You need to have a lawyer ready before the American real estate transaction.
In the United States, real estate transactions sometimes really don't need lawyers. But some states stipulate that lawyers must get involved in real estate transactions, so it is illegal for you to prepare legal documents yourself. And sometimes it is safer to hire a lawyer when the transaction project is too complicated and involves too much money, or when you are under great pressure.
When is it best to consult a real estate lawyer?
When state law requires lawyers to intervene
In the United States, many states require the participation of practicing lawyers in real estate transactions, and the preparation and execution of real estate transaction documents by non-licensees will be regarded as "illegal practice activities". Because the lawyer industry has its own professional standards, which are used to regulate law enforcement and prevent some illegal acts from escaping supervision.
At present, Delaware, Georgia, New York, North Carolina and South Carolina all have relevant laws. : Real estate transactions must have the participation, supervision and guidance of practicing lawyers, and lawyers are required to participate from property right inspection to document signing. In Alabama, after all legal documents (such as contracts, mortgage loans and contract bills) are drafted by practicing lawyers, non-lawyers can also conduct property rights investigations and issue property rights insurance.
In other states, buyers have the right to choose their legal representatives freely, and real estate agents, agents and lenders are not allowed to force buyers to hire their appointed professional lawyers.
When real estate transactions are too complicated
In states where lawyers are not required to intervene, it is best for buyers to hire professional real estate lawyers if they encounter the following complicated or special circumstances. For example, it includes:
Oil and gas rights;
Riverbank rights (such as the right to use nearby waters);
Coastal real estate;
Any property involving easement (such as the limited right to use adjacent land);
Statement of encroaching on the right of confrontation (encroaching on the right of confrontation means that after the non-owner of real estate continues to occupy the other party's land for a certain legal period without the consent of the original owner, the limitation of action of the original owner terminates and the owner can become the legal new owner of the land without paying any price. )
Historical property;
Protected property (such as protected farmland);
Land or area with disputed right to use.
When the real estate transaction involves any of the above problems, it is likely that it is more expensive to deal with the troubles caused by disputes than to hire a lawyer. In addition, lawyers can help you check property rights and other documents to ensure that all documents comply with state and federal laws.
When the real estate transaction involves a huge amount of money
When the amount involved in real estate transactions is huge, the lawyer's price is insignificant compared with the value of this long-term investment. When buying a house, the buyer should ensure that all items in the house are in the best condition. To this end, it is necessary to conduct an all-round inspection of the property.
The real estate lawyer can not only inspect the house with home inspector to ensure that the house meets all the expectations of the buyer, but also negotiate with the seller for solutions when there are problems in the house.
Similarly, high-end real estate transactions may be restricted by property liens, seizure rights or court decisions. The investigation of property rights by experienced real estate lawyers can ensure that these problems are solved as soon as possible and will not be left to the buyers themselves on the day of the transaction.
When the transaction is under great pressure
Of course, not all real estate transactions are smooth sailing, especially when the seller is in financial trouble or the original owner of the property has just died.
When unpleasant emotions appear in the transaction, both parties tend to make hasty decisions on price, contingency and other conditions. If the real estate transaction is "forced", the final transaction is likely to have problems.
At this time, through the intervention of professional lawyers, buyers and sellers will be more aware of every link and can confidently participate in and complete the whole transaction process.