If you’re buying real estate in Minnesota, then you have the option to hire an attorney to issue the title insurance and handle the closing services. This has some huge advantages for you as a buyer and is worth considering. After all, you’re about to make a pretty significant purchase, doesn’t it make sense to have someone on hand who has the training to recognizing potential legal issues and giving you legal advice? If you hire an attorney, you have someone who is on your side throughout the process representing your best interests.
In addition to issuing the title insurance and being present at the closing, you can also use your attorney to help with negotiations beforehand. Most attorneys are expert negotiators and their profession brings respect to the table. Having an attorney on your team can have a positive impact on the outcome of your negotiation and subsequent purchase. An experience real estate attorney understands the nuances of the law and can make sure the details of the agreement are drafted in a way that is favorable to you – details that you might not even realize matter to you until long after the closing is complete. If you bring your attorney on board during negotiations, they can help make the deal work for you.
Having an attorney on hand to help can be especially valuable when doing large transactions for business purchases. Often, there are complex and detailed laws that offer incentives to businesses that complete their transactions in certain timeframes or commit to meet certain goals. An attorney will understand how these laws function and where negotiation is possible. They may be able to save you significant money down the road if your project is large enough to merit tax incentives and other business incentives.
Legal issues often surface in even the most straightforward transaction. If you’re buying property you plan to rent, for example, a lawyer can help you form a company to protect your personal assets before you make the purchase and use that company to buy the property. A little bit of extra protection on the front end to protect you from problematic tenants down the road. Similarly, if you’re buying property from a foreclosure or tax sale, or that recently went through either process, you want to make sure you have an attorney review the title to make sure there are no other surprises waiting on you. You absolutely want to make sure the property you buy has a clear title.
You also want to make sure you’re aware of any easements and encroachments that fall on your property. Your attorney can look at the title records and explain to you where these fall and what your rights are. If you know where the sewer easement runs on the back side of your property, then you know that the city is allowed to perform maintenance but isn’t allowed to run a bulldozer through your property.
The lawyers at Virtus Law Firm are experienced with handling real estate closings of all sizes. They can help you negotiate the best deal possible for your purchase, buy a title insurance policy, and keep an eye out for your best interests all the way up to closing. Call us at 612.888.1000 or send an email to firstname.lastname@example.org to get a real estate expert on your side today.