Filing paperwork for a real estate transaction can be a long, drawn-out, frustrating process. It can easily be sped up by having a real estate attorney assist you with all of the paperwork filing. He or she will be able to make sure that you get all of the paperwork followed on time, with the correct organizations or institutions. This will ensure that your real estate process goes as smoothly as possible. There are three main paperwork processes that need to be completed before any action can be taken on the property.
1. Deed Transferal
The most important paperwork process that you need to have completed is the transferal of the deed from one party to the other. The specific logistics of the transferal vary from state to state. However, the results of not correctly completing this paperwork process are similar throughout the country. If you do not transfer the deed appropriately, one or both parties will have to deal with extra taxes that they would not otherwise receive.
For example, if the deed is not transferred correctly, the person who already owns the property may have to pay additional estate taxes even if he or she believes that he or she no longer owns the property. These problems can be resolved, but may require an IRS audit to do so. Have the deed transferred completely in order to make sure that you avoid these potential tax problems.
2. Get Building Permits for Protected Areas
Protected land, such as wetlands, will require additional building permits in order to make sure that any structures built on that land will not be torn down. If you do not have the correct permits filed with the state department, you will either have to rebuild the structures that you have created or pay massive fines for desecrating the wetlands. Hiring a real estate attorney will allow you to make sure that all of the proper permits are filed.
3. Register Your Commercial Property
If you purchase property and are intending to use it for commercial purposes, you will need to make sure that you fill out the registration with the state department. If you don't do this, there is a chance that you will not receive your taxpayer identification number and will be unable to pay taxes. If this happens, your business will not be able to stay open until the number is obtained. In order to make sure that you avoid this problem, have a real estate attorney get your taxpayer identification number through the property registration process.
For more information about how a real estate attorney can help you, contact your local real estate law firm such as Brandt Law Group.
