Some real estate transactions may seem so simple that you might think having legal counsel is unnecessary. But real estate transactions involve more than the sale price. Searching title and identifying environmental, zoning, and insurance issues are also necessary to protect your interests. It may be tempting not to hire an attorney to save money, but not hiring one could have serious ramifications. More often than not, these transactions can become quite complex. The assistance of an Indiana residential real estate lawyer is key to avoiding surprises and the potential for loss.
An Indiana Residential Real Estate Lawyer Is Essential in Buying and Selling a Home
Unlike some states, Indiana law does not require an attorney to be present for residential real estate closings. But, should any issues arise, the benefits of having an Indiana real estate lawyer help with your real estate transaction are immeasurable. Most real estate agents are not licensed to practice law and don’t have the expertise to advise a buyer or seller of certain issues that may arise in Indiana real estate transactions. Simply put, real estate agents are not licensed to provide legal advice. A real estate attorney is the only one who has the experience, knowledge, and license to advocate for your best interests.
What Are the Steps Involved in Buying or Selling a Home?
The purchase or sale of a residence might seem simple, but it can actually be stressful and has multiple steps before the sale is completed. Here are just a few of the steps involved in buying a home:
- Opening an escrow account, in which all money and documents related to the real estate transaction are held by a neutral third party until closing;
- Performing a title search;
- Performing a home inspection;
- Performing a pest inspection; and
- Negotiating the sale price, including renegotiating if any issues are discovered during the inspections.
Sounds pretty complicated, right? The process would be much less stressful—and your interests would be better protected—if you have an Indiana residential real estate attorney guiding you.
What Documentation Do Indiana Real Estate Transactions Require?
Indiana requires an agreement regarding the sale of real estate to be in writing. For residential real estate transactions, this usually means some kind of purchase agreement, a contract that details all parts of the buyers’ and sellers’ bargain. But the purchase/sale agreement does not stand alone. Residential real estate transactions might include the following types of documentation:
- A closing statement, specifying the details of the transaction including the identification of the buyer, the seller, the real estate involved, and the sale price;
- A land survey;
- A copy of the title search;
- A sales disclosure form;
- Loan and mortgage documents; and
- An Indiana real estate purchase agreement.
Each of these is a legal document, and some can be lengthy and hard to understand without assistance. With an Indiana residential real estate lawyer on your side, you’ll have experienced help understanding the paperwork involved and protecting your rights and investment.
What to Look for When Selecting a Real Estate Lawyer
When choosing an Indiana residential real estate lawyer, you should look for someone who has experience in Indiana real estate law, as property laws vary from state to state. In addition, you should look for an attorney who is knowledgeable in other areas of law that may be connected to real estate transactions, such as tax and environmental law, and with successful litigation experience and skills.
For an Indiana residential real estate lawyer, look no further than the attorneys at Camden & Meridew, P.C. With experience in Indiana real estate law, construction, tax, environmental matters, and litigation, we help clients with Indiana real estate transactions, both simple and complicated. For a consultation at Camden & Meridew, P.C., contact us today by calling 317-770-0000 or emailing reception@camlawyers.com.