3 Ways Hiring A Real Estate Attorney Can Save You Money

Most people assume that hiring a real estate attorney is an unnecessary expense. But, hiring a real estate attorney can help you save money. 

Here are three ways a real estate attorney can help you save money. 

1. Preventing Fraudulent Transactions 

Fraudulent transactions are a common occurrence in real estate. For instance, you might buy a property from a person or company who is not the actual owner of the property. Or, you might buy a property with a lien or inheritance conflict. 

If you buy a property under such cases, you automatically participate in a fraudulent real estate transaction. As a result, you could face charges in court, which would result in you spending a small fortune on legal fees. Furthermore, if the court doesn't rule in your favor, you could lose the property and all the money you spent purchasing it. 

Hence, a key benefit of hiring a real estate attorney is for them to conduct background checks on a property you intend to buy. If a real estate attorney discovers any issues, such as pending liens or conflicts on the property, they will advise you not to buy it. By doing so, the real estate attorney prevents you from participating in fraudulent transactions that may cost you in the future. 

2. Avoiding Restricted Property 

Restricted properties have government-imposed regulations that prevent their owners from building or altering them. 

For instance, if you buy a historical house, chances are the local authorities have imposed restrictions on demolishing or renovating it. As a result, you will be stuck with the property as it is. Alternatively, if you buy reserved land, you are not allowed to erect any building on it. 

Hence, if you buy restricted property, you usually have to sell it because you can't do anything with it. But, to sell the property quickly, you may have to sell it at a loss. Hence you lose money. 

Thus, hiring a real estate attorney is essential because they can help you avoid such properties by warning you about them. Hence, your attorney can ensure you don't get duped into buying a restricted property that may force you to take a loss in the future. 

3. Negotiating With Lenders

Most properties cost hundreds of thousands of dollars, if not millions. Thus, most buyers use financing options to afford the property they want. 

Nonetheless, most lenders try to squeeze as much money from borrowers as possible. For instance, lenders may ask you to place a significant deposit towards purchasing the property before they can offer you a mortgage. Furthermore, a lender may also try to levy high-interest rates on your mortgage loan. 

But a real estate lawyer can help you negotiate with lenders for favorable terms on your mortgage loans. Furthermore, real estate lawyers can help you find more affordable financing options such as venture capital firms or private funding. 

Hence, hiring a real estate lawyer can help you save money on your mortgage loan by negotiating or finding favorable mortgage terms. Reach out to a law firm, such as Peet Law Group, if you need help with a real estate transaction.