The reason why real estate investors, homeowners, sellers, buyers and lenders who are involved in real estate investing and development find themselves in a morass of litigation is not far fetched, this is mainly due to not having a knowledgeable and experience real estate attorney review their contractual agreement before the performance of their real estate investment transactions and contract.
It is vitally important and essential for real estate investors to provide legal support and protection for their real estate investment, transactions and contract documents to avoid complicated and difficult situations that may arise due to series of litigation from creditor judgment claimants, occupiers liabilities as well as unexpected environmental and natural disaster liabilities that can badly affect the investment and in case of the need to claim indemnity from insurance company.
Although I have dealt extensively with property protection in my forth coming book on real estate investing titled Demystifying Real Estate Investing in which I shared several ways anyone can protect their investment properties against litigation but today I would love to emphasize the importance of the role of an attorney to an effective, successful and productive real estate investing, development and management.
An attorney make it possible for investors to legally or legitimately provide legal support and protection for real estate investment, contracts document preparation, transactions, and at the same time protect the interest of investors by helping put their feet on the right path to real estate investing success.
This brings us to the topic of the day which is the essence or why every investor needs an attorney knowledgeable in real estate deals and without wasting any more of your time, please I crave your indulgence to dive into the topic of today’s discussion right away.
As mentioned earlier in the opening paragraph, many real estate investors presently find it extremely difficult to achieve their set out investment goals due to conducting or handling real estate investing transactions, deals and management all by themselves and often ignorantly blame their failures on government policies, tenants excessive malconduct that violate terms in lease agreement and occasionally inadequacies of the court system.
The court system takes the blame when it becomes so obvious that investors have no good case at hand or can’t get a favourable judgment due to either lack of contract agreement or badly executed contract agreement with the other parties to the contract which may be as a result of using an incompetent attorney or self execution of contract.
For this reason, many real estate investment, transactions and contract are vulnerable to litigation from “various interest groups” or parties involved in the contract such as the lender, creditor judgment claimants, sellers, buyers, mortgagees, even tenant’s liabilities if the investment property is for rental purposes.
Besides what if the unexpected happens to the investment property such as a natural disaster or environmental liability how would you go about resolving this without the help of an attorney if the common problem of insurance company not wanting to pay or cover the for loss that arises when you have no solid or concrete contract agreement reviewed by your attorney before performing the contract.
Investors must understand that whenever they set out to invest in real estate or close to making an offer for a deal, it is necessary to solicit for expert advice from your attorney who will be in the best position to help you draft, prepare and perfect your contract documents.
They also help sue anyone who breaches the contract for malpractices if necessary and of course ensure all involved parties meet legal and financial requirements by working out details to enable and ensure you go through the real estate transaction process smoothly and hitch free.
In addition, an attorney helps you make offer that allows for every essential elements of a good contract, clauses and contingencies to help protect your interest in the contract agreement as well as the transaction process.
It is the responsibility of a real estate attorney to give all required legal support and protection on issues relating to the purchase such as help you to arrange and confirm dates for survey, place property under contract, exchange of contract, completion and of course must understand your property tax requirements to ensconce you in a favourable position for a successful real estate transaction.
This responsibility seems somewhat an arduous task for real estate investors to pull off all alone and the fact that you have to go through all of this task each and every time you want to carry out a project or investing in real estate, this is something I strongly believe you don’t want to do yourself largely due to the complexity of some of these real estate investing and development transaction processes in order to avoid common pit-falls.
In order to avoid making real estate blunders, having problems with occupiers lease contract agreement, litigation or liabilities particularly on issues relating to making good contract agreement as well as investment informed decisions, you need the support of an attorney not only to enable you exercise your right but also to ensure you stay on the side of the law without infringing tenant’s right or violating government laws or regulation which could corrode your investment goals and plans.
I wonder why some investors would want to navigate through this troubled water all alone without any compass because I have seen and have met quite a number of investors and homeowners who disregard the use of attorney in executing their real estate transactions simply because they want to save money or avoid paying for legal fees and commission on purchase or sales of real property.
These parsimonious investors and homeowners end up muddling up their contract, their real estate transaction and contract agreement this inevitably expose them to preventable losses and backwash of a badly executed contract which could destroy their investment property plan and strategies and failure of the investment is imminent.
I must also stress that it is not only important to engage an attorney but a highly competent attorney who have his or her reputation and integrity to protect, someone trustworthy and open to suggestion who can give advice base on what you want and not someone cocky and arrogant who will make you look like a burden to him whenever you need answers or explanation to important issues and concerns of your real estate deals.
And also not someone with discriminatory and criminal intent who may not have your interest at heart or your real estate transaction due to other commitment which could jeopardize your plans and investment and may land you in a bigger problems or worse situation.
It is possible to detect or determine your attorney’s dedication and commitment level by the way he or she treats and handles your real estate issues and concerns, transactions and contract document preparation, he or she will probably be someone you can secretly learn legal jargons from to have a better understanding of your transaction and what you are putting pen on paper for.
Finally my advice is for real estate investors is not to usurp the attorney’s responsibility in real estate issues because handling one or two successful real estate deals will only expose you to just the veneer of real estate and this to me is not enough to know the nitty-gritty of real estate property sales or purchase transaction or development contract preparation as well as several other paperwork that involves contractual agreement in real estate.
Best of Luck!
For Ordiez Resources Inc
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