Whether buying or selling real estate, dividing property, establishing a mortgage, etc., you should protect your interests as much as possible. These types of transactions are usually of great value, and any mistakes made in them or falling into a real estate fraud scheme can be costly and have serious consequences.
That is why, we would like to introduce our 10 reasons to use a lawyer for real estate transactions.
1. It is only your attorney who is competent to conduct a comprehensive title search
Your attorney has special legal knowledge and experience. They can guarantee a thorough study of the property, in cases where you are the buyer. You will become acquainted with the entire property history through this detailed search.
Thus, you will be protected from any problems with its ownership or encumbrances that the seller or real estate agency may have no interest in informing you about.
When you are the seller, a detailed review of the documents can quickly direct you to other missing documents for successful transaction completion.
2. They have comprehensive legal knowledge
The attorney has specialized knowledge in various areas of Law – Property, Contractual, Tax, and Administrative.
They can advise you on any desired or undesired tax, administrative, or property effects of the transaction. They will offer you suitable options.
Thus, you will know how to structure the transaction in advance and whether and what taxes you owe.
3. The attorney knows what to expect in transactions
Each real estate transaction has requirements for mandatory and additional documents accompanying it. Learn more about them here.
The experienced real estate attorney has an overall view of the process and the transaction stages.
They will point you out on the certificates, sketches, and other documents that must be submitted to the notary. They will inform you if any of them are missing and could jeopardise the completion of the transaction.
Thus, you protect yourself from surprises and difficulties that may hinder its successful completion.
4. It is only you that the attorney will defend
The most important reason is that they are only your interests that the attorney will defend in the real estate transaction.
In case of problems with the property, missing documents, unclear ownership, or pending heavy administrative procedures on your behalf, the attorney may advise you to withdraw from the transaction or project other possible solutions for you.
This is the main difference between the attorney and the real estate broker. The latter is interested only in the completion of the deal itself.
5. Your attorney will prevent you from potential real estate fraud
In cases where you are conducting a real estate transaction with the involvement of an attorney, you protect yourself from falling into a real estate fraud scheme.
Our practice shows that during the actual visit to the notary, the parties have very little time to read and understand the documents drafted. In such cases, they are not aware of the specific consequences that the notarial transaction will have for them.
In our practice, we have prevented fraud cases. We have also litigated cases in which we have fought to recover property for affected homeowners who acted without an attorney.
6. The attorney has experience with bank financing and mortgages.
The attorney participates on your behalf in negotiations with the other party and/or the bank.
Banks often require the prospective buyer to provide numerous documents and change their requirements, which creates difficulties for the completion of the transaction before the notary.
Your attorney within the communication with the bank institution, should advise you on how to proceed and clarify the obligations you are offered to engage in.
7. The attorney will propose the most advantageous clauses for you
The attorney can draft, review and amend the preliminary contract entirely in your favour. It is the document containing the most important terms and parameters of the future transaction.
Particular attention is paid to the wording of the notarial deed itself when completing a real estate transaction. It should contain all the final arrangements between the parties, including the liability of each of them.
8. The attorney monitors the fees you are charged
Notarial fees and transaction costs are an integral part of the deal. The attorney is the one who should intervene in cases where they are not calculated correctly and may harm you.
9. The attorney should help you declare the property correctly
After completion of the transaction, the attorney will not forget to inform you to declare further the newly acquired property, which many people in practice overlook. They will also give you valuable guidance on how to declare it correctly.
10. Benefit in future property transactions
The attorney, knowing the history of the immovable property you have purchased and the details of the transaction, by which you acquired it, will be helpful to you in any future disposal – upon your desire to sell, donate, divide, etc.
If you are planning to buy or sell real estate or would like to donate or part it and need legal assistance, you can contact us by email at contact@legalmasters.bg, through our Facebook page, or by phone at 0893 050 449.
You may learn more about our comprehensive search and protection services for real estate transactions here.
Dear Readers, All materials published on LegalMasters.bg are for informational purposes only. These materials reflect the personal views and professional opinions of the respective attorneys from the team. They should not be perceived as comprehensive legal analyses or particular legal advice. Before taking or not taking legal action on the issues discussed, seek professional legal advice for your specific case.