For many people and corporations looking to invest in real estate, hiring a real estate lawyer is as obvious as bringing a passport with you on your travels abroad.
However, if you are new to property investment, you may only have a vague idea on the importance of having a lawyer. If so, you have come to the right place.
Entering the property market can be a daunting idea, which is perfectly rational considering the number of things that can go wrong when investing in real property. The nature of the property market is constantly changing due to political and economic shifts, requiring those interested in buying or selling real estate to keep a sharp eye on these changes.
What are real estate lawyers?
They are professionals who dedicate their careers to studying all aspects of real estate law, as well as applying their legal skills to settle disputes and transactions. These are skills that the vast majority of people interested in real estate won’t have. Having to understand all of the real estate jargon is only one small part of the equation. Knowing whether or not your investment is a smart one can be difficult since there may be hidden pitfalls in the transaction that only a real estate lawyer will be able to identify.
A real estate lawyer will be able to analyse real estate documents about purchase agreements, mortgage documents, title documents and transfer documents. One of their main roles is to be able to effectively handle closings, which is when one party is trying to purchase property from another. You will also be given legal advice on the buying and selling of property.
Reputation is everything
If you are a big corporation, then it is even more fundamental that you have a reputable and competent legal team with you every step of the way, since a vast amount of money will be at stake. A big player in this game is Goodwin, whose global presence stretches from the USA and across the pond into Europe. An established and experienced real estate lawyer will be able to:
- Make sure that all transactions stay on the right side of the law.
- Ensure that you are protected from any sort of exploitation. Your lawyer will identify any hidden clauses or fees in the contract.
- Include an assured exit strategy should you have any second thoughts.
- Provide deep insight into the real estate market; it can drastically improve your decision making about your investments.
- Be able to understand and translate important real estate terminology.
- Help with last minute disagreements in the final stage of the negotiating process. Not having a real estate lawyer by your side may corner you into a position where you are pressured into making hasty decisions.