Depending on the amount of money and documentation it involves, the real estate transactions/deals should not be taken lightly. Regardless of whether you are buying, selling, or refinancing a property, it’s crucial to take legal assistance from an expert to ensure the process is error-free and goes swiftly and smoothly. A real estate attorney takes care of everything behind the scenes, such as paper filing, problem-solving, keeping your rights on priority, and whatnot. When all of this is being legally handled by an expert, you can focus on other important things that need your attention.
Keep on reading to know more about real estate lawyers and what they do, and you should select one for a real estate transaction. You need to have all the general information about them so you can make a better decision for yourself when needed.
What a Real Estate Attorney does?
In simple words, the work of a real estate attorney depends on why you need them. Real estate involves multiple things like buying/selling, refinancing, adverse possession, liens, etc. the job of a legal attorney depends on the purpose you need them for. However, they mostly assist in buying, selling, or refinancing. Keep on reading to know how real estate lawyers can help you with each of these.
- Buying – If you are planning to buy real estate, you will need to get in touch with a real estate lawyer before signing the purchase offer. Once you are done with this, your attorney will be responsible for further tasks like conducting a title search, getting insurance, transferring the property to your name, drawing up the statement of adjustments, preparing the necessary documentation, and assisting in the financial transactions at the day of deal’s closing.
- Selling – When you are selling a property, the legal attorney will conduct a title search to see if there are no liens. After that, an agreement would be made for the buyer. All the closing costs, drafting statements, managing transactions – everything will be managed by the real estate attorney once you hire them for assistance.
- Refinancing – Just like in the buying and selling processes, the refinancing process also starts with a real estate attorney. The lawyer will conduct a title search to see if the property is clear and free from any defects to protect you and the lender. After that, a new mortgage amount is registered to facilitate the financial transaction. This is done with the help of a Trust Ledger Statement that a lawyer gets made from a bank.
What should I look into when hiring a Real Estate Attorney?
There are thousands of real estate lawyers, but everyone is not worth hiring. Real estate is complex so it should be handled by someone knowledgeable and experienced. When hiring a real estate attorney, there are a few key points that you should keep in mind.
- Attorney’s Expertise – When hiring an attorney for your real estate concerns, make sure that he is an expert in the same field.
- Affordable fees – You don’t have to overpay someone for the services they are providing. Always look for competitive pricing and hire someone based on that. Don’t overpay or underpay because sometimes inexperienced lawyers charge very low, but they end up messing up everything.
- Experience – No matter who you are hiring, just make sure he is experienced in real estate and has worked in similar situations.
Don’t hesitate to ask your attorney about his experience and previous clients for references. This is the best way to assess their abilities and ensure whether they are right for you or not. Ensuring that your lawyer is experienced and knowledgeable will help you in terms of experiencing a smooth and swift process so don’t ignore this at all.
When do you need to hire a Real Estate Attorney?
The contact time varies depending on the reason you hire the attorney. If you are buying or selling real estate, you need to get in touch with a lawyer the moment you decide to sign the purchase offer. This entire document is very important, so it’s better to have a legal attorney by your side so there is no space for errors. Real estate lawyers are knowledgeable in the field, and they know how the process works, so they guide you about everything and keep you safe from any frauds/issues that may occur in the future. If you need the assistance of an attorney for refinancing purposes, then you need to hire them at the time of documents’ signing and finalization for the next mortgage.
How much hiring a Real Estate Attorney Costs?
The fee of real estate lawyers varies depending on certain factors like their experience, the complexity of the project, and the lawyer’s level of expertise. Most lawyers decide their base fee depending on the assistance you need. The fee will increase if you utilize more than one service. Whenever you are hiring a real estate attorney, make sure to ask for their fee beforehand to avoid any inconvenience later.
