For many of us, a purchase of a real estate will be the biggest transaction we participate in during our lifetime. When else do we spend hundreds of thousands of dollars on one purchase?
I can’t tell you the number of clients that have come to our law firm asking for legal help after they have signed a real estate transaction. The truth is that you should engage an attorney and do your due diligence before the transaction is done. Only a lawyer can tell you with certainty if your plans are feasible and whether everything is fine from the legal point of view.
In Poland, a purchase of a real estate (i.e. a plot of land, a house or an apartment) is not a complicated process but you should be vigilant. A deed must be signed in front of the notary public. In most cases there are public registers which allow to verify the legal title to the property so the parties have certainty that everything is correct from the ownership point of view. However, sometimes it is absolutely necessary to conduct a due diligence of the property. Due diligence is a critical stage in any commercial real estate acquisition. You don’t want to leave any stone unturned, and you want to review all documents and look for any and all possible red flags with the property, legal title, tenant relationships, and numerous other considerations. All these actions should be carried out before the deed is signed.
As they say "the devil is in the details," which sounds especially true for real estate transactions. Hiring a real estate lawyer to conduct due diligence on your behalf and ensure the transaction details are perfected should be another necessary expense when buying, trading or selling property. Most experienced lawyers can tailor their scope of work to specific questions or provide general support regarding the transaction, whatever works best for your situation. Theoretically, you can purchase a real estate without an attorney but it is better to have a support from a good and experienced real estate lawyer.
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