Although an investor isn’t required to hire an attorney when purchasing a property as an investment project, it can definitely benefit to have one helping them through the process. Buying a home, whether it is to live in, to flip, or to rent out to make a profit, is a big commitment and one that should be made with careful consideration. There is a lot of paperwork that is involved in the home-buying process, some of which may be confusing to someone who has never invested in a property before or has little experience with doing so.
Why does it benefit an investor to hire a real estate attorney?
Investors who are looking to purchase property are generally looking for the same outcome—to make money. But what if an investment project winds up costing an investor more than what they anticipated on spending? Investments are meant to make money, not lose money, and this is one area where a real estate lawyer can help.
One of the benefits of hiring a lawyer when purchasing an investment property in Orlando is they are going to look for any red flags that could potentially cause an investor to spend more on the project than they budgeted for. This is done by careful review of paperwork, contracts, deeds, etc. Some of the other things a real estate lawyer can do for an investor include:
- Look at the area to see what could potentially affect an investor’s ability to make a profit. Is the home located in an area where it may be difficult to sell?
- Review the house’s deed to see who the previous owners were and how often it has been sold. If a property has been sold numerous times within a short period of time for an unfavored amount, this might be an indicator that something is wrong with it and it won’t make for a good investment property.
- Ensure the current owner has full ownership of the property and has the right to sell.
- If a property is in foreclosure, an attorney will ensure there are no underlying issues that could come back to haunt the investor looking to buy it.
A real estate lawyer’s ultimate goal is to ensure the purchase is in the buyer’s best interest. Therefore, if an investor in the Orlando area is looking to purchase property and would like to enlist the help of a legal expert who can guide them through the process, they can contact Legal Counsel P.A. The lawyers at Legal Counsel P.A. will help an investor understand all contracts before they sign them and assist with the closing process. To connect with Legal Counsel P.A., simply call 407-395-2653.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]