If you own one or more investment properties, it’s wise to consult with an attorney at law about managing them. Since the purpose of investing in real estate is to make money, though, spending it on legal counsel may seem counter-intuitive. However, if issues arise, failing to hire a lawyer could end up costing a lot more in the long run. Here is what those who invest in real estate can expect if they hire an attorney.

3 Ways an Attorney at Law Will Protect Your Real Estate Investments

1. By Drafting & Reviewing Contracts

Contracts are the foundation of every real estate transaction. From mortgage terms to purchase and sales agreements to tenant leases, there’s always something to sign. Before you enter any contract, though, an attorney at law will review its terms to ensure they’re in your favor. If they’re not, your lawyer can negotiate with the opposing party until they are.

2. By Resolving Tenant Disputes

If you rent the property, you can expect the occasional tenant dispute to arise. Since real estate law tends to favor tenants over landlords, it’s wise to seek legal counsel before attempting to resolve the issue. If you violate the tenant’s rights at any point during the proceedings, it could end up costing you considerably.

3. By Organizing Your Finances

Depending on the situation, it may be necessary to establish a formal business entity for managing your investments. A knowledgeable lawyer will explain the various business structures—and the tax implications and liability burdens of each—so you can decide which will best meet your current needs and future goals.

If you’re planning on buying an investment property, turn to Lee, Livingston, Lee, Nichols & Barron, P.C. first. Since 1948, this firm has been helping clients throughout Dothan, AL, and the surrounding area navigate transactions and resolve complicated real estate law disputes. Their team also practices business law, civil litigation, personal injury law, insurance defense, and health care law. To learn more about their seasoned attorneys at law, visit their website, and then call (334) 792-4156 to schedule your initial consultation.