Involving a lawyer in residential property transaction is optional in many states. You probably don’t need a lawyer if you are using a realtor to help sell your Dean Park rental and there is nothing unique about such transactions. Real estate management companies in Dean Park or Realtor can also help you in the process if you are currently utilizing their services.

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It is however advised to consider seeking legal advice from an experienced real estate lawyer if you are selling a rental property in Dean Park under the following conditions.

Seller-Financing:

To protect you and the rental property, a lawyer will advise you on the best way to structure the deal.

Foreclosure or Short Sale:

To limit your personal liability, protect your other assets, and negotiate with your bank, you will need the help of an attorney.

Stubborn renter in your rental:

You will find help in transitioning the rental business to a new owner with the advice of a lawyer about your rights and obligations under the lease agreement. In dealing with the less cooperative tenants, many Dean Park real estate managers are experts in that.

Personal Representative or Executor:

A lawyer can help probate the will if necessary, help you limit stress and liability, and advise you on how to deal with conflicts between beneficiaries and make sure the sale is handled properly.

Co-own with a hesitant seller:

If the reluctant seller changes his mind, an attorney will advise you on how to protect yourself.

Problematical properties:

An attorney will advise you on which disclosures should be made if there is a title problem, an issue such as questionable water rights or possible environmental contamination issues to resolve before sale.

Liens or Judgments:

To develop strategies to protect your other assets and negotiate payoffs, an attorney will offer assistance.

Corporate or LLC owner:

An attorney will help draft the documentations to assist with debt payoffs and authorize the sale, reinvestment and tax implications, and distribution of the proceedings among owners if your business owns the property and not you personally.

You may be required to involve an attorney in a few eastern states. You are free to do it alone in most states, but you should remember that an ounce of prevention is worth a pound of cure. It will give you peace of mind that might be worth the money, minimize liability and prevent trouble if you hire an attorney. Our suggestion to rental real estate owners who, many times, are already working with Dean Park real estate management companies, is to have them guide you through the entire process.

Please contact Hilton Parkes Real Estate today at 02 9832 3211 if you need any help with selling your Dean Park rental home.