Property Buyers: Do You Need An Attorney To Purchase Real Estate?

If you're a new property buyer who plans to purchase several large apartment complexes this year, you may do so without the aid of an attorney. Although it may seem okay to purchase property without a corporate real estate attorney's help, it may not be wise to do so. The information below can reveal why you need a real estate attorney today.

Why Do You Need a Corporate Real Estate Attorney?

A corporate real estate attorney can help you avoid things in your transactions that can financially harm your company in the future. One of the things an attorney can do is draw up contracts for every real estate purchase you plan to make. Without contracts, your transactions may not be legal in the eyes of the law.

Contracts are legally binding forms that list the conditions, or things each party is obligated to do before, during, and after transactions or activities take place. Real estate contracts should contain language, or wording, that tells you and the other party exactly what to expect during transactions. If you sign contracts that don't contain the right language, you could end up losing money if the transactions fail or if the other party chooses to back out of the transactions at the last minute.

Establishing contracts for your real estate transactions is just one of the many things an attorney can do for you. An attorney can help with your contracts as well as many other things before you purchase the apartment complexes.

How Can a Corporate Real Estate Attorney Help?

The first thing a corporate attorney may do is examine the properties you wish to purchase. In order to draw up the right contracts, a corporate real estate lawyer must know the:

  • financial background of each property
  • inspection and repair records of each property
  • previous and current market worth of each property

The information above can help a lawyer determine the costs of closing the property, inspecting the property, and buying the property. The information can also allow an attorney to add contingency clauses into the contracts. Contingency clauses contain language that gives you and the seller certain rights or protections during transactions. An attorney can discuss contingency clauses and how they work during your consultation.

There may be several other important things a corporate attorney may do for your company before and after the transactions take place. 

If your company needs help purchasing property, contact a corporate real estate lawyer for more information today.