The most common reason people use a real estate attorney is for purchasing or selling a house. Unlike some states, Texas doesn’t require real estate attorneys for these transactions, but luckily for us, there’s no shortage of situations and transactions where a lawyer is needed. Here are some times when you definitely need a real estate attorney on your side.
1. When You’re Purchasing Commercial or Investment Property
Buying investment property is a good idea in theory, but it’s not uncommon for buyers to get more than what they bargained for when they make a purchase. Hiring a real estate attorney can help prevent this from happening.
We evaluate contracts, deeds, and titles to make sure you understand what you’re getting into and that there are no hidden surprises waiting for you once your sale has closed. A real estate attorney has more knowledge of contract law than a real estate agent and this insight can prove useful, particularly if you’ve never purchased investment property before.
2. For the Sale of Investment Property
Likewise, if you’re selling investment property, you should hire a qualified real estate attorney to walk you through the sale process. Selling investment property, interest in a land trust-owned property, and raw land can present many potential problems, which can be avoided with an attorney. In particular, attorneys can help you structure your sale in such a way that you save more money on taxes.
3. When You Need an Asset Protection Strategy
This is another reason that relates to investment property—if you want to get serious about your investments, it’s important to have an attorney to help you set in place an asset protection strategy in case you are sued. Our Austin real estate attorney team can assist you by making sure your property and assets cannot be seized.
4. Drafting Contracts
Many people think they can save money on attorney’s fees by finding boilerplate contracts online and popping in all the relevant details. It shouldn’t be a surprise to hear that we do not recommend this! You don’t know who, when, or where that contract template was written—it may not hold water under the eyes of the law. With an invalid contract or one that’s full of loopholes, you could potentially be in dire straits fast.
5. You’re Purchasing a Short Sale or Foreclosure
Short sales and foreclosures are complicated—the process can be lengthy and there are minefields everywhere you turn. Rather than dealing with the hassle and back-and-forth yourself, you’ll be glad to have a real estate attorney to handle it for you.
6. For Selling Property as an Heir or Executor
If you’ve inherited property or you’re the executor of an estate, it’s a good idea to hire a real estate attorney. The burden of selling under these circumstances can be a lot for anyone to deal with; we can help take some of the responsibility off your plate by ensuring that the sale is seamless.
Get Help From an Experienced Real Estate Attorney
Are you buying, selling, or renting a property? Do you need the assistance of a real estate attorney to make sure your transaction goes smoothly? Contact Kelly Legal Group today at 512-505-0053 to schedule a consultation.