If you are about to sell, buy, or lease a certain residential or commercial real estate, you probably know that there is a well-established protocol that should be followed to protect your financial interest and avoid various administrative issues.
Gathering and reviewing complex documentation needed to come close to closing a deal is just one of the matters that need careful professional consideration as the real estate transaction that follows is another crucial point. Still, everything that happens in between is equally important as this is the point where an experienced real estate lawyer will effortlessly detect any irregularities and eliminate them so that everything works in your favor.
Whether this is your first time investing in real estate or you’ve been through the procedure multiple times, keep in mind that each case is different and could include potential legal problems that are often costly to fix, especially in large-scale real estate portfolios. This is why hiring an expert to guide you smoothly through the process is highly advisable, and our Medrala Law Firm real estate lawyers in Las Vegas are, once again, standing at your service.
Documentation Drafting and Review
One of the main responsibilities of a real estate lawyer is drafting documents relating to the mortgage, purchase agreement, title, and transfer documentation. Each is equally important and requires a lot of skill to draft adequately.
Besides drafting the documentation according to the given legal requirements, a real estate lawyer will make sure to fully comprehend your goals and translate them into a legally binding document where its terms and conditions support your best interest. These pieces must contain clearly articulated concepts and forms so that everyone included in the process can interpret them correctly.
Reviewing is equally important as this is the time when the terms can be adjusted so that you remain protected legally and financially. As a purchase agreement is one of the central pieces of documentation, your attorney will make sure that it doesn’t contain any liens, title defects, or unresolved disputes over the given terms. In case the issues are found, you’ll get professional legal advice on how to get the resolution as fast as possible.
Negotiation on the Contract Terms
To have a successful closing agreement and a smooth transaction, negotiating on the given terms is often crucial. This is especially important if you are a seller since it could happen that you unintentionally fail to disclose certain information about the real estate property which could later cause you a lot of legal problems.
A legal professional is comfortable working with other attorneys and brokers as this is a part of their job routine, so by having a trustworthy one by your side, you can be sure that this person is working in your best interest. From making sure that you are paying an adequate commission to the broker (if you are a seller), to effectively negotiating about eliminating property-related legal issues before the final agreement is made (if you are a buyer), an experienced lawyer will take care of it all.
Handling Real Estate Closings
Even though there isn’t a legal requirement for a real estate attorney as an essential figure at the closing, it is still wise to have one by your side. Why?
Firstly, making sure that the title is clear sounds like an easy job, but the title examination which leads to identifying whether there are certain restrictions of use, existing mortgages against the real estate, and others is crucial at this point.
Secondly, there is a lot of documentation to digest at this point, and closing statements, correction statements and agreements, mortgage loan documents, are just some of it. Your attorney will carefully review each piece and advise you which copies to keep safely for longer.
Finally, your attorney is responsible for closing on the transaction and disburses all the fees related to it – county taxes, homeowner association dues, mortgage and real estate broker fees, and so on.
Disputes and Litigation
Disputes between a landlord or a tenant over a purchase or a sale contract are quite common in real estate. Even though they are often settled without litigation, there are times when going to court is inevitable. In these situations, you’ll require a skilled trial lawyer who knows the real estate and contract law to its core and is well-familiar with the trial procedures.
If you are looking for an attorney that comes with the given traits, our real estate lawyers in Las Vegas are specialized in litigation, but most importantly, are fearless in the court thanks to the excessive experience and genuine desire to win our client’s case.
When Do You Absolutely Need to Hire a Real Estate Attorney?
Even though it is advised to have a trusted lawyer by your side for any sort of real estate transaction, there are some cases where their professional assistance is necessary.
If you are a buyer of a property that has physical damage or is owned by a bank, you’ll surely benefit from using legal services. The same rule applies if there is an illegal dwelling on the given property, or the particular area is prone to natural catastrophes like floods, tornados, and others. Not to mention the case where the tenants need to be evicted or there is a clear title problem or confirm ownership.
For those who are about to sell their property, there might be some complications when it comes to those who belong to a deceased relative. An attorney will help you get the necessary documentation and finish this usually long procedure as soon as possible. In case there is structural damage of the property, a history of liens, or you are in the middle of a divorce and still negotiate on splitting the assets, you’ll greatly benefit from hiring a real estate lawyer. Also, any form of partition or other lawsuit requires legal assistance.
No matter which category you fit in, our Medrala Law Firm real estate lawyers in Las Vegas are ready to commit to your case fully and resolve any legal issue that might go with a given real estate. All you need to do is contact us today via email, phone, or online form, and we will get back to you in the shortest time possible.