Why Should I Hire an Attorney to Assist with the Purchase of a Property?
For most people, buying real property is the single biggest purchase they will make during their lifetime. If you are in planning to purchase property in the near future you may be contemplating the need to hire an attorney. While there is no legal requirement that a buyer be represented by an attorney, there are a number of reasons why it is a good idea to hire an attorney to assist with the purchase of a property.
Whether you are purchasing a “starter home” or investing in commercial real estate, the amount of money that is involved will be substantial. Additionally, you will likely be making a long-term financial commitment to repay that money. With such a large amount of your hard earned money on the line you clearly do not want to make a mistake – and mistakes can happen during the sale and transfer of real property.
If you are planning to purchase residential real estate some of the most common legal issues that may arise include:
- Title issues – obtaining a free and clear title is essential when you purchase property. Finding out after the fact that your new home has a lien, or other encumbrance, on the title can be devastating news.
- Environmental issues – older homes can have a number of environmental issues that must be addressed when the property is sold, such as lead based paint or asbestos. The required removal can be very costly, making it crucial that the issue is identified and dealt with prior to the closing.
- Historic property – this is one that people often fail to even think of checking. If you purchase an older home that is classified as a “historic” home you will find yourself facing an extensive list of rules and regulations that apply to anything you do to the home after purchase.
- Document errors – during the average closing, numerous legal documents are passed around, signed, and eventually filed with the appropriate agency or department. A single error on one of those documents could end up costing a buyer thousands of dollars to fix.
- Closing issues – although everyone involved tries to have everything prepared and ready for the closing, it is not unusual for last minute problems to arise. Finding yourself without legal counsel when those problems arise puts you in the position of having to count on someone else’s advice if you want the closing to proceed as planned.
If you are in the market for commercial property, all of the above issues still apply, along with others unique to commercial property. One common issue faced by buyers of commercial property is zoning problems. If the property you wish to purchase is not zoned for your intended use you will need to apply for a variance or attempt to rezone the property. Don’t ever rely on someone else’s advice with regard to the ability to get property rezoned or obtain a variance because only your attorney will provide you with unbiased advice.
If you are in the market for real estate it is in your best interest to hire an attorney to oversee the purchase process. Given the financial and emotional commitment involved it only makes sense to protect that commitment with your own legal counsel. Contact an experienced Conshohocken, Pennsylvania employment law attorney as soon as possible to discuss your options. Contact the employment law attorneys at Curley & Rothman, LLC by calling 610-834-8819 today to schedule your free consultation.