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Real Estate Transactions: Why You Need a Lawyer Before You Purchase

REAL ESTATE TRANSACTIONS:

WHY YOU NEED A LAWYER BEFORE YOU PURCHASE

If you are going to be involved in a real estate deal, don’t you want someone you know is on your side? The banker wants to make the loan. The broker wants his commission. Who is looking out for you?

As a Wisconsin real estate attorney who works closely with clients on a variety of legal matters, I sometimes get asked one question by my clients, "Do I need to hire a real estate attorney?"

Even where you are purchasing your first home or moving into a larger space, it's still a good idea to have a real estate attorney review the contract to look for any potential red flags. Hiring a real estate attorney is always a smart choice. I can help clients negotiate to make the transaction close peacefully in a manner that is fair. There are many aspects of a Wisconsin Offer to Purchase that the lay person would not realize are red flags. For instance has the seller disclosed any lead paint or asbestos in the house? Is the house located in a flood plain? Is the transaction subject to Wisconsin Rental Weatherization Standards? Are there zoning or setback problems? Is title clear? These are just a few of the things a real estate attorney will make sure are disclosed. I can review the contract itself, negotiate any necessary changes and work on any title defects with the title company.

Hiring an attorney to assist you with a real estate purchase is especially important if you are involved in any of the following situations:

  • Are you buying a property and live out of state?
  • Are you purchasing a short sale or foreclosure?
  • Are you purchasing a commercial property?
  • Are you buying a property that needs a lot of repairs?
  • Is the property in a problematic area such as a flood zone, or in an area known for having adverse conditions such as high toxicity levels?
  • Is there a strong possibility that the building isn't structurally sound?
  • Do you feel as if the seller is hiding something from you?
  • Are you certain that the property contains no environmental defects?

If your situation is more complex or you answered yes to ANY of the above questions, I highly recommend that you contact me to guide you through the process. Since a real estate investment is one of the largest investment of your life, it's important to take measures to protect your interests and your investment.

When you are potentially dealing with a transaction worth tens of thousands if not hundreds of thousands of dollars, as the saying goes, "An ounce of prevention is worth a pound of cure."

Are you purchasing or selling a real estate property? Contact me at the Hoeper Law Offices to arrange a consultation. I can be reached at (920) 324-5050.

Categories: Real Estate Law
Hoeper Law Offices - Waupun Probate Attorney
512 E. Main Street
Waupun, WI 53963
Phone: (920) 324-5050
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