A real estate attorney is a legal professional who specializes in the legal aspects of buying and selling real estate. Whether you’re a renter or home buyer looking to purchase Vieques real estate, or you want to sell your house in Puerto Rico, there are a number of reasons why you should not overlook the essentials of hiring a real estate attorney. The particulars listed below will detail why their services are absolutely essential.
1. Help with Legal Issues
A property lawyer will know a lot when it comes to your rights and legalities in Puerto Rico, which will really come in handy when the need to enforce them arises. For investors and even home buyers, an attorney will help with the following complex legal issues:
(a) Reviewing Loan Documents.
Loans usually come in handy when it comes to funding the property that you’d wish to invest in. A property lawyer will help you review the loan documents, translate them, and answer any questions that you may have. This will be particularly useful for people who are first time home owners and investors.
(b) Evaluating the contracts.
Before you make any mark on the contract, you need to make sure that you understand everything that you’re agreeing to. A property lawyer will help you understand the contract better than if you go through it on your own. You might end up losing your deposit if you blindly sign the contract. An attorney can even request more time to ensure that thorough inspection is done on the property. Further inspection can reveal issues such as damages, which will help you to negotiate the price of a piece of real estate down.
(c) Resolving title issues.
For investors and home buyers, you may be faced with title issues that could hinder you from purchasing a property. Issues such as judgments, outstanding takes, and unpaid HOA fees must be satisfied. An attorney will help you with such issues.
(d) Creating entity documents.
If you’re new to the real estate world, creating your entity documents, especially if English is not your first language, can be rather daunting. Investors who choose to fill out these documents on their own usually end up providing insufficient information. For example, you might fail to provide your spouse’s name even though both of you are the property’s owners. An attorney will ensure that all the entity documents are in order which will help you avoid any future issues or possible delays.
2. Save Money
Hiring a real estate attorney means that you not only get a licensed realtor but also a licensed attorney. There are many real estate attorneys out there who offer both of these services at a discounted price. This will ensure that your legal rights are protected at a standard commission fee which you would be spending on a standard realtor. Why should you spend money on a realtor who can only perform one task for you whereas a real estate attorney can do two at the same cost?
3. Reduce the Risk of Being Sued
In some countries, having a real estate attorney is a legal requirement. This means that you face the risk of being sued if you don’t engage the services of a real estate attorney. The opposing party might choose to sue you for failing to disclose information pertaining to home inspections, title issues, and complex issues that require full disclosure. An attorney will help ensure that you comply to the regulations and protect your interests.
4. Ensure Peace of Mind
A real estate attorney will solve problems that may arise as soon as possible. Their services will come in handy when it comes to negotiating, contracting as well as dealing with legal issues. This will provide you with peace of mind during the process of buying or selling Puerto Rican property, which can be a bit nerve wracking.
5. Help with Tenancy and Eviction Issues
Most home buyers look for a house that has an attached rental unit to help pay off their mortgage. Such houses usually have tenants already living in the rental unit. The problem might arise if you want to renovate the space so as to raise the rent because evicting existing tenants is not that easy. You might be faced with a case whereby the tenant signed a long-term lease. In such a case, the real estate attorney will use their negotiation skills to your advantage.
6. Representation at Closing
A real estate attorney will attend the closing to help you understand the many documents that you will be required to sign. For home buyers, an attorney will ensure that there are no errors in the title which could cause complications when it comes to reselling the property.