If you’re looking for a property for your new business venture or if you’re lending your property for commercial use, you definitely need a good lawyer.
Denver, CO – For most people, real estate means getting an agent, putting your house on the market or looking for the perfect home, if you’re the buyer. To many, closing the deal is the easy part, the part when you just sign the papers. However, you should keep in mind it’s not just ‘papers’ you’re signing. It’s a legal contract and therefore you should make sure you understand the terms and it covers all contingencies. The state of Colorado does not require using a lawyer when closing a real estate deal, but there are many situations when it would be most advisable to talk to an experienced Denver real estate lawyer before putting your name on any paper.
When do you need a real estate lawyer in Denver?
The short answer would be whenever there’s a chance things might go wrong.
Mortgage problems
If you’re like most people, your transaction depends on securing a mortgage and this is the type of contingency that needs to be included in any contract. You cannot just bet on what your money lender will approve or not. If you’re making an offer to buy a house, you might be required to put some money down. And it may be a significant sum that you risk losing if you don’t have a real estate lawyer preparing an air-tight contract carefully stipulating any problem that may arise. An experienced lawyer will include contingencies stating that the contract only goes through if and when you secure the mortgage.
Inspection problems
This is another problem buyers need to be aware of. In their rush to get their hands on a good property, many buyers will agree to sign a contract as soon as possible, without looking into the details. At the very least, your real estate lawyer will include provisions stating the contract doesn’t go through until you’ve had a satisfactory inspection of the house. An inspection by a professional, that is.
Outstanding liens
Another thing you might overlook in the rush to close a deal. Before putting the money down, you should have a reliable lawyer handle problems like title search and title insurance. Also, your lawyer will make sure there are no outstanding liens or claims against the property.
Preparing documents
You can trust the real estate agent to deal with most of the paperwork, but when it’s about money, and any transaction involves a lot of money in today’s market, you’ll want a lawyer to supervise the transfer of funds to the seller and to your lender.
Unique properties
You should definitely get a good Colorado estate lawyer any time you have a transaction that is more than your typical deal, like looking for a 3-bedroom house in an area with good schools. If you’re preparing to buy a high-value residential property, a mountain or beachfront property or one with an easement, it’s best to have a good lawyer check all the paperwork and look for hidden issues.
Commercial properties
If you’re looking for a property for your new business venture or if you’re lending your property for commercial use, you definitely need a good lawyer. This type of transaction requires solid contracts detailing all the terms and conditions, so both parties’ rights are protected.
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