4 Practical Reasons to Have a Lawyer Review Your Real Estate Documents Before Buying Property
When buying property, whether it be a home or an investment, it’s always a good idea to have your lawyer review all documents before you put pen to paper, starting with documents from a real estate agent. Buying real estate requires knowledge of the field, but it also requires doing some practical homework to obtain certain key information, that you may not be aware of. Of course, knowing your rights in any contract is important, but knowing certain practical matters are important as well when buying real estate.
1. If you are looking to buy a dream home in a dream neighborhood, make sure that the neighborhood is truly a dream and won’t turn into a nightmare.
It’s always wise to scope out the area that you’re looking to purchase real estate in. Go ahead and stop by the street or property and see what goes on at different times of the day, like morning, afternoon, night, weekends, etc. See if the area is heavily traveled. For instance, the street could act as a cut-through to two main roads and what you thought was a quiet street when you looked at it on an early Saturday morning might seem very different during school hours or in rush hour traffic.
2. Observe the surrounding area.
Look around the neighborhood. Is the property close to any factories or places of interest? Is it close to a fire station?
3. Look at the schools in the area.
Drive by or visit the local schools and make sure that they are satisfactory for your children or future children, taking into account all different factors such as child-to-teacher ratio and drop-out rates. Maybe you’ll also want to look at the hours of the school day to see if they are compatible with your work schedule.
4. Consider the size of the property, and what it costs to maintain it.
Carefully review the lot size, and if you don’t plan to maintain it yourself, you’ll need to consider what it might cost in that neighborhood to maintain the property when hiring someone else to do it.
With our decades of expertise, there are so many practical things that we can help you with when you’re looking to purchase a home or an investment property. Even on a commercial level, you’ll want to consider things like the foot traffic at different times of the day if you’re relying on that for business. Or, you might want to make sure that the square footage matches what you should be paying for the market that you’re in.
Because these items are not of a legal nature but are of a practical nature, it’s important to talk to seasoned attorneys like ourselves here at Leonick Law to help you get the full picture of what you are embarking upon. Give us a call at (631) 486-9500, or email info@LeonickLaw.com, when you are considering your next real estate investment.
James F. Leonick
Leonick Law, P.L.L.C.
TEL: (631) 486-9500