When planning to make a major life decision that will affect your finances, most people pause to consider what they will need to achieve their goal. Whether this exciting milestone is purchasing a new home for the first time, investing in property development, or legally protecting your family from the unknown, a common question rises to the top of your list: “Do I need an attorney for this?”
This is a very wise question to consider. A good rule of thumb is if you’re asking if you need an attorney, then you probably do! At the very least, a real estate attorney can be used as a trusted consultant or advisor based on their many years of experience.
People may not hire an attorney because they are worried about the overall cost and time required, or they had a bad experience with a previous lawyer. Some people are weary or intimidated by having an attorney involved. This may stem from previous negative experience with a less effective attorney or just lack of experience with real estate law in general.
Please don’t be afraid! There are many trustworthy, reputable lawyers that truly want to assist you. In some states, an attorney is required to be involved in certain real estate transactions. Even if your state doesn’t require one, hiring a real estate attorney is a smart strategy and wise investment when it comes to accomplishing your real estate goals in a seamless, successful manner.
If you’ve never needed to hire a real estate attorney before, you may not be sure what they do. No worries, Ben Weaver from 23 Legal is here to guide you…
Real estate attorneys (REA) help with the “hard to translate” legal details and jargon. Your attorney can even help you determine which repairs need to be made to your property before selling and provide you with recommendations of who to call. This is especially important because the condition of the home is a major deciding factor in the sale of the property. Real estate law varies from state to state, so it’s important to work with someone who is an expert in the area you live. Learn more about how a real estate attorney can help with selling your home.
“During the purchase of a property, the real estate attorney and staff might prepare documents, write title insurance policies, complete title searches on the property, and handle the transfer of funds for the purchase.” Investopedia
Learn a few ways you’ll benefit from the expertise of a real estate attorney…
Real Estate Investments
“Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time. You may even use it as a part of your overall strategy to begin building wealth.” The Balance
Hiring a REA is a smart investment of your money and time! Are you thinking about investing in real estate? You’ve found a property you want to rehab and flip for a large profit? Before you sign the dotted line and close on this potential real estate investment, consider the ways an attorney can guide you through this sometimes challenging process.
Assisting Home Flippers
There are times when what seems like a quick home flip takes longer than planned. You may have discovered a property you just couldn’t turn your back on. This property has been an investment – but you’ve found that with the current events in our country, selling the home isn’t possible at the moment. Rather than leave the property sitting and losing money every month while you wait to find a buyer, your real estate attorney can help you to draft leases specifically for potential tenants to rent or sublet your property until a final sale on the property can be made. Attorney Ben Weaver is happy to guide you through all of the legal contracts of selling your first project. All that hard work deserves great compensation! Don’t make mistakes by negotiating on your own.
Help Drafting Leases
Once you have bought a property with the intent to rent or lease with tenants, you’ll need to draft legally binding documents with you and your future tenants. These documents are subject to change for various reasons. If your property taxes increase or the cost of utilities increases and they’re included in the lease you will need your attorneys’ help to modify these documents. For your benefit you’ll want to have a trustworthy and dependable attorney like Ben Weaver at your service. Read more examples of how a real estate attorney makes real estate transactions go smoothly!
The risk of investing in real estate without the guidance of an attorney…
Your success as an investor is determined by how much you invest in yourself first! Equip yourself with the right tools to succeed. The best chance you can give yourself starts with hiring an attorney you can trust. Nothing can prepare you for the legal hurdles you will face as an investor. Property investments are generally long term projects that require a great deal of legal documents and financial decisions. Regardless of which kind of real estate investment you plan on making, the legal documents are substantial. One simple mistake on any of these important agreements can cause serious ramifications, even potential loss in your investment all together.
Security and Peace of Mind for the Family
Why does my family need a living will? Living wills allow you to have even more specifications connected to your children, parents, partners and even charities. Living wills can even determine how your beneficiaries handle your personal medical decisions should you become incapable of making them yourself. For parents making a living will, it becomes extremely important for you to ensure your child’s safety and security.
Protect the future of your family with a living will, or set up a trust for your children so they can rest assured that everything is taken care of in case the worst happens. Many people are surprised when they discover that real estate law firms can help with more than simply buying and selling property. Did you know that a REA can help you create an array of legal documents that can protect your family – financially and medically – for generations to come? A couple great examples of these vital legal documents are a Living Will or Trust Fund.
Are you curious about drafting up a Living Will or Trust Fund? Learn more below…
Here is a list of things to be planned:
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate
- Setting up a (POA) to direct other assets and investments.
“A trust fund can be a useful component of your estate planning, (in addition to writing your last will and testament and picking your children’s guardians). That’s especially true if you want to help your money get to your kids without a hitch when you pass away.” Forbes
For your own wellbeing, it’s wise to draft a will and testament of what you prefer in the unfortunate event you become too ill to speak up on what should be done for you medically. Having a trusted person as your power of attorney is the best way to ensure your personal needs will be met. Power of attorney can be anyone of your choosing, such as your partner, parent, sibling and even your attorney. With important documents like living wills or DNR’s, there are a significant number of ways to ensure the legal wellbeing of yourself and family. Get more information about protecting your children’s futures with a living trust.
