If you are new to the world of real estate, the first investment can feel overwhelming. Buying your new home is a huge financial decision, and you need to be sure of the property you are paying for. North Carolina is one of few the states, where having an attorney at the time of real estate closing is necessary. The attorney will be hired by the buyer, but sellers can have their attorney too. However, hiring a real estate attorney in Monroe NC is not just about the requirement. In this post, we are sharing more on why legal assistance is so valuable for real estate investments.
What’s the role of a attorney?
People often assume that the only job of a real estate attorneys is to oversee the closing process. While that’s true, attorneys do much more. A transaction attorney knows what it takes to protect a client’s interests and keep up with formalities at a closing. On the other hand, some real estate attorneys specialize in litigation. For instance, your attorney will take action when the seller doesn’t comply with the necessary terms of the contract. If you need guidance on mortgage documents, your attorney can help with that too. A real estate attorney is particularly useful when you want to add clauses to the contract, to check for contingencies.
If you choose to rent out your new property, your attorney can help in drafting the rental agreement. For any issues related to tenants, you can contact the same attorney.
Checking for property’s title
Examining the property’s title is one of the key reasons why you may want to consult a real estate attorney. The process requires considerable work, where the attorney will check for all possible encumbrances. Most attorneys also recommend clients on getting title insurance, so that you don’t end up in a legal mess related to title defects after the purchase is done.
More than just paperwork
It is evident that a real estate attorney does much more than just paperwork. When you are signing documents related to sale or purchase, your lawyer can actually inform on the implications of each. Also, they can guide on property taxes and other payments that are associated with the property.
If you need help with a new property, don’t wait until the deal to be finalized to contact an attorney. A skilled attorney will get to work once you are done shortlisting a few properties.