If you’re a landlord or other real estate investor, you might wonder if you need a lawyer to help you with your business. According to Flex, in the US, individual investors own an estimated 20.5 million rental units. As many of these investors use financing, it’s common to hire a lawyer for mortgage services.
There are a number of different reasons why it makes sense for you as a landlord to have a dedicated attorney ready to meet your needs. They can help you secure favorable terms when buying and selling properties, as well as protect you during tenant disputes. Here are a few of the many benefits that come with hiring a lawyer as a landlord.
Clarity of Contracts
Owning and leasing real estate is a business that comes with a lot of paperwork and documentation requirements. If you’re struggling to keep everything straight and fully review all of the contracts that you need to sign, you could benefit from hiring a real estate lawyer. Your attorney will craft contracts that strongly protect your interests and provide the terms that are most favorable to you.
They can also review any contracts that you are considering entering into. Contract creation and review are two of the most important areas of real estate law that many landlords overlook. Don’t wait until you find yourself in an untenable contract situation before you contact a lawyer. A proactive approach to contracts can help you avoid a lot of headaches and stress in the future.
Navigation of Tenant Rights
New Jersey is one of the states with some very robust tenant rights. Navigating these rights while still protecting your own interests as a landlord can be tricky. For example, you may be faced with a discrimination complaint after refusing to rent to a potential tenant for another reason. Having a lawyer on your side can help protect you from such unwarranted lawsuits. A strong real estate attorney can also help you in eviction situations.
The eviction process in our state can be a circuitous and stress-inducing process. When you have experienced legal counsel on your side, you can get through the eviction process as quickly as possible and begin to recover your losses. No one wants to be stuck with a non-paying or otherwise disruptive tenant for longer than is absolutely necessary. Your lawyer can help you move quickly and legally through the process.
Secure Favorable Financing Terms
One of the most overlooked reasons for a landlord to seek legal counsel is to hire a lawyer for mortgage advice. Real estate investments typically include a need to secure financing. The terms of your financing can make the difference between a profitable investment and one that you have to carry. Your attorney will be able to review all financing possibilities to help you identify the one that offers the most favorable terms over the long term. You don’t need to go it alone when it comes to real estate investing and owning rental properties. Without favorable financing terms, your ideal building could turn out to be a financial liability. If you have a legal advisor on your team, you’re less likely to make an investment that doesn’t favor you. As interest rates continue to rise, the need for strong financial advice becomes even more necessary.
Their services are also useful when it comes to selling a property. You’ll feel secure in the knowledge that any deal you agree to is favorable to you. No one wants to leave money on the table or sell a property for less than it’s worth. Working with an experienced real estate attorney is one of the most effective ways to protect your financial interests while continuing to buy and sell investment properties. Contact your local real estate law firm today to schedule a consultation to get started building a relationship with a real estate lawyer. This relationship could be one of the most important of your entire real estate investing career.
If you’re an individual investor or landlord, there are a number of reasons to hire a lawyer for mortgage closings. Finding the right financial terms can make or break a real estate investment. Our firm has a number of attorneys who are experienced in this area of the law. Now’s an ideal time to hire a lawyer to help you with your real estate investments. Contact our office today to schedule a consultation. We look forward to working with you!