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Wednesday, April 24, 2024

Do I Need A Personal Property Attorney?

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Why does one need a lawyer when they have already hired a real estate agent? When you are about to make a life-changing decision, it is best to get help from an expert, which in this case is real estate attorney Knoxville TN. Their advice gives an honest idea of what you should and should not do during the entire home selling or buying journey. Although the realtor may be able to deal with straightforward issues, they may not be the right people to tackle complex issues. Hiring an attorney is an expensive decision, but it will be money well-spent, when you look back.

Let’s have a look at why it is beneficial to hire an attorney when buying or selling a property.

What is the job of a real estate attorney or lawyer? 

A real estate lawyer is licensed to practice and deal with legal matters. They are specialized in real estate issues and transactions. A real estate attorney is very familiar with all the legality involved in the buying, selling or renting of a property. Many individuals tend to hire an attorney during the early stage of the buying or selling process. The lawyers are mainly involved to take care of things like reviewing the brokerage contract with a real estate agent. Some wait to hire Knoxville lawyers until the purchase contract is ready and even until closing. At what stage you hire a Knoxville attorney depends on your case.   

When does one need a real estate attorney? 

There are many situations and circumstances wherein the Knoxville attorney can be extremely helpful during the property buying, selling, and renting process. They are mainly known to sort out issues with the purchase contract in a sale, but are not limited to this. They also deal with unique and complicated cases.

Contracts –

It is common to be able to successfully negotiate face-to-face with the opposite buying or selling party. For this to happen smoothly, the terms and conditions of the deal must be appropriately recorded and documented in a contract form for it to be legally binding. In situations where you as a buyer or seller are unable to negotiate, the real estate attorney can negotiate on your behalf. They ensure that the binding contract adheres to all the state laws. Besides this, they also address the specific issues that have the potential to affect the future use of the property. In many states, the buyer and the seller are given a couple of days to thoroughly review a real estate contract before it becomes legally binding. Some people are not aware of this condition. If you have hired a real estate Knoxville attorney, they will enlighten you about the same. They will also review the contract for legal glitches, make necessary changes, and insert useful contingencies

Although your real estate agent is the hero in preparing the purchase contracts, the lawyer can provide useful insights. They can also review the purchase contract terms and conditions. 

We have mentioned above that involving a lawyer can be helpful if the case is complex. Let’s look at the issues in the contract that can create problems. 

  • Timing – Your timeline for closing on the property could be affected due to several reasons. It could be due to a delay in the sale of your house or issues that are not under your control. For instance, unexpected lender delays.
  • Inspection – A home inspection can bring up problems you thought never existed. This leads to the seller and buyer negotiating on who will pay for the repairs. In such situations, the buyer can withdraw from the contract without any penalty, if the contract allows doing so. 
  • Title – A title search is a routine before any property purchase. There might turn up a lien on the property you are looking to sell or buy. The real estate lawyer can help you investigate this. A lawyer also can help ensure the title insurance on your new home protects you from any future potential issues.

Need of attorney during Closing – 

This is the moment any buyer or seller is always excited and waiting for. It is the closing of a home sale or purchase. It mostly involves loads of pages of legal documents to review. A layman may find this intimidating. Hence, the attorney comes to the rescue. They can help both the seller and buyer navigate the review, which can be confusing to a first-time home buyer or seller. 

You should hire a real estate attorney as they negotiate the repairs, help in monitoring the financing while also reviewing the title when representing the buyer. At the closing, the Knoxville lawyer will explain all the mortgage-related documents. In simple terms, they make all the legal processes easier.

Below are some unusual examples where hiring an attorney becomes important –  

  • If you are buying a property that is part of an estate sale, short sale, auction or purchase from a bank.
  • If you are buying a house that is in a different state or province.
  • If you are selling a house that is a part of a divorce settlement.
  • If you are buying or selling a property that has major structural damage.
  • If you have financial issues and are trying to sell a property that has a lien on it.

Some common examples of when hiring a real estate lawyer make sense, this includes – 

  • Exclusive representation – When you are a buyer or seller, we are certain you are keen on the deal getting done. This can make you feel alone and lost at times. But, if you hire an attorney, you will have a professional who can review the contract and represent your best interests throughout the process.
  • Reasonable cost – If your real estate lawyer charges a reasonable fee, hiring one could be an investment. A poorly negotiated issue like a major problem discovered during a home inspection can cost you a lot of money.
  • Peace of mind – Even if you do not need a lawyer for any part of the home-buying or selling process, you might feel better having someone who can explain complicated and legal issues accurately. A real estate attorney can help you make the right decisions as you proceed with possibly the largest purchase of your life.

Conclusion –

At the end of the day, the decision to hire a real estate attorney in Knoxville TN is completely based on your personal preference and ability to pay the extra cost at the closing. If you can hire a professional like the Volunteer Law Firm who can be by your side, it will make the purchasing or selling experience smoother and more fun. It is worth shedding the extra money on real estate attorneys!


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