Real estate transactions involve many legalities that are challenging for most buyers and sellers to understand. It’s not uncommon for questions to arise about laws that only a knowledgeable professional can answer. Whether you’re buying or selling a home, a residential real estate attorney will clear up any confusion you have, so you can reach an educated decision about one of the largest financial transactions you’ll ever make. 

Tax Consequences 

Home sales and purchases can have a significant effect on a buyer or seller’s tax returns. Sellers may be liable for capital gains tax if the estate has increased in value since it was purchased, while buyers may be able to take considerable deductions for property taxes, mortgage interest, and home office expenses. An attorney will offer guidance on how your transaction will impact your taxes.      

Purchase Agreements        

Purchase agreements are some of the most important documents involved in a property transfer. They outline the terms of the deal and are legally binding contracts. Before signing, it’s crucial to have a residential real estate attorney review the papers to ensure they comply with state laws and include provisions for any issues pertaining to future land use.

Title Search

Residential real estate attorneys also offer title searches to ensure a property is free of liens or judgments. An invaluable service, the outcome reveals whether a home can be legally sold. It protects buyers from facing problems in the future and gives sellers the opportunity to satisfy any claims against their land before it’s sold.  

Although it’s not required for home buyers or sellers to hire a residential real estate attorney, having a legal representative will streamline the transaction process and protect you from considerable financial loss. The legal team at Greene Law, P.C., has extensive experience in real estate law and helps residents in Farmington, CT, achieve their goals by protecting their interests and providing quality counsel. Call (860) 676-1336 to schedule a consultation, or visit their website for more information about their background and expertise.