Many think that hiring legal counsel would just be an increase in the expenses involved in investing in real estate. If you are of the same opinion, it is time to think again. While it is not legally binding to get help from a real estate attorney, it sure helps ease the task, avoid certain pitfalls and make it a worthwhile expenditure.
What are the specific responsibilities of the legal practitioner with regard to the buying or selling of real estate? Here are the details of the important tasks your attorney needs to handle in this regard.
Creating the real estate contract – adhering to the Hawaii laws is important, whether it involves residential or commercial real estate transactions. For a contract to be legally binding, this is a necessity. The attorney would be able to review the draft, and do any required modifications to avoid legal hassles regarding the future use of the property.
Performing title search – is essential to ensure that there are no encumbrances to the sell of the property. The objective is to find out whether liens or judgments hamper the sell of the property, and whether the seller has the right to do it. You can ask your attorney to find a title search company and complete the task without a hitch.
Preparing property transfers – is difficult especially when one or more of the parties involved in the deal are trusts, corporations, or such other entities. Along with adherence to state laws, your attorney would also need to make sure that the transfer does not violate any of these entity's charter agreements.
Filing the deed at the state level is also another important task of the Hawaii real estate attorneys. The state laws do not require a business entity to file at the county level, making it easier for the commercial investors. Failing to handle any of these tasks properly makes you susceptible to litigation.
Getting a legal adviser at the initial stage helps avoid problems later. What problems are probable? Here are a few instances.
* Failure to reveal facts about the property may lead to litigation
* Failure to transfer property legally may increase your tax burden
* Failure to register with the right authorities may lead to legal trouble
* Failure to disclose a lien/judgment
* Failure to get the right building permits
Numerous other problems may arise, and lead to increase in expenses, if you do not retain legal counsel from the very beginning.
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Lawyers and Real Estate
Posted in:
Property & Inheritance Laws
Thu, May 3, 18, 12:47, 7 Years ago
comments: 1 - hits: 4165
Many think that hiring legal counsel would just be an increase in the expenses involved in investing in real estate. If you are of the same opinion, it is time to think again.
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