Top 9 Reasons Why You May Need a Real Estate Lawyer
The purchase or sale of real estate is, for most people, the largest financial transaction of their life. Your real estate transaction may involve a residential home or commercial property in Red Deer, a lot or farm in Stettler, or a cottage in Sylvan Lake. No matter what type of property you are buying or selling, real estate deals are complicated transactions. The Red Deer real estate lawyers at Schnell Hardy Jones LLP prepared this list of top nine reasons you may need a real estate lawyer.
- To minimize or eliminate risk of fraud. Real estate purchasers can be victims of fraud in a number of ways. For example, a person may use a false identity to sell a property that is not theirs to sell, taking the money and leaving the innocent purchaser without title to the property. An experienced real estate lawyer will be alert to these types of fraud, helping minimize risk and avoid victimization.
- When buying or selling property that is subject to liens or judgments. If the property is subject to liens, judgments or lawsuits, a real estate lawyer can protect your legal rights and ensure that liens or judgments are properly discharged.
- The property being bought or sold is part of an estate sale. If you are selling property from the estate of a deceased person, a real estate lawyer can ensure that the property has been properly probated. If you are buying a property from the estate of a deceased owner, a real estate lawyer can ensure that the heir or executor has the right to sell the property.
- It’s a FSBO. When a property is sold without using a real estate agent, this is known as “FSBO” (“for sale by owner”). In these situations, it is highly recommended that the seller collaborates on a contract with a local real estate lawyer rather than draft one on their own.
- The property is in foreclosure. Buying a foreclosed home comes with unique risks. A real estate lawyer can help you navigate the process of buying property through a bank sale.
- You are a first-time homebuyer. Getting into the property market is both exciting and scary. A real estate lawyer can protect your legal interests and guide you through the process of buying your first home. Have a look at this post from our Red Deer real estate lawyers which discusses how a real estate lawyer can help first-time home buyers. http://www.schnell-law.com/blog/first-time-home-buyer-you-may-need-a-real-estate-lawyer/
- You are selling a house with a non-cooperative partner. Having a real estate lawyer involved can assist with communication and help the process run more smoothly.
- You have knowledge of the property that makes you think the deal could go wrong. If you are a seller and have knowledge about the property that may cause problems with the transaction, be proactive and bring in a real estate lawyer. If you are a buyer with knowledge or a feeling about potential problems with a property you are contemplating buying, trust your gut and have an experienced real estate lawyer on your side to protect your legal interests
- To deal with contractual issues. There are several contractual issues that may arise prior to closing (g. issues that arise with financing, appraisals, or non-disclosure of relevant information about the property). Experienced real estate lawyers can alert you to potential issues and ensure the contract is properly drafted to permit you to back out of the deal if problems arise or, conversely, to enforce the deal if the seller tries to back out before closing.
Contact our team of Red Deer and Sylvan Lake real estate lawyers
For help with your real estate transaction or to learn more about how our real estate lawyers add value, contact us today at 1-888-342-7405 or by email at Lawyers@schnell-law.com. With offices in Red Deer and Sylvan Lake, real estate lawyers at Schnell Hardy Jones LLP have the knowledge and experience to protect your legal interests, help you navigate the transaction, and ensure that the deal closes as smoothly as possible.