Even if you enlist the help of a real estate agent, you will probably need to hire a real estate lawyer as well. This is because almost every real estate transaction requires knowledge of state laws. Virtually anything you want to do with your property will require complying with established laws, which are enacted to help protect people from becoming victimized.
Determining Ownership of Property
One of the most important functions that real estate law serves is to establish the ownership of property. This can become a very complicated concern, especially when dealing with property that has been passed from owner to owner throughout several generations. This is why lenders require title insurance, and a title search must be conducted before every sale. This helps eliminate the possibility of a past owner, or their heir, making a claim against property that you have just purchased.
Managing Investment Property
For people who lease their property to another, real estate laws provide specific protections to ensure they aren’t cheated. A real estate lawyer can help you draft a fair lease, which you can use with all of your tenants. If your tenants fail to pay their rent, the law will also allow you to pursue eviction. In this way, real estate laws help you get the return on investment you expect.
Real Estate in Estate Planning
If you do own property, you will want to pass it on to your spouse, children, or another heir. This requires the expertise of a lawyer who is experienced in both probate law and real estate law. This type of attorney will be able to help you ensure your property is passed onto your heirs, which may be a bigger concern in cases where the heirs are already living on the property. For instance, your attorney may suggest disposing of the property through a living trust instead of a will so that the real estate won’t be subjected to the probate process.
These are just a few concerns that make it necessary to enact real estate laws. While this means you’ll need to hire an attorney, it also means ensuring your interests are protected. Without real estate law, you might fall victim to unscrupulous deals that could end up costing you tens of thousands of dollars.