When You Might Need a Real Estate Law Attorney in New Jersey
If you are buying or selling property, you will have to decide if you need to hire a real estate lawyer attorney. While not always necessary, an attorney is beneficial in many circumstances. First, determine when it is wise to hire an attorney. Then, schedule a consultation if needed.
Reasons to hire a real estate law attorney
Buyers and sellers typically do not need attorneys for simple transactions. However, that changes when they are outside of their element. An attorney can provide legal advice. Also, a lawyer can protect all parties, negotiate, and help with challenging situations.
Legal advice needed
Buyers and sellers might find themselves in situations that require legal advice. However, real estate agents are not legally allowed to provide such advice. While agents can provide options, they cannot advise clients on legal issues. People need to hire real estate lawyers if legal advice is needed.
Sellers must follow certain laws when advertising and selling property, including disclosing information. Unfortunately, sellers and real estate agents can make mistakes, and even a small mistake can lead to a lawsuit. By hiring a real estate law attorney, sellers can minimize the risk of lawsuits.
The New Jersey Association of Realtors provides a standard contract. This contract works well for simple transactions. However, complicated real estate transactions require specific language to protect the buyer and seller. A real estate attorney can review and modify contracts as needed.
Inspections are a critical component of buying and selling property. Often, issues appear during the inspection that must be addressed before closing on the property. An attorney can negotiate with the other side regarding the necessary repairs. Because sellers do not have a legal obligation to make repairs, proper negotiations can save buyers quite a bit of money.
Commercial real estate transactions
Commercial real estate transactions tend to be complicated. Factors such as structural conditions must be considered. Also, large sums of money tend to change hands, and there is quite a bit of risk involved. Therefore, both buyers and sellers benefit from hiring an attorney to review the legal description, contract, and other details.
Occasionally, problems come up at closing. Some potential issues include vacancy compliance and failing to make the necessary repairs. An attorney can assist in helping the closing move forward through negotiation. Once both parties are satisfied, the closing can continue.
Consulting with a real estate law attorney
If you find yourself in any of these situations, consult with a real estate law attorney. Then, you can find out if you need an attorney to proceed or if you can handle the situation with your real estate agent. If you do need an attorney, you can enter an agreement after the consultation. Then, the attorney can help you with everything from legal advice and contracts to closing.
Call us at (732) 449-0449 for more information from Anthony J. Cafaro, P.C. or to schedule a consultation in our office in Sea Girt. NOTE: This is for informational purposes only and does not constitute legal advice.
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