Please do not try to create a will or trust on your own…
Like most DIY’s, if you don’t have the proper tools for the project at hand, your desired outcome may not turn out the way you imagined it. The internet is filled with DIY legal documents that aren’t complete with the right documents you need to create a proper Living Will or Trust Fund. We highly recommend you avoid attempting to draft your own will and trust without the aid of an attorney! The smallest mistakes could endanger your family’s financial well being.
Legal Protection from Sticky Real Estate Situations
First Time Home Buyers
As we stated earlier, buying and selling properties can sometimes be a challenging process. Even in some of them most simplistic sales. This is why having proper legal advice comes in handy as a form of protection. Perhaps you are a first time home buyer, you’ve finally found your dream home and you’re ready to place an offer on the property. This part of the home buying process can feel extremely overwhelming. Negotiating on the purchase of a home comes with its own set of rules depending on where you are located. A knowledgeable attorney like Ben Weaver will have a firm understanding of the negotiation process.
“A lawyer can help you avoid some common problems with a home purchase or sale. For example, a seller may sign a brokerage agreement that does not deal with a number of legal issues. This happens quite often as realtors often use standard forms, expecting that they will cover all situations.” Find Law
Custom Home Build Contracts
Hiring an REA is helpful to oversee all legal documents involved with your custom home build! When people imagine building their very own home from the ground up, they tend to envision the view, beautiful rooms and the lovely landscaping. The reality of building a custom home is: Zoning codes, construction permits, gas, water regulations, and even street layout. This is just the tip of the paperwork iceberg, they must be correct even before the construction on the site can begin!
The common use for a REA with any home build is drafting and reviewing the contract with a property owner and builder. This particular contract is extremely important. This document can protect the homeowner from some of the following common disputes that can arise with construction contracts:
- Scope of work
- Timing of the work
- Payment
- Changes to scope of work
- Warranty
If you’re in the middle of a construction dispute, an REA can help with negotiations, this is called a dispute resolution.
Don’t wait until you’re deep into a confusing legal situation to ask for help!
A real estate attorney can advise you with handling a variety of confusing, stressful situations. Reach out ahead of time to your Real Estate Attorney. Getting a consultation is always a wise move when it comes to entering any important legal real estate situation. Learn more about common situations that require the expertise of an attorney!
The best investment you can make is hiring an attorney, such as Ben Weaver, to advise you!
There is a saying, “you wouldn’t hire your barber to give you open heart surgery.” While it seems like a silly notion, people often make the mistake of taking on tasks they are ill equipped to handle – or relying on a friend that claims they are an expert in this area. Real estate law is a complicated field that should be navigated by an experienced attorney like Ben Weaver. Even a sale that initially seems simple can end up becoming a devastating mess and cost you major money.
One of those mistakes could be when a seller tries to save money by cutting out real estate agents or brokers from their home sale. It may save the seller some money short-term, but can quickly become a legal and financial disaster long-term for all those involved. Closings requires a large amount of paperwork and if any important pieces are missing, the sale can be deemed incomplete or worse.
“A for sale by owner deal can save you money on real estate commissions, but you still need someone to prepare the purchase agreement, deed, and other documents. A lawyer can get your paperwork in order, ensure the title is good, and help you with the fine points of negotiating the transaction. A lawyer can help you resolve some of the tougher, more technical issues that might come up. These may include easements, rights of way, boundary disputes, or other issues involving the property the house is on. You may also need legal advice if the property is involved in a foreclosure or other litigation, or if you get into a dispute with the buyer or seller. Always talk to a lawyer if someone threatens to sue you.” Legal Zoom
Buying your first home, selling property, or drafting a living will are all major milestones that involve a significant amount of money and legalities. While hiring a lawyer may seem daunting at first, we assure you this is the best way to protect your assets and family in the long-run! If 2020 has taught us anything, it’s how strong we are and the importance of being prepared! Stay ready for anything life throws at you with the protection of a knowledgeable real estate attorney.
Hiring a reputable real estate lawyer such as Ben Weaver is a wise investment that your future self will thank you for. Be empowered by having a knowledgeable attorney by your side!
Attorney Ben Weaver is known for going above and beyond for his clients. Whether you request guidance in buying or selling your home, have an estate planning question, or another legal problem in regard to real estate, you’ll need a trustworthy lawyer who cares! That’s where 23 Legal comes in! Our goal is to make your life easier and your endeavours successful!
When it comes to the many ways Ben Weaver can be of service to you and your family, the possibilities are endless. Please don’t be overwhelmed by taking on a real estate transaction on your own, be prepared with a trusted attorney in your corner that will protect your investments for many years to come.
We look forward to hearing from you and helping you achieve your real estate goals!
Please feel free to contact us for assistance or with any questions you have. Click here to read 5-star client reviews!
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.
