A house or a plot of land is not an FMCG item that you can showcase in a storefront, and customers will grab it instantly. When you decide to buy or sell a property, there are a lot of things you need to consider. From searching for the right client to price negotiation, you will go through a long and confusing process. The most critical part of the process is dealing with legal issues regarding real estate laws and regulations. Most property owners are not familiar with such trade unless they are experienced realtors. If you are planning to get a deal in real estate in the beautiful neighborhood of Texas, you should get a Residential Real Estate Lawyers, lake Charles. A qualified attorney will guide you through the legal process of buying or selling a property.
Benefits of hiring a real estate lawyer
When you have real estate by your side, you can initiate the process of the deal by making an investment for your future. Here are the key benefits of hiring an attorney for the purchase or sale of a property:
–Reviewing home inspections
If the previous owner didn’t disclose a serious problem with the property, you might get into trouble. For example, a building has a damaged foundation pillar, but you think the structure is just perfect. When the deal is closed, you may face a huge risk of a tragic accident. The real estate attorney will help you examine and find out any problems with the house you are trying to buy or sell.
–Overcome complex contracts
Buying the property from trusts, corporations, and partnerships may involve very complex negotiations. The issue may relate to legal agreement or dispute among the stakeholders. In this situation, the experienced Lake Charles Real Estate Litigation Lawyer will help you to get an agreement that is legally binding.
–Title search
Some illegal sellers might trick the buyers by selling a property that is on mortgage or liens. This could prevent the buyer from taking full possession, which could lead to a legal dispute in the future. A real estate planning attorney will conduct a thorough title search to ensure that the seller has the legal right to sell the property. When the rightful owner is discovered, you can carry on with the deal.
When you are determined to buy or sell a house, make sure you get a real estate lawyer from a reputed law firm in the town. Such law companies provide legal services such as commercial real estate litigation, construction disputes, purchase and sales agreements, and real estate deeds:
1) Quitclaim deed
The Quitclaim deeds take place between the seller (grantor) and the buyer (grantee) with specified terms. This deed offers the least protection or security to the buyer because it merely transfers any interest of the grantor to the grantee. This does not certify that the grantor has ownership of the property. Due to its terms, this kind of deed has limited use and is most often used by spouses during divorce proceedings as they know the history of the property.
2) Bargain and sale deed
The Bargain and sale deed offer somewhat security to the buyer or the granter. Although the grantor or the seller does hold title to the property, it does not ensure that it is free from any encumbrances or liens. These kinds of real estate deeds are used by tax agencies and companies in the case of foreclosures. This happens when the taxing authority or an agency does not have information about the history of a particular property.
3) Special warranty deed
A comparatively better option than the previous real estate deed types, special warranty deeds do offer limited security to the buyer. These deeds primarily assure two things: first, that the seller has the title of the property, and second, there were no encumbrances during the period of ownership. However, this does not guarantee that there were no encumbrances before the ownership. This deed is used in the transfer of trust or estate properties or the sale of commercial properties.
