider hiring a real estate attorney.
1. When a Real Estate Attorney is Mandatory
Depending on where you live, you might be obligated by law to hire a real estate attorney. Currently the following states legally require buyers and sellers to hire a real estate lawyer:
- District of Columbia
- Florida, Georgia
- New Hampshire
- New Jersey
- New York
- North Dakota
- Rhode Island
- South Carolina
- West Virginia
You should always hire a local attorney that understands local real estate law. For example, if you live in Pennsylvania, you should hire the best real estate attorney in the state to manage your transaction for you.
2. You Are Not Using a Realtor
There are many reasons why people do not want to use a real estate agent. You might wish to avoid paying hefty commissions, or you believe that you can market a house fine on your own. Whatever the motivation, you should always hire a lawyer if you do not have a realtor. The lawyer will do essential tasks such as preparing the deed and running a title check - things that you cannot do on your own.
3. There is a Problem with the Deal
A million things can go wrong with a real estate transaction. Perhaps an outside appraisal discovers problems with the house that were not reported. Perhaps a buyer withdraws an offer too late. Perhaps you discover that a title is fraudulent. Whatever the reason, you should not be left Googling "real estate attorney near me" when it's already too late.
4. You Have Concerns About Tax Liabilities
Selling a home or buying a home is the most significant financial transaction that most people make in their entire lives. As such, there are complex tax considerations to take into account. If you sell a home that has increased substantially in value, you might be subject to capital gains tax.
If you are a buyer, a tax-savvy lawyer can ensure that your mortgage interest payments are tax-deductible. A lawyer can also see what can be done to reduce your property taxes. If you want to make long-term savings, talk to a real estate lawyer.
Give Us a Call Today
With a transaction as important as real estate, you cannot afford to take risks. To hire a real estate attorney that will always have your back, make sure to give us a call today.