- Traditional Financing Isn’t For You: In today’s day and age, many people have been hit hard by difficult financial situations, ultimately negatively affecting their credit. Unfortunately, when a traditional lender sees your credit, especially if it’s significantly lower than what they expect, your interest rate will reflect their dismay. An unsatisfactory rate can make the real estate process much more stressful, and more costly than it already is. A real estate attorney can advise as to different options to try and get you to secure the necessary financing.
- Restrictions on The Property: There are various situations where restrictions can affect what you can and can’t do with your property. It is important to be well aware of such things early in the process because in certain cases, you will be halted from making alterations to your property. In particular situations, this may convert the transaction from one that makes economic sense to one that does not. Another set of restrictions, known as Deed Restrictions, can affect developers or builders buying land to build on. This set of limitations can affect anything from the number of houses you can build on a span of land, the number of bedrooms inside each home, or even the ability to knock down trees. In the case of developers and builders, you rely on building a certain amount of properties, with certain features, in order to make a profit on your work. A knowledgeable real estate attorney can make you aware of these limiting situations before you get involved in them, and it becomes too late.
- Title Issues: The title is one of the most, if not the most, important issues regarding a property because it represents clean ownership. However, titles aren’t immune from possessing internal issues. For example, another person may make a legal claim over your property. This, amongst other things, can pose great issues, and leave you without full control of your capital. It is important to have a real estate attorney look over the title before you purchase the property because there is a possibility that you can lose the asset altogether. Not only would this be devastating, but it can also be extremely costly. If someone’s claim to the property was stated in the title, fighting for ownership may be a long and hefty legal battle that you may not win.
When thinking about buying or selling property, these are just a few of the ways that hiring a real estate attorney will save you money and ensure you’re making optimal legal decisions.
About Markotsis & Lieberman, P.C.: Markotsis & Lieberman, P.C. Real Estate Attorney is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you’re facing a complicated legal situation, our team of legal experts is there to fight for your rights.