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If you’re in the market for an appraiser, ask your mortgage broker or loan officer for a referral.
Adding a Real Estate Lawyer to the Roster
Not all lawyers are created equal. You can find attorneys who specialize in divorce, disability, criminal law, personal injury, corporate law, and so on. When you’re flipping properties, you want a real estate lawyer. An experienced real estate lawyer can offer valuable assistance in the following areas:
Purchase agreement: Purchase agreements are complex documents that cover not only the sale price but also the terms of sale — tax prorations, occupancy issues, water bills, personal property in the house, and so on. Unless it’s in writing, a purchase agreement is subject to dispute. Inexperienced real estate agents (who aren’t lawyers) often introduce errors that can cost their clients hundreds or thousands of dollars.
Title: Your lawyer can advise you on the best way to take title in your situation. For example, you may want only your name on the title or your name and your spouse’s name if you’re married. A lawyer can also inspect the title work to ensure your protection. (For more details, see the earlier section “ssss1.”)