Purchasing real estate is a significant investment. It is essential that you take all the steps necessary to protect yourself when buying property. While real estate transactions are often routine, there are a variety of situations in which the services of an experienced real estate attorney can be essential.
At McCoy & Hiestand, our experienced real estate attorneys in Bardstown are ready to help. If you are dealing with one of the six situations outlined below, consider securing the services of a real estate lawyer. Of course, even if none of these circumstances apply to your situation, you can still hire a real estate attorney when buying property to give you peace of mind.
This Is Your First Time Dealing With a Real Estate Transaction
If you have never bought or sold property before, hiring an experienced real estate lawyer can be incredibly helpful in guiding you through the process. While with a standard real estate transaction, you may feel comfortable dealing with the process yourself if you have experience, for a first-time buyer or seller, having an experienced attorney by your side can be reassuring.
Your lawyer can ensure that everything goes smoothly and explain any part of the process you have questions about so that you better understand your rights and responsibilities. With the help of an attorney, you can familiarize yourself with the process and be better prepared during future real estate transactions.
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You Are Making an Out of Town Purchase
Purchasing property in an area with which you are unfamiliar can be challenging. You might not be able to view the property in person beforehand, or if you do, you might have to leave town before finalizing the transaction. Furthermore, the real estate laws may differ from those in the area in which you currently live.
When working with an experienced attorney, they can act as your representative during your property search and when making a purchase. One of the benefits of having legal representation is that you can ensure your rights are protected and that everything goes smoothly and is above board during the whole process.
You are Purchasing Commercial Property
Purchasing commercial property is far more complex than buying residential real estate. As well as typically being a larger parcel of land than a typical piece of residential real estate, there tend to be far more issues that need to be addressed when buying commercial property.
Your attorney can inform you of your rights and obligations when buying commercial real estate and ensure you are protected when dealing with complicated legal issues, including easements, corporate ownerships, environmental concerns, zoning, structured financing, and tenant contractors.
The Property Is Going Through Probate
When a property owner dies, their real estate goes through probate administration. The property will be dealt with as determined by the will of the deceased or intestate law. The representative of the estate must follow all of the guidelines to ensure the property is passed along legally. However, if making a purchase of this type, you need to deal with things from your side as well.
Having an experienced attorney on your side will help you ensure that you are making a legal purchase that will not be contested by a party who believes the estate is being mishandled. Discovering after the fact that the administrator of the estate did not have the right to sell to you could create all sorts of issues and result in legal battles that last for years.
Ensuring your ducks are all in a row before pulling the trigger on a purchase will greatly simplify things for you.
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The Property Has Tenants Living There
If there are currently tenants living in a piece of property you are looking to purchase, it is critical that you understand your rights and obligations regarding these tenants. Once you take ownership of the real estate, you will become their landlord. An experienced real estate lawyer can provide answers to any pressing questions you may have, including:
- Can you be held liable for valid claims made against the previous landlord by the current tenants?
- What steps do you need to take if you plan to evict the current tenants?
- What happens to any security deposit paid to the previous landlord?
Your lawyer can answer these questions and any others you may have and ensure that you are making a purchase where your vision for the property aligns with your legal duties.
Illegal Improvements Were Made to the Property
Purchasing a piece of property where illegal improvements were made can come with all sorts of problems. Beyond the potential safety issues involved with work that may not have been properly carried out, you could face a variety of other issues that could end up costing you a significant amount of money.
In extreme cases, additions to the property may have to be torn down, potentially making the property unusable until further renovations can occur. An experienced real estate lawyer can ensure that there are no such issues before you make a purchase.
If you have already signed a contract, a real estate attorney can help you rescind the deal or sue the previous owner for damages.
Get in Touch With a Real Estate Lawyer Today
When you hire a real estate attorney to help you with buying or selling a piece of property, they will serve as your personal advocate. You can expect all of the other parties involved in a deal to have experienced legal representation and a firm sense of self-interest in the deal.
By hiring your own attorney, you can ensure that your interests are protected and that the other parties do not take advantage of you. Contact the law firm of McCoy & Hiestand today to schedule a free consultation with a member of our legal team.
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