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If I am Purchasing or Selling a Home, Should I Hire an Attorney?

By Mike Wheatley | August 8, 2021

Buying or selling a property can be a roller coaster of emotions; the paperwork and negotiations can make you feel insecure and on edge. Fortunately, most house sales follow a relatively consistent pattern that real estate brokers are well-versed in. Title agencies and escrow businesses do an excellent job of assisting you through the process and ensuring that everything is in working order. If everything is going well and you have an excellent agent, You may not require the services of a lawyer.

However, there are situations when hiring a real estate lawyer from a law firm in Philadelphia is a good option. 

Buying Without a Broker or a Real Estate Broker

Despite the fact that a "for sale by owner" transaction will save you money on real estate commissions, you'll still need someone to create the purchase agreement, title deed, and other paperwork. A real estate attorney may aid you in organizing your paperwork, ensuring that the title is clear, and assisting you with the finer points of the transaction.

You are The Buyer and An Agent Does Not Represent You

It is conceivable that if you make an offer on a house without using a real estate agent, the seller's agent will offer to handle everything for you. This is referred to as "dual agency," and it might be problematic because one agent cannot truly represent both your and the seller's interests. When you hire a lawyer, you may rest assured that they will only work for you and safeguard your interests so it's best to find a lawyer toronto with LawBrokr.

There is an Issue With the Property or the Transaction

A lawyer can assist you in resolving some of the difficulties that may arise. Easements, rights of way, boundary disputes, and other concerns about the land on which the house is built are examples of these issues. If the property is in foreclosure or other legal proceedings, or if you disagree with the buyer or seller, You could require legal assistance. If someone threatens to sue you, you should always see a lawyer.

You're Concerned About the Ramifications for Your Tax Situation

As the seller, you may be subject to capital gains tax if the home's value has increased. If you're the one who's buying, you may be able to claim interest on a mortgage that can be deducted from your taxes. If you want to rent the property, you'll need to keep track of your rental revenue and expenses on your taxes. A lawyer or CPA can assist you in determining how the purchase or sale of your home may impact your tax return.

You Intend to Make Changes to the Home's Exterior

Your local government, historic district, or homeowners' organization may have tight guidelines for what you can and cannot do to the exterior of your property. These guidelines might apply to anything from demolition to additions to solar panels to new paint colors. A lawyer can interpret and clarify these rules and advise you on the viability of your plans and assist you in structuring the transaction and obtaining the necessary approvals.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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