9 Signs You Need Help With Real Estate Lawyers

For all beginning investors, there are some common mistakes that new investors make which can lead to their quick downfall. One of the most prevalent mistakes is not hiring real estate lawyers. Whether you are investing in real estate for the first time or have been an experienced investor for years, hiring a lawyer is something that must be done early on in the process to ensure everything goes smoothly. In this article, we will look at 9 signs you need help with Real Estate Lawyers in Delhi.

1. You're Investing Out Of State

If you are investing in another state or country, that is a sure sign that you need to hire real estate lawyers. There will be more laws and processes involved with this type of investing than if you were just buying property in your own state. Consult with your CPA on what you should be doing before making the purchase.

2. You're Buying A Condo Or Multiple Units

Any type of real estate that is on the multiple unit level is another sign you need to have real estate lawyers. This includes condos, duplexes, triplexes, 4-plexes and anything with more than one unit. These types of properties hold more risk with different laws associated with them, so always consult a lawyer.

3. You're Buying A Fixer-upper

Most fixer uppers are not good investments, but there are some that can be turned into gold mines if you know what you are doing. For example, buying a foreclosure that needs work is not good unless you are an experienced home flipper. One good way to find out if you are able to flip the property is by finding a good real estate agent in that specific area.

4. You Have Financing/Cash Set Aside For The Property

If you have enough cash set aside for the property purchase, then this is another sign that you need to have Real Estate Lawyers in Delhi. If the property down payment is more than 20% of the total purchase price, then you are required by law to use a lawyer. This basically ensures that the bank has some protection should you default on your mortgage payments.

5. You Do Not Have An Escrow Account

This sign usually applies to rental property owners. If you do not have an escrow account set up, the lawyers will apply the funds to your taxes throughout the year. This is because there is no legal obligation for them to pay any taxes on your behalf like there would be if you had used a lawyer.

6. You Are Purchasing An Unwanted Property In Your Name

If you are buying a property in your name and not through a business entity, there is a good chance you need to hire real estate lawyers. One of the first questions an investor should answer before any purchase is whether they should be investing as an individual or corporation. If you choose to go with the first one, then you need to hire real estate lawyers.

7. You Are Buying A Property With Another Person (Non-Spouse)

This is a very important one and applies to all types of properties, not just multi-unit properties like we mentioned above. If you are thinking about buying a property with someone other than your spouse and it is not a corporation, then you should be using real estate lawyers. The main reason for this is the potential legal issues that can arise if something goes wrong. Another good reason to work with a lawyer is simply so things go smoothly and nothing gets missed or overlooked as they could otherwise do due to inexperience.

8. You Are Buying The Property Out-of-State

This goes along the same lines as investing out of state. Again, more issues to think about and deal with when you are buying real estate properties in another state or country.

 

9. The Property Is Government Owned Or Seized And Being Sold At Auction

If you are buying property at an auction, then you need to hire real estate lawyers. This is because most auctions are "as-is" and everything will be sold with no guarantees or warranties attached.