Choose the Right Real Estate Attorney

Real estate attorneys (also known as real estate lawyers) specialize in matters related to property, from transactions and title transfers to the management of disputes between parties. In addition to employing a real estate agent to help negotiate the transaction, you might consider a real estate attorney to assist you through the transaction's legal process of buying property.

Real Estate Attorneys: An Overview

A real estate attorney is a lawyer who is licensed to practice real estate law. As such, they possess extensive knowledge of diverse real estate issues and legalities. As your representative, they can help ensure that a property transaction that you're a party to runs efficiently. Many jurisdictions in the U.S. require that a real estate attorney be present at the conclusion of the purchase or sale of real estate.

Property purchasers and proprietors may desire their assistance for a variety of issues, such as:

• Title inquiries

• Deed transfers

• Home inspection report evaluations

• Price considerations

• Drafting a contract Reviewing and interpreting a contract drafted by others

• Representation at conclusion

• Legal privileges of sellers and proprietors

Even if your state does not require one, you might want a real estate attorney to be there to represent your interests. Most real estate lawyers charge an hourly fee for services, although some charge a fixed rate. We'll cover more about how real estate attorney's bill later in this article.

Qualifications

A real estate lawyer has earned a law degree, which typically requires three years of study for a full-time student. They have also passed the state bar exam administered by the state in which they practice. Training for real estate law may begin with elective courses and internships during law school, and may continue afterward with a certification in real estate law.

The Attorney's Responsibilities

Generally speaking, a real estate attorney's responsibilities will differ from transaction to transaction. Below is a brief summary of what a real estate attorney will likely do in any general, standard sale.

• A real estate attorney can prepare and evaluate documents relating to purchase agreements, mortgage documents, title documents, and transfer documents. They will evaluate all documents in advance and advise on any problems or omissions with the documentation.

• A real estate counsel engaged to manage a transaction will always attend the closing with the vendor. A closing is the event where money is paid and the title is transferred. The attorney is there to ensure that the transfer is legal, binding, and in the best interests of the client.

• During the purchase of a property, the real estate attorney and staff might compose title insurance policies, complete title searches on the property, and manage the transmission of funds for the purchase. If the purchase is being financed, the attorney is responsible for paperwork such as the federal HUD-1 Form and related transfer of funds documentation for the buyer's lender.

• In the case of a real estate dispute, such as chain of title, lot line problems, or other issues involving contracts, the attorney will resolve the problem.

• A real estate attorney may also provide legal representation for either a client or a vendor when a dispute winds up in a tribunal. The real estate attorney obtains facts from both sides of the dispute and attempts to bring them to a resolution. This may mean engaging a surveyor or title company to work through the details.

• Real estate attorneys must be licensed to practice in the state where a transaction with which they're involved is taking place, and must remain apprised of any state or local developments that could impact a transaction.

Benefits of Hiring a Real Estate Attorney

There's a number of factors why you should consider employing a real estate attorney, including but not limited to:

• Expertise: A real estate attorney can provide the in-depth expertise to efficiently and effectively bring your real estate transaction to a successful completion.

• Experience: They can offer valuable experience that protects your interests during negotiations and when concluding the transaction.

• Knowledge: They understand the legalities of real estate issues such as contracts and amendments to contracts.

• Ideas: A real estate attorney with informed experience and cumulative knowledge can offer alternative solutions to the problems that you may face.

• Guidance: They will provide the guidance you require to understand and complete complicated and important transactions with confidence.

• Representation: A real estate attorney can represent you when you feel ill-equipped to manage a transaction on your own. This can mean less tension, less effort, and more confidence for you.

What Real Estate Law Covers

Real estate law incorporates the purchase and sale of real property, meaning land and any structures on it. It also encompasses legal issues related to anything affixed to the property or structures, such as appliances and fixtures.

Lawyers who specialize in real estate ensure that proper procedures are followed during the acquisition or sale of property. Real estate law covers deeds, property taxes, estate planning, zoning, and titles. Real estate laws also vary by state and local government.

When Do You Need a Real Estate Attorney?

You may determine that you need a real estate attorney for a property matter in which you're involved because you recognize the value of relevant professional expertise, experience, knowledge, and representation. You may want such assistance because a significant financial investment is at issue. But that's up to you.

As indicated, certain U.S. states actually require that a real estate attorney be present to superintend a closing. Some may require that the attorney be involved in the entire closing process while others may require only that they produce closing documents.

The list of such states alters along with state laws. So be sure that you examine the real estate law in your state to determine if you must employ a real estate counsel and for which specific purpose.

Read Also: Evaluate And Choose The Best Mortgage

Real Estate Attorney vs. Real Estate Agent

Real estate agents and real estate attorneys both play distinct positions in the process of purchasing or selling property. However, they are distinct and often manage various aspects of the real estate transaction.

Real estate agents are licensed professionals who represent purchasers or vendors in real estate transactions. Their primary responsibilities include helping clients discover suitable properties, marketing properties for sale, negotiating offers and counteroffers, and guiding clients through the purchase or sale process. On the other hand, real estate attorneys are legal professionals who specialize in real estate law. Their duty is to provide legal advice and counsel to clients involved in real estate transactions (as discussed throughout this entire article).

Real estate agents concentrate predominantly on the practical aspects of purchasing and selling property, whereas real estate attorneys specialize in the legal aspects of the real estate transactions. While a real estate agent is more concerned about market trends and local valuations, a real estate lawyer is more interested in regulations and applicable laws to safeguard certain party interests.

It's common for real estate agents and attorneys to work together closely during transactions. Real estate agents may refer clients to attorneys for legal advice or assistance with intricate tax issues that arise for properties their clients are interested in. On the other side, real estate attorneys may rely on agents to provide insights into market conditions and property values that may dictate changes to future legislation.

Why Hire a Real Estate Attorney?

People employ real estate attorneys for various reasons related to the type of property issue and the money involved. But broadly speaking, when you employ a real estate attorney to represent you, say, in a house purchase, you will receive legal guidance and other services that you may need. You may have no knowledge of how to acquire a house, your legal rights and obligations, or potential legal liabilities that you could encounter. A legal counsel can help protect your interests before, during, and after a transaction.

How Do I Find a Real Estate Lawyer?

You might commence by heading online and searching for real estate lawyers in your area. Research their education and experience. Make sure they're licensed to practice. Read available reviews for potential insight. Ask your family, acquaintances, and neighbors whether they can recommend one. Consult your state's bar association for a list of practicing attorneys. Contact a few to interview them and follow up with any who may suit your particular need.