One of the most interesting aspects of a real estate deal is that no law forces either of the parties to hire a lawyer specifically for the deal. This means that the parties are free to conduct the deal between themselves without third parties interfering or intervening.
However, a number of people and corporations simply could not imagine proceeding on a deal without having a lawyer on hand. In many cases, these lawyers are experts in the real estate law as presented in various acts. On the other hand, may people would like to think that the involvement of a lawyer is a superfluous expenses that does not add to the mechanics of the deal.
Involvement of real estate law experts means that the cost of the deal increases by a noticeable amount. This is one of the real reasons why many people usually do not wish a lawyer to be involved in the deal. For many people on both side of the deal, the cost of the deal is already high enough to look for ways in which this cost could be controlled.
According to experts, presence of a lawyer is one of the few things that cold actually help out the parties in unexpected ways.
An important area is the formulation of the contract that formalizes the deal into a legal document. In many cases, buyers present the sellers a draft of the agreement that include terms of sale. An important part of this document is the terms of transfer of property and payment schedule. Buyers usually include favorable terms in the draft so that they could reap complete benefit from the deal. However, a real estate law expert is able to see through the terms and advice the client on counter terms. Te result is a final draft that offers a balance between the demands and requirements of both parties.
Title research is another important aspect of any real estate deal. This should be the starting point of the negotiations and is best conducted by a real estate law expert. The focus of research is to ensure two things. The first is the fact that the property is free from all debts, court judgments and liens. The second is to make sure that the seller has the right to ownership and thus the right to sell the property.
Many people like to do title research themselves. However, they soon find out that the process is technical as well as tedious enough to justify the expense of retaining a law service. In many cases, a real estate law expert is able to guide the client through the entire process with little or no issues.
