Buying or selling a house with a real estate attorney in Olympia is not a legal requirement. However, the list of issues that can arise before and during a transaction is long. Without a lawyer to handle such issues, the process can be scary. Possible issues include improper transfer of deeds, confusion over modification letter items, liens-related issues, lack of contingency, and more. Aside from problems that can take place with real estate transactions, some situations almost demand having a skilled lawyer. The following are five situations when hiring an Olympia real estate attorney and the risks of not having one in your corner.
The Property Has Known Problems
Whether you want to purchase your first income property or plan to undergo house flipping, if this property is not in good shape or cannot be inhabited, legal stipulations arise from the outset. This property may be sold as-is, which means no inspection is performed before the closing. You need a lawyer to review the documents related to this kind of sale to avoid the risk of getting a bad deal. Purchasing a house with structural problems and liens means the situation is tougher than a standard real estate transaction. If you go through this process without an attorney, there may be things you will miss, resulting in unnecessary expenses.
You are Selling Tenant-Occupied Property
In this situation, you deal with the regular stress associated with real estate transactions and must also consider the rights of the tenants. Without a real estate lawyer guiding you here can result in many legal problems. Legal stipulations can be misinterpreted or important lines in a contract may be missed. Either issue can result in a terminated deal and more.
You are Buying Out of Town, State, or Country
In this type of situation, your lawyer will handle talks between you and the other party. They will manage the legal items and keep you informed about vital points that need your attention. This will save you trips and time. Without a lawyer, you could violate the area’s real estate law and not file the appropriate documents properly and promptly.
There is a Breach of Contract
A sale contract is a detailed contract between the buyer and the seller. Once you accept an offer on your property, and the seller does not meet the purchase agreement’s provisions, you may sue them for breach of contract. If you are just purchasing or selling property, have a lawyer review all contract documents because they can spot problems that may put you at risk of financial issues.
There is a Significant Exchange of Mooney
The majority of people who purchase or sell single-family houses do so without a real estate lawyer. Most smaller real estate exchanges tend to go smoothly, so buyers and sellers often seek legal counsel only if something goes wrong.
But things are different if the transaction involves bigger property like apartment complexes and commercial properties. Also, commercial purchase agreements are more complicated than residential sales contracts. Typically, both parties face each other with intricate ownership and financial rights and must proceed with caution to keep them intact.
A Short Sale Happens
This takes place when an imminent foreclosure can happen. The property seller offers it for a lower price than their mortgage balance. The proceeds of the sale go to the lender, which can forgive the remaining balance.
In a lot of states, lenders should drop the matter after the completion of the short sale. Other states let lenders pursue a summary judgment, obligating the previous homeowner to pay the outstanding mortgage balance. Thus, both parties in this situation may need an attorney on their side.
