In today’s current real estate climate, buyers are abundant, but inventory is low. As a result, many buyers negotiate various elements of their purchase offer to make it more attractive to the seller, like waiving inspections and appraisals. Working with a real estate attorney during these transactions will ensure your contract is in good legal standing, lessening the chance the deal will fall through during the closing process. Here are the types of transactions where it is beneficial to hire a real estate attorney.
Commercial real estate transactions
Commercial real estate transactions require a different set of logistics compared to residential transactions. If you are a land developer or business owner looking to build a new retail space, you must ensure your building adheres to local zoning laws. This can be a complicated process, which is why an experienced real estate attorney can help make sure your development plans meet all requirements before construction begins.
During the closing process, a real estate attorney can serve many roles. They look over closing contracts and documents and make sure both parties are aware and understand its terms. Real estate attorneys gather the necessary paperwork, such as the seller’s disclosure statement, commercial leases, and sales finalization papers, to ensure they are legal and ready to enforce. During the closing, real estate attorneys are present to secure a smooth and orderly transition from buyer to seller.
Appraisal appeals and negotiation
An appraisal is an integral part of securing a mortgage for a home loan. Lenders want to know that the property you are looking to purchase is worth the price the buyers are selling it for, and having an appraiser assess the property is the most common way to do this. Unfortunately, in this hot real estate market, a home may not appraise for the offer price. When this happens, buyers may have to come up with the cash to make up the difference in the appraised value and the offer price to secure a mortgage. Instead, some homebuyers appeal the appraisal—which is where a real estate attorney can assist. A real estate attorney will help negotiate the appraisal appeal on your behalf, citing factors such as the comparable properties (“comps”) that were used and additional home improvements that may increase the home’s value.
Title and lien searches
Another critical part of the real estate transaction process is the title and lien search, which helps determine whether the seller has the legal ownership and right to sell the property. A Real estate attorney will develop a detailed report, including a history of ownership, a list of current mortgages, and any liens on the property. This allows the potential homeowners to purchase the home free and clear.
The Boutty Law Firm: Orlando real estate attorneys
Our experienced real estate attorneys at The Boutty Law Firm can assist in all aspects of real estate law and transactions, whether commercial or residential. If you are a real estate agent or a potential homeowner, let us partner with you to ensure a smooth real estate transaction. Visit our office in Winter Park, or call 407-622-1395 to schedule a consultation.