Common Myths about Real Estate Law
Real Estate law is a field which encompasses every legal aspect governing the sale or purchase of real estate properties. It also addresses the conflicts arising from the ownership or possession of real estate as well as the issues pertaining to rebuilding and renovation. In short, anything which involves a real estate property such as a house, apartment or a condo, is covered by real estate law. Any issues in this field are resolved by experienced real estate lawyers using their vast knowledge of the local real estate laws. Here are some common misconceptions and myths regarding real estate law:
Buying a home without a real estate lawyer is fine
There is a widespread misconception that you can buy a property without seeking the advice or assistance of a local real estate lawyer. In order to save a few bucks, people invest their life savings into a real estate property without acquiring the services of a reputable local real estate lawyer. That could turn out to be extremely counterproductive. Any mistake made during the process of buying the property could potentially cost you thousands of dollars. In order to reduce risks and ensure that your hard-earned money is safe, it is only wise to acquire the services of a proficient real estate lawyer.
Tenancy Agreements Can Be Drafted Without a Lawyer
Another common misconception amongst people is that they can use a general template for tenancy agreements. While you can do that – you should not because it could lead to severe legal complications. The sole purpose of drafting a tenancy agreement is putting each and everything in black and white with mutual consent. The document or agreement plays an integral role in defining your relationship with your tenant as well as averting any conflicts.
Therefore, it is imperative that you do not lead yourself toward a major disaster only to save a small amount of money. That small investment can help you avoid far more significant losses. It is only wise to limit your liabilities and protect yourself from exposure. Acquiring the services of a proficient lawyer will allow you to get comprehensive legal advice regarding your real estate matters.
If you wish to get more information on this subject or wish to schedule a free consultation with an experienced real estate lawyer, contact the offices of Dan Walker Law Office at 630-920-8800 right away.