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Four ways a real estate attorney can save you money

The market in Seattle is strong. Those wishing to buy or sell can benefit from the counsel of a real estate attorney.

The real estate market in Seattle, Washington is doing well. A recent report by real estate site Trulia, finds that home prices are up 7.8 percent from last year and have appreciated almost 30 percent over the past five years. Whether looking to enter the residential or commercial real estate market in the area, it is a good idea to seek the counsel of a real estate attorney before finalizing any real estate transaction.

An attorney can save you money

Purchasing real estate is expensive, but failing to properly protect the investment can cost even more. One important step for many real estate transactions is hiring a real estate attorney. Four specific examples of situations that can arise where a real estate attorney could save you money include:

  • Title disputes. Title searches are used to determine if there are any encumbrances on the property. This could include any outstanding liens or judgments. If a lien or judgment is present, the current owner generally does not have the ability to sell the property. A recent article in Investopedia discussed this issue, noting a real estate attorney could provide a perspective buyer with a number of benefits in this situation. Not only will the attorney be more likely to uncover this situation then most realtors, but the attorney could also use this situation to negotiate a better price with the seller.
  • Inspection issues. Home inspections can result in the discovery of potential issues with the property. This could include the finding of asbestos, radon, led-based paint, termite damage, water damage, illegal changes made to the property or even the presence of hazardous waste on site. An attorney can help negotiate a solution.
  • Contract problems. Realtors may use standardized forms. Although this can ease the real estate transaction process, it could result in a contract that does not cover your specific needs. A real estate attorney can explain provisions of the contract and tailor the document to your unique circumstances.
  • Unexpected zoning regulations. For those who are purchasing property with the intention of making changes, it is wise to have an attorney review applicable zoning ordinances. Regulations may make it difficult to make the proposed changes. An attorney can explain these rules and help you find a resolution.
A failure to properly plan for any of these issues can lead to unexpected costs, while navigating these potential problems wisely could result in a cost saving