The process of purchasing or selling residential or commercial real estate is complex and multi-faceted. If the property is not adequately examined before the completion of the transaction, or if essential elements of a contract are overlooked, it can result in detrimental and long-lasting consequences. In many states, it is necessary to retain an attorney to complete a real estate transaction. Even if it is not technically required, however, it is prudent to engage an attorney to assist in completing a purchase, sale, or lease. The Savannah real estate lawyers at Hagenbrok & Hagenbrok, PLLC have ample experience assisting parties in each step of property transactions. We can offer sound legal advice on matters such as contractual terms, the marketability of title, financing, and development. Our attorneys are licensed to practice in Tennessee, Arkansas, and Mississippi. We have handled real estate closings in each of those states.Completing a Real Estate Transaction
The first step to buying, selling, or leasing real estate is a well-drafted contract. Under Tennessee law, contracts for the purchase and sale of real estate must be in writing to be enforceable. At Hagenbrok & Hagenbrok, we can assist you in negotiating favorable contractual terms and memorializing those terms in a binding contract.
Although parties engaged in a real estate transaction in Tennessee are not required to retain an attorney, it is prudent to hire an attorney to protect your interests if you are in the process of buying or selling property in this state. For example, if you are purchasing real estate, a Savannah real estate attorney can advise you on the warranties included in your deed, as well as any covenants, restrictions, or exclusions. If you are selling real estate, a real estate attorney can advise you on the disclosures sellers must provide under Tennessee law concerning the condition of the property.Reviewing a Property’s Title
The most critical step that should be completed prior to purchasing real estate is to review the title of the property to ensure that it is clear of any defects. In reviewing a property's title, an attorney will analyze each prior transaction involving the property to determine if the property was transferred correctly. If an improper transaction previously occurred, the current owner may not have a legal right to convey the property, which would make any transaction invalid.
Furthermore, it must be determined whether there are any outstanding encumbrances, judgments, or liens on the property that would allow a creditor to seek recourse from anyone who buys the property. In some cases, a purchaser may be required to purchase title insurance to protect both their interest and the interest of any lender from which the purchaser borrowed to buy the property, in the event that a defect in the title is revealed at a later date. A capable real estate attorney in the Savannah area can aid you in examining the status of a property that you are interested in purchasing, identifying and addressing any issues that may cause a dispute or liability going forward. In addition, if title insurance is requested or required, our attorneys can provide owner’s title policies and lender’s title policies as licensed title insurance agents for First American Title Insurance Company. For more information about the benefits of title insurance and our services as title insurance agents click here.Meet With a Skilled Real Estate Attorney to Discuss Your Needs
If you are considering whether to buy or sell real estate, you should make sure that any potential issues are resolved before you complete such an important transaction. The proficient real estate attorneys at Hagenbrok & Hagenbrok, PLLC are adept at handling real estate transactions and closings in Tennessee, Arkansas, and Mississippi. We have the knowledge and experience needed to help you efficiently complete a sale of residential or commercial property. We often aid individuals and businesses in real estate matters in Savannah, Crump, Adamsville, Milledgeville, Saltillo, Olivet, Walnut Grove, Shiloh, and throughout Hardin County. You can contact us through our online form or at (731) 438-8071 to discuss your needs with a real estate lawyer in the Savannah area.