When a Toledo area resident is going through the home buying process it is often one of the largest purchases they will ever make. Houses cost hundreds of thousands of dollars and the process can be complicated and confusing. Although a buyer may think they only need a real estate agent to walk them through the process, they may also want to consider hiring an attorney.
There are many advantages for hiring an attorney to help with a real estate purchase.
An attorney can review the purchase agreement for a home and make sure everything looks good and adheres to all state laws. They can also address any specific issue that may affect future use of the property.
An attorney can perform the critical service a title search on the property. This will reveal if the property has any encumbrances such as liens or judgements. The title search will determine whether the seller has the right to sell the property. If the title search uncovers something problematic an attorney can help their client understand what their options are. They can also secure proof that judgements or liens have been resolved.
If the property is owned by a corporation, trust or partnership it can be a complicated matter. An attorney understands these different types of business arrangements and can ensure the contract is within the law and the partnership’s charter agreement.
An attorney can file the purchase paperwork with the state and county. If the property purchased is for commercial use, they can establish the corporation or sole proprietorship as a valid business for tax purposes. They can also secure a business license.
There are many advantages in hiring an attorney for a property purchase. An attorney can make sure their client understands the buying process and that their interests are protected.