Real Estate

Real Estate Attorneys: All You Should Know

Editor

The real estate industry is lucrative and entices many investors. However, acquiring property isn’t as easy as many think. The process involves multiple steps, and you should be keen to avoid making costly mistakes. A real estate lawyer is a handy professional in such dealings. You need legal expertise to help you review the sale contracts, resolve tax issues or identify liens on the property. How will the attorney help? What should I consider when hiring? You’re probably asking yourself so many questions, and there’s much to know about real estate lawyers.

At what point do I need an estate lawyer?

In most states, you’ll need an estate attorney at closing. However, you still need one even if your state doesn’t mandate this. The professional will offer multiple services and will represent your interests during closing. For instance, the real estate attorney will review the paperwork and all transactional documents. They will advise on any issues and omissions that may bring about problems later.

What are the primary roles of a real estate lawyer?

Real estate attorneys handle all the transaction documents, including purchase agreements, mortgage documents, titles, and more. The professionals will prepare and review all documents to be signed at closing. During closing, an estate lawyer will accompany the buyer to ensure that the transfer is legal and binding.

Examples of attorney roles include;

  • Reviewing title insurance policies
  • Tile searches on the property
  • Handle funds transfer
  • Transfer of funds documentation
  • Handling the HUD-1 form if the purchase is being financed
  • Resolving real estate disputes like chain of title, lot problems or contract issues.

The attorney will also offer legal representation if some disputes end up in court. They will gather facts from the seller and the buyer and try to find a solution for the issue. In some cases, the attorney may need to engage a surveyor or title company to review the details of the property documents.

What are the qualifications of real estate lawyers?

Real estate lawyers must attain a law degree which typically takes three years to complete for full-time students. The lawyer should pass the state bar examination in the state of practice. The training may start with elective subjects and internships in law courses and may continue as certification in real estate law.

How can I choose the best real estate lawyer?

There are numerous things to consider when hiring a real estate attorney. The professional will handle the legal aspects of property purchases, and experience is key. First of all, consider the years of experience and hire one with adequate skills. The attorney should be licensed and certified to off other services in the state.

Also, engage a lawyer from a reputable company, and consider the cost of services. Some attorneys charge hourly fees, while others charge a fixed rate. All in all, you need one to fit your budget.

Final thoughts

A real estate lawyer is a handy person when buying or selling property. They will help with the most critical aspect of property dealings- documentation. The attorney will review all the transaction documents and titles and examine for errors or omissions to ensure a successful transaction.