Transactions in real estate can be very complicated. When a buyer and seller sit down at the closing table, essentially all of the heavy lifting has already been done by the realtor, financing parties, and the real estate lawyers who prepared all the documents the buyer is about to sign. Before closing day, a Utah real estate attorney has performed research on the title, ensured that all necessary documents are in place and ready to be executed, and ensured that all inspections were performed properly.
Most people buying a standard residential property may never meet face to face with a real estate attorney, but they most definitely benefit from their work. When a potential buyer selects a real estate agent, that agent forms a fiduciary relationship with that buyer. The real estate agent must look out for the best interests of the buyer from that moment forward. Part of the real estate agent’s responsibilities are to ensure that the buyer gets as good a deal as possible and that the buyer’s objectives are vigorously pursued. In performing this duty to their buyer, many realtors have sought out the assistance of one of Utah’s qualified real property attorneys.
Most typical residential real estate transactions don’t require a lot of novel or complicated legal work. However, one thing that every real property transaction requires is a title search. The title search will reveal whether the seller has a salable interest in the property (i.e. whether the seller actually owns the property), whether there are any restrictions or allowances regarding the use of the real property such as easements or covenants, and whether there are any liens on the property such as mortgages or taxes owed on the real property. While there are other options for obtaining a title search, an experienced real estate attorney is generally the safest option.
Real property attorneys also remain up to date on changes to Utah law affecting restrictions such as easements and covenants that may curtail the use of the land and may therefore affect the value of Utah real estate. During the 2010 legislative session, the Utah legislature passed legislation that restricts the use of transfer fee covenants on Utah real estate. This new Utah real estate law does not allow individual sellers to place a transfer fee covenant on their property. Such covenants are only allowed when used by Homeowners Associations and when the revenue is used to enhance the value of the burdened real property. Many Utah realtors benefit from the help of a real property attorney while navigating issues relating to new regulations and changes in Utah real estate law, such as the new transfer fee law.
Naturally, the more complex the real estate transaction becomes, the more likely a real estate attorney will be directly involved with the buyer and the seller. Regardless of the complexity, a good real estate attorney who understands Utah real property law can make the help parties buying, selling, leasing, or otherwise using real property avoid legal pitfalls. This is why so many Utah realtors and real estate agencies have formed lasting relationships with Utah law firms specializing in real estate law.
