Whether you are buying or selling a home or commercial property, you are undertaking a significant financial investment. A typical home purchase may seem very standard and straightforward. A seller enters into a brokerage contract with a real estate agent and the agent handles finding the buyer, negotiations, a contract for sale and the purchase agreement. It seems pretty simple, however, any real estate transaction can have risks and complications, it is wise to have a knowledgeable attorney to look out for your rights and help you ensure that the contractual agreement you are entering is solid, in your best interests and that there won't be any surprises down the road.
Benefits to hiring an attorney
Any attorney will review all legal documents involved in a real estate transaction every step of the way, which can help you avoid common pitfalls and costly problems. Here are some benefits to hiring an attorney.
Ensure contracts are legally accurate
An attorney can negotiate the terms of the deal on your behalf, create an agreement that is legally binding and in accordance with real estate laws in Hawaii and make sure no issues are overlooked, including tax obligations. An attorney will also anticipate any possible problems that could negatively impact your transaction and rectify those problems so the agreement moves forward and the closing is on time.
Lookout for your best interests
It is important to know everything about a property that could negatively affect the outcome of a real estate transaction. An attorney will review the chain of title and make sure the property is being sold without any liens, judgments or encumbrances. Without a clear and accurate title search, it could be discovered that the seller does not have the right to sell the property, or that a hefty lien must be paid off before the sale can be finalized.
An experienced real estate attorney will also review all legal documents for accuracy and make corrections or modifications if necessary, including state property transfer requirements, legal descriptions of the property, title insurance, financial documents and the closing paperwork.
Represent you in any conflicts
If at any time during the negotiations the buyer and seller's interests are at odds with each other, an attorney will be able to look out for their client's rights. Generally, a broker is there to look out for the buyer or the seller, but the broker also has a financial incentive to make sure the deal goes through. A broker also cannot provide legal counsel or advice on any legal issues that may arise during the transaction. An attorney can provide peace of mind that someone is on your side and looking out for your best interests every step of the way in completing a successful real estate transaction.