Purchasing, rehabbing and reselling real estate can be a lucrative endeavor. In fact, some people make a living off flipping properties in an ongoing fashion. But the process isn’t as easy as some television shows would lead you to believe, and the risks associated with the process can be enormous. If you make a mistake, you could lose a significant amount of money, and you may wind up stuck with a property that you can’t unload. This leaves many individuals and businesses wondering what they can do to mitigate risk before taking on a rehab project.
That’s a good first step. As you start looking at your options, you may find yourself wondering if you really need a real estate attorney on your team. That’s why in this post we want to look at the benefits one of these attorneys can bring to the table and how they can help ensure that your real estate transaction and your rehab project go as smoothly as possible.
The benefits of having a real estate attorney on your side for a real estate flip
A lot of people overlook the importance of having an attorney on their side as they navigate the real estate terrain. Don’t make that error. Instead, pay attention to these benefits that a real estate attorney might bring to your team:
- Market evaluation: An attorney who is well-versed in real estate is going to know the market in which you’re looking for property. They can thus help you identify good deals and understand the market when it comes time to sell the property. As a result, with a real estate attorney on your side, you’ll be better positioned to buy the right property with a firm grasp on your likelihood of being profitable with your project.
- Written agreements: If you’re working with someone else on your project, whether to gather enough money to purchase the property or to assist with the rehab itself, it’s best to ensure that you have sound contracts in place to spell out obligations and protect every one’s interests. If you operate on the strength of your word alone, then you might find yourself in difficult position when relationships sour or when things don’t go as expected. A real estate attorney can work with you to ensure you have proper contracts in place to protect your interests.
- Transactional negotiations: Before finalizing a purchase or sale of the property, issues may come up with the inspection or financing. This often comes up when conducting due diligence. You have to know how to handle these issues, otherwise you could be raked over the coals, losing out on money that you otherwise would’ve pocketed. An experienced real estate attorney will know the potential issues you could face in your situation and how to appropriately navigate and negotiate them to protect your interests.
- Peace of mind: There’s a lot that goes into real estate transactions. If you try to figure it all out on your own, then you might feel like you’re walking on eggshells, and you can find yourself riddled with anxiety caused by the uncertainty of your decisions. A real estate attorney who can guide you along the way and advocate for you can lift the burden from your shoulders, giving you peace of mind that your interests will be protected throughout the process.
Act now to develop a legal strategy to protect your interests in your real estate transactions
Dealing with real estate can be stressful. But you can take a lot of the guesswork out of it by securing the assistance of a real estate attorney. If you’d like to learn more about what these professionals have to offer, then please continue reading our blog and the rest of our website.