As you probably already know, a property or parcel or real estate, whether it’s a home or a commercial establishment, is one of the most expensive transactions you will make in your lifetime. And obviously, you would want to make sure that you get it right the first time without costly mistakes. And one of the most prudent pieces of advice that you could get to ensure that you’re making a sound decision when either buying or selling a property is to hire a real estate attorney. But is a real estate attorney really needed?
Olympia Real Estate Attorney’s and Washington Land Laws
Every state has its own set of real estate laws and Washington is no different. When it comes to buying or selling a property, some states require that a real estate lawyer be present during the process of closing a real estate sale. These are very complex purchases with about a hundred documents requiring your signature. Once you start down this path, you will be glad there is someone there who knows the answer to all your legal real estate questions.
If you live in a country where it’s required to have a real estate lawyer handle the paperwork associated with your real estate purchase, then you probably already know the answer to my rhetorical question.However, there are some states that do not require an attorney to help you buy or sell your home. If you happen to live in one of these states, you can freely choose to not hire an attorney to help you, but I wouldn’t recommend that to someone I cared about. This can be a great way to save a little money, or keep a little more of the sale price since you no longer need to spend money on real estate counselors. But, it’s important to keep in mind that real estate transactions are a complex process where a lot of things can go wrong.
Besides marketing the house sale or just searching for the right property, there are a lot many other tasks that require attention including visiting the property location, properly inspecting the house, preparing the all the legal documents, negotiating a price, asking the right buyer questions or responding to sales questions, and really understanding the legal contract placed before you whether buying or selling.
What is the purpose of real estate lawyers? Although you may not think you need a Washington real estate lawyer, there are many situations in which a real estate attorney is pleasantly useful. These legal uses are listed below.
If you’re buying a property, a real estate lawyer will:
- Negotiate prices on your behalf
- Prepare and record all the required documents
- Help you understand the terms in the contract
- Identify any glitches, and make necessary changes to it
- Work with your bank
- Arrange the proper insurance to protect you and your property
- Ensure that the contract adheres to Washington State Law
- Help you complete the transaction quickly and efficiently
If you’re selling a property, a real estate lawyer will:
- Review your property and prepare the purchase and sale agreement
- Deal with any property issues, including title issues, and quickly correct them
- Prepare the necessary paperwork that you will be required to sign
- Help you negotiate for the right selling price, and close a deal
- Protect you against any real estate legal issues, such as if a buyer finds a fault after purchase or a buyer wants to back out at the last minute
- Ensure that the transfer of property is handled properly and the mortgage is paid correctly
If you think you can handle all these things efficiently by yourself, then you have the option to skip hiring a real estate lawyer. But if you don’t want to deal with the complexities of buying and selling a property alone, and ensuring that everything goes smoothly, then we recommend hiring an Olympia real estate lawyer.
When hiring a lawyer, it’s important to do your due-diligence and ensure that you hire the right one for your situation. Always hire an attorney who has special expertise in the area of law you need assistance in. Just like in investing for your retirement, wherein you hire a lawyer who is specialized in self managed superannuation funds or individual retirement accounts to deal with your retirement savings, you would also want to hire a qualified residential real estate agent to deal with your residential property case.