3 Reasons Your Real Estate
Firm Needs a Lawyer
home equity articles and tips
Buying, selling or brokering residential and commercial real estate involves a lot of investing and risk. Real estate in general is a complex subject full of thousands of tiny details to comb through, and every detail for a specific transaction or contract has to be absolutely perfect, or it is not legal. Sometimes incorrect legalities can lead to civil court and even criminal court. Here are three reasons for a firm to have a lawyer, specifically one who excels in estate law, probate and contract law.
Use a Real Estate Lawyer to Negotiate Difficult Deals
The top benefit to having a lawyer in a real estate firm and deal is that lawyers negotiate. Being a good negotiator may even be a more valuable skill than knowing statutes, especially when it comes to trying to complete a deal between two parties. When it comes to brokering a deal for a real estate firm, it is important to retain the counsel of someone with firm and persuasive negotiation skills. Also, using a third party with a fiduciary responsibility to the firm and knowledge of intricate law will usually lead to a better result. Sometimes property deals can become tense because of money and emotion mixing. A good example of hard negotiating by a lawyer is the recent renovation of an NBA stadium, and it demonstrates how a huge commercial property deal would have not gotten done without the help of a lawyer.
It Is Inevitable for Unique and Challenging Issues to Occur With the Volume of Transactions
Selling and purchasing a residential or commercial piece of property may appear to be pretty straightforward and easy until it's not. There are too many transactions happening with a plethora of intricacies for a firm to not have a lawyer on staff. Problems like environmental issues, leaseholds, tenant claims and corporate ownership are just some issues, but they do not even scratch the surface. There are nearly 2 million property licensees, and just in the area of residential property, there were nearly 5,000,000 million houses sold in 2014, and in the same year the U.S. Census Bureau reported that 437,000 brand new homes were sold.
Real estate firms deal with complex contracts for a variety of deals for commercial and residential property, and sometimes mistakes get made. They even get made when there's already a lawyer on staff, but having one reduces the risks of mistakes being made, which may fall on the shoulders of the firm. Real estate firms carry something called error and omissions insurance. A good lawyer specializing in real estate can keep premiums lower for a firm by reducing the number of mistakes. All licensees are required by law to carry this insurance. So, again there is another example of law and real estate mixing, which is just more evidence backing up the need for a firm to have legal counsel.
Sometimes incorrect legalities can lead to civil court and even criminal court. Consider reaching out to a lawyer at a firm like Carter West Law today to make sure that your business’s legal bases are covered. There are a myriad of reasons for a firm to have a lawyer, specifically one who excels in estate law, probate and contract law.
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