3 Scenarios That May Require a Real Estate Attorney
In some cases, buying or selling a home can never be as simple as finding a buyer and signing some papers. However, in some cases, special circumstances make the process a little more complicated. In these scenarios, it may be best to hire a real estate lawyer to help. If you would like to know more, check out these three scenarios to consider.
The House Is Part of a Short Sale
When someone can no longer afford their mortgage, they may let their home go into foreclosure, but this can drastically and negatively affect their credit score. While still harmful to your credit score, a short sale is an alternative to going into foreclosure. Typically, a short sale means the lender is selling the house for less than is owed on the loan.
If you're the one short selling the home, you may want an attorney to help you fully understand the agreement with the lender. In some cases, the lender will forgive the remaining balance, but in some cases, they will make you repay the difference. If you're buying a home on a short sale, an attorney can help you submit your offer to the lender.
There Are Boundary Disputes
If you're buying a house with a boundary dispute, you may need an attorney to help fight for you. As property trades hands, the boundary lines can become blurry. It may not be until you finally look at the official documents and realize your neighbor has taken over part of your future property and built a fence.
Similarly, some properties may have easements. An easement is a piece of land that is allowed to be used by someone else for specific purposes. These are legally binding and transfer with the house. For example, if the previous owner had an agreement with the neighbor to let them use a road on the property as a short cut, that permission transfers to you. Therefore, you may need an attorney to fully understand the easement or to get it removed.
The House Has Major Issues
Ideally, every house that is sold or purchased is structurally sound with minimal issues, but that isn't always the case. Some sellers may try to hide these major issues, or they may be upfront. Regardless, if you are buying or selling a house with major issues, you should get an attorney.
There is a lot of risk when buying a house with major issues, so you want the contract to be air tight to prevent any future lawsuits or complaints. An attorney will ensure everyone understands the conditions of the sale.
Not everyone needs a real estate attorney, but buying a house is a major investment, so if you have any concerns, it may be best to have professional legal help in your corner. If you would like to know more, contact a real estate attorney in your area today.
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