
Real estate lawyers are licensed to deal with legal responsibilities during real estate transactions. They possess the necessary experience and knowledge to give the parties insights about purchasing and selling a house. A real estate attorney Olympia, WA prepares documents and negotiates contracts. Their job covers several responsibilities, which makes them an asset during a real estate transaction. Hiring them during a transaction comes with a lot of benefits. Their responsibilities include the following:
Conduct a Title Search
Real estate lawyers perform a property title search. This means examining public records to determine the legal ownership of a property. A comprehensive title search must be done to transfer a title after somebody purchases a house legally. A title company or a real estate lawyer can perform this search, which can take up to two weeks. This makes sure the property in question doesn’t have liens or claims that could affect its sale.
Prepare Contracts and Handle Negotiations
During a house sale, an attorney will prepare the contract for the property’s purchase and sale. Usually, the lawyer has the legal authority to prepare and review related contracts and documents. The property buyer and seller can hire an attorney to assist them when negotiating related legal documents. The lawyer can help negotiate real estate and prices if a house is under contract. Also, they can help the buyer understand what the contract contains.
Facilitate Closing
A real estate lawyer can represent property buyers during closing. They can educate buyers on closing costs. They handle the transaction’s final stages, supervise fund transfers, and make sure every part of the transaction fulfills their obligations based on what the contract outlines. Their services offer an additional layer of protection to buyers when a contractual breach occurs. Having them facilitate a closing will offer both parties peace of mind.
Handle Litigation
When a contractual breach happens during a real estate transaction, an attorney can take legal action. Litigation is meant to resolve disputes through the court. Sometimes, it can be important in real estate. An attorney handles real estate conflicts and disputes brought on if a party in a real estate contract fails to fulfill their obligations. Real estate litigation may be necessary due to a breach of contract, boundary dispute breach of duty or negligence, or not performing contract obligations, and boundary dispute.
Research Land Use
Zoned areas can only be utilized for various kinds of things. Land use and zoning laws can affect property owners. That is why buyers need an attorney who is updated about such public land use laws. They can research these laws if a person wants to purchase land or build a house. Before buying real estate, possible buyers must be aware of land-use zoning laws, particularly if they want to build or add to their house in the future.
Draft Purchase Agreements
In real estate, purchase agreements are legally binding agreements between buyers and sellers. They spell out the transaction details during the buying process. An attorney will prepare them and make sure they cover all the details. They will advise both parties throughout the process of drafting and signing such agreements after they review and agree on them. A purchase agreement offers the particulars and outlines the real estate transaction’s terms. They finalize a property purchase and are quite essential for both buyers and sellers. They usually include particular terms like the property’s price and condition, information on the earnest money deposit, the closing date, and contingencies both parties have agreed to.
Draft Legal Documents
An attorney will draft all real estate documents. Aside from the purchase agreement, they also draft the property deed and the mortgage note. They use such documents when negotiating with lenders for buyers.