There is a great deal of money at stake for both parties involved in the purchase and sale of a home, so if you’re buying or selling property, you don’t want to leave anything to chance. Although it’s not required by law, it’s wise to hire a real estate attorney to help you complete the largest financial transaction you’re ever likely to make. They will look out for your interests and provide you with valuable legal advice you may not get from a realtor, mortgage lender, appraiser, or title company. Below are some of the top reasons to seek counsel if you are looking to become a homeowner or put your property on the market.

How a Real Estate Attorney Can Help With the Purchase or Sale of a Home 

Review & Amend the Purchase Agreement

Purchase agreements outline the terms of a real estate deal in writing, making it a legally binding contract. This document addresses a number of different issues that are important to discuss when a property is transferring ownership. Before signing, have a real estate lawyer review the agreement and make amendments where necessary to ensure it complies with all state laws and includes provisions that reflect your desires.

Review a Title policy 

Another important service real estate attorneys can perform is a review and explanation of a title insurance policy. Title policies have exceptions to coverage – just like any other insurance policy. You need to understand these exceptions – not merely be told that they exist. A title insurance exception may be as simple as a set back requirement – or as complex as a use restriction, construction lien, or right of first refusal in favor of another buyer!. Exceptions might include easements, or show encroachments by or on to a neighboring property. They could include timber rights, mineral rights or indicate that the land is in a government program (you could pay huge tax penalties if these aren’t properly transferred when you purchase). As a buyer, an attorney will help protect you from facing potential problems in the future, and as a seller, it will give you the opportunity to work out any claims against a property before it’s sold.  

Explain the Taxes in Detail

It’s common for home purchases and sales to have a significant impact on tax returns. If you’re buying, you may be able to take a considerable deduction for mortgage interest and property taxes, and if you’re selling, there’s a chance you could be liable for capital gains tax if your property has increased in value since you bought it. A real estate attorney will help explain how you can expect the transaction to affect your taxes.

Whether you are buying or selling a home, you will benefit from having a real estate attorney guide you through the process. Offering years of experience in this area of practice, Alan A. Panek Law Office, S.C. will help ensure your rights are protected through every step of your residential purchase or sale. Attorney Panek brings extensive insight into a variety of real estate issues that may arise before your deal has closed. Call (715) 421-4900 to speak with a legal professional in the central Wisconsin and Wisconsin Rapids area who will work diligently to safeguard your investment, or visit his website for more information on the services he provides.