The jury is still out, so to speak, on whether you should hire a lawyer to buy an investment property or you can work the deal between you and your real estate agent.
If you ask a dozen different real estate investors, you’ll probably get a dozen different answers.
The fact is that there’s no one-size-fits-all answer. You’ll have to weigh the benefits on your own.
Should You Hire a Lawyer to Buy an Investment Property?
It’s often a good idea to have an attorney look over your paperwork. That’s true whether you’re about to sign a real estate contract or anything else – but if you know what to look for and you know where the potential “red flags” are, you may not need to hire a lawyer.
You may have an extremely knowledgeable real estate agent, too, who can assist you through the entire process.
Remember that an attorney and a real estate agent have two different goals: the agent’s job is to help you buy a house (and he or she only gets paid when you buy), while the lawyer’s job is to give you good advice whether or not you buy. The lawyer will be paid either way – and if you buy a property and encounter an issue, you’ll be going to an attorney for help; it’s in the attorney’s best interest to develop a trusting relationship with you based on giving you the information you need.
Everything might check out fine – but a couple of hours with an attorney before you commit to a transaction can save you quite a bit of money over time.
Your Team of Professionals
When you’re a real estate investor, it’s a good idea to build a good team of professionals […]