There is a common misconception among New Jersey home buyers, sellers, and renters that the presence of an experienced real estate attorney is a luxury; something that’s nice but not needed. That is not the case. A real estate lawyers is essential for a smooth and satisfactory experience on every level.
The attorney acts as a guiding hand to all parties involved in the home buying and renting process. First time home buyers and sellers particularly benefit from the experience of a skilled real estate lawyer. While this might be the first time you have bought or sold a house, it is a process in which real estate attorneys engage on a daily basis.
Experience aside, there are a great number of benefits that a lawyer brings to the table. Sure, you can go through negotiations without a lawyer, but you can also choose to represent yourself in court during a criminal trial. Both of these actions ordinarily lead to nothing good.
Drafting and Reviewing Contract of Sale
Lawyers review contracts every day. It is their business and their lifeblood. Even a standard real estate contract or rental agreement can be daunting for someone without a law degree to understand. But a real estate lawyer consumes pages upon pages of legalize with understanding and experience backing them up.
Whereas an individual might overlook something that they don’t understand simply because they’re overwhelmed by the massive document, an attorney can review every detail and break complicated legal explanations down into simple terms. By not utilizing the services of a real estate lawyer, you are setting yourself up for costly mistakes.
Negotiations can be awkward in a peer to peer setting. Lawyers argue and negotiate with one another for a living, and the more anxious minded among us benefit greatly from their tenacity and refusal to back down. An individual looking to sell their home who abhors confrontation might be uncomfortable negotiating directly with a buyer. It’s easier and more effective to have two attorneys get together and hash out the particulars of a contract. Not only is this more effective, but it is more productive as well. Real estate attorneys know what they’re doing, and they will get to the point and come to an agreement far more quickly than the buyer and seller themselves.
In rental situations, a real estate attorney can negotiate lease terms, working directly with a landlord or renter in order to see if certain criteria can be met. Utilizing the experience of a lawyer is one of the fastest ways to negotiate your way through the leasing process.
Attorneys can aid in home inspection negotiations, representing both the buyer and the seller. Following an inspection report, the lawyers work out the details pertaining to pricing and repair responsibilities. Again, experience comes into play here. Attorneys pour over home inspections on a daily basis, and they know what is and is not important in this regard. Both the buyer and the seller are more likely to come to a fair and equitable agreement by having their lawyers pour through the inspection report.
There is a ton of communication that has to pass between individuals and institutions on a daily basis. Lawyers can facilitate communications with real estate agents, mortgage companies, title insurance agencies, inspectors, and more. The buying and selling process also involves quite a bit of written correspondence that the average working adult does not have the time or patience to deal with.
Buying, selling, or renting a home does not have to be another full-time job. The experience and professionalism of an attorney can save you a ton of time.
Throughout the real estate process a large number of documents must be filed with various institutions, including the municipality. Improper filing could end up causing a financial burden on buyer and seller alike, as well as draw things out further. Real estate attorneys have the knowledge needed to file all paperwork properly the first time. This saves you on both money and time.
Choose the Right Attorney
What should you be looking for in a real estate attorney? For one, you need experience. You need someone at the top of their game who digests contracts and negotiations daily. You need an attorney who will fight for your rights, and who you can trust to represent you with honor and integrity.
The law office of Marc A. Futterweit represents both buyers and sellers of real estate properties. Our firm drafts and negotiates Contracts of Sale, negotiates the rider to the contract, represents our clients during the inspection process, and prepares closing documents, adjustments, and title transfers.
For more information, or to schedule a consultation, call us at 973.442.0200, or visit us online.