Top 3 Situations Where Landlords Need to Hire a Real Estate Lawyer

Unlike purchasing a new bag or a pair of shoes, buying and selling a property is much more complex. Several stages are involved in the legal transfer of home ownership from one person to another. Thus, as an investor in the real estate business, it would be wise for you to follow the proper steps.

However, it can often get overwhelming pretty fast, which is why you should hire some help. Hiring a knowledgeable property manager can prevent potential lawsuits, and hiring an attorney can also keep you out of legal pitfalls.

Do you need expert guidance on your next deal? Or how can an attorney make the process more seamless? Then, stick around because this article tackles the top 3 situations where landlords need to hire a real estate lawyer.

Top 3 Situations Where Landlords Need to Hire a Real Estate Lawyer

1.   Before Purchasing

If you're planning to expand your portfolio soon, you should consider hiring an attorney, especially if you're a first-time buyer. A lot of work goes into the transfer of ownership, and if you're not familiar with the procedure, you could make mistakes and lose a lot of money.

For example, waiving a home inspection might seem like a good idea. After all, you've seen for yourself that the house looks great. But that could only be surface deep. The value of a home inspection is that it looks beyond the obvious and assesses the core structures in the home, like the foundation and wiring.

An excellent real estate attorney would advise that you proceed with a home inspection. As a result, you'll feel more confident knowing that your potential home is a money pit or a great deal.  

2.   Asset Protection Strategy

As a landlord protecting your property should be one of your primary goals. After all, it is a lucrative source of income for many investors. Developing an effective asset protection strategy is one of the ways a real estate lawyer can help you.

Their job description often includes performing a title search. This task refers to researching the previous owners of a property and ensuring that they did the transfer from one seller to the next buyer so lawfully. If your attorney encounters any problems during their search, they are in the best position to advise you on how to proceed.

Additionally, it can help you decipher if your seller is legit or trying to pull a fast one. Also, it prevents future disputes over home ownership that could spend several hours and dollars in court.

3.   Selling as an Heir

Another scenario where it would be best to hire a lawyer is if you're planning to sell a recently inherited home. Policies regarding the sale of inherited property vary from state to state and can be highly profitable if you're familiar with the law.

Unfortunately, many people approach such a sale like any other house and let taxes eat a massive chunk of their returns. While finding the right tax relief company can help, you could also leverage the expertise of a professional attorney.

An experienced real estate lawyer can walk you through procedures, like examining the will. For example, if you're not the executor of the will, you'll have to file a probate to legally sell it, which your lawyer can help you with. They can also help you reach a mutually beneficial decision with other will beneficiaries, if any.

What Does a Real Estate Attorney Do?

As their job title implies, a real estate attorney specializes in matters related to property dealings. Their duties often entail the following:

• One of the essential duties of a real estate lawyer is to provide legal guidance to their clients. They can help you comply with landlord-tenant laws, negotiate better deals on your behalf, and advise you on the right strategy for your unique situation.
• A real estate attorney could also help you facilitate the closing of your house. In other words, they can make the home-buying process faster and ensure you have the proper documentation.
• By performing title searches, preparing settlement statements, and uncovering unpaid fees, they can help you avoid suits and other claims. Hence, they can stop you from taking on a financial burden.

Conclusion

A professional real estate lawyer is a good investment every successful property owner needs to have. These professionals can save you from unnecessary legal drama and ensure you find property ownership stress-free.

If you find yourself in any of the top 3 situations where landlords need to hire a real estate lawyer, we hope you remember to act accordingly. However, finding the right attorney is challenging, especially if you're new to the industry. So don't rush. Take your time to read reviews, ask colleagues, and get advice from your property manager. Managing a rental property is a significant commitment, and you should have the best attorney in your corner.