attorney who can help in property sale

How much does a real estate attorney cost?

Real estate attorneys cost $150–350 per hour, and usually bill in six minute increments. Or, they may charge a flat fee for certain services. Costs...

Should I use a real estate attorney if I'm selling FSBO?

Unless you're an experienced seller, you should hire a real estate attorney to prepare the purchase agreement and other documents when you sell FSB...

How do I find a real estate attorney?

A great real estate agent can refer you to a great real estate attorney. You can also find real estate lawyers through professional organizations l...

What is personal property?

Generally speaking, “personal property” is any property that is not attached to the land or to structures on real estate. Personal property is sometimes called personalty or chattel. Property that is attached or fixed to real estate is known as real property or realty. Fixtures that can be removed without damaging the building are sometimes ...

What is the statute of fraud?

According to the statute of frauds, certain sales must be agreed to in writing, such as sales of goods worth over $500. However, it is always best for a sale to be supported by a written contract. The writing can serve as evidence in case a dispute arises over the personal property sale.

What is mutual consent?

Mutual Consent : The parties must agree upon the price and terms of the sale. Any sale that is achieved through force, coercion, or duress is prohibited. If any of these elements is not satisfied, the sale may not be considered valid under property laws.

Is a fixture considered personal property?

Fixtures that can be removed without damaging the building are sometimes included under personal property . The distinction between real and personal property is very important. Property laws may be different depending on whether the item is classified as realty or personalty.

Why do you need an attorney for a home purchase?

Here are a few reasons you might need or want an attorney to be part of your home buying team: State or lender requirement: Every state has slightly different laws regarding real estate transactions, and some states consider certain actions that are part of the process to be “practicing law.”. These regulations are often meant to prevent real ...

What is a real estate attorney?

A real estate attorney is someone who is licensed to practice real estate law, meaning they have the knowledge and experience to advise parties involved in a real estate transaction, such as a home sale.

How much does a real estate attorney charge?

If you want your own attorney in addition to the one required by your lender, you’ll also pay for any services they provide you. How and how much a real estate attorney charges will vary, but here are some basic ranges to give you an idea of what you’ll spend: 1 Fixed hourly rate: A real estate attorney who charges an hourly rate may charge $150 – $350 per hour, but this can vary a lot depending on how experienced the attorney is and what area you’re in. 2 Fixed rates for specific services: They may also charge a flat fee for the particular services they provide. For example, a real estate attorney might charge $500 – $1,500 to conduct a home closing. Their fees may also depend on the sale price of the property in question.

Who is in charge of closing a home?

In some cases, a real estate attorney is also the person who’ll be in charge of your closing. In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, ...

Why is a real estate attorney important?

A good real estate attorney provides a backstop for your real estate agent, finding loopholes in the purchase agreement, saving you money with contingencies, and maybe even insulating you from lawsuits years down the line. Let’s go over some of the situations where hiring a real estate attorney is a good move, the responsibilities ...

How much do real estate attorneys make an hour?

Real estate attorneys are paid by the hour — market rates are between $150 and $350. You may be able to negotiate a flat rate, or a cap on the number of hours they work on your behalf.

What is a purchase agreement?

The purchase agreement is a legal contract that outlines the rights of the seller and the buyer. A lawyer can review this contract and make sure you’re receiving all the protections and assurances that you should be. Signing an incomplete or sloppy purchase agreement can leave you vulnerable later, even if you abide by your state’s disclosure laws.

Why do agents make more money?

Because most agents work on commission, they make more money the higher the final sale price goes. That’s great if your priority is extracting every possible dollar from your sale. But sometimes sellers just want a quick sale, or want their property to pass onto someone who appreciates it.

What are the benefits of being an agent?

A great agent doesn’t just help you buy or sell a property; they also offer a sympathetic ear, gentle advice, and all around emotional support. A huge financial transaction can be a huge source of stress, and a good agent knows how to reassure their clients.

Do I need a commercial real estate attorney?

This isn’t the case when it comes to commercial real estate . Commercial real estate deals are much more complicated and risky, and there’s usually a lot more money involved, so hiring a commercial real estate attorney for a commercial transaction is basically required.

Can a lawyer fight on your behalf?

But it’s understood a lawyer’s demands are backed up by the threat of costly litigation. Simply put, a commercial real estate lawyer can fight much more effectively on your behalf than a commercial agent.

What does a real estate attorney do?

A real estate attorney prepares or reviews all of the documents that are signed at the closing of a real estate purchase. The attorney is then present at the closing to represent the buyer's (or the seller's) interests. Real estate law is a matter for state and local jurisdictions.

What is real estate law?

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

What is the biggest investment you have ever made?

Buying a home is probably the biggest investment you'll ever make. In addition to hiring a real estate agent to help negotiate the transaction, you might consider a real estate lawyer to guide you through the legal process. Real estate attorneys specialize in matters related to property, from transactions to handling disputes between parties.

How long does it take to become a real estate lawyer?

Qualifications. Like any lawyer, a real estate lawyer has earned a law degree, which typically takes 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, ...

Do you need a real estate attorney at closing?

Many states require a real estate attorney be present at closing. Even if your state does not require one, you might want a real estate attorney to be there for you. A real estate attorney will represent your interests at closing. They will review all paperwork in advance and advise on any problems or omissions with the documentation. 1.

Document review

Many people when buying or selling a home – even those who think they probably should be asking questions – just sign without reading legal documents during home sale negotiations, at closing and related to the home mortgage. It can be intimidating to see page after page of small, complicated print with unfamiliar terms.

Title issues

Legal counsel can review deeds that transfer property ownership to be sure all interest in the home is properly transferred and that the property is titled in the most advantageous way for the new owners.

Negotiation with other parties

One scenario in which it can be smart to have an attorney is when the buyer’s home inspector finds a defective condition or expensive repair that should be corrected before purchase. The lawyer can help to negotiate a resolution to this problem on behalf of either party.

State real estate laws can vary when it comes to the transfer of property, and some states require a real estate lawyer to be involved in the purchase and sale of a home. You may also want to hire a real estate attorney if you are facing foreclosure or the property has unique disclosure issues. Sellers are legally obligated to disclose certain problems to potential buyers, and hiring a property lawyer will protect your best interests whether you are buying or selling a home

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina.

When do you need a real estate lawyer?

A real estate lawyer specializes in overseeing real estate transactions, including contract review. Often, when buying a home, you may be able to work directly with a real estate agent to move smoothly through the home buying process. You may never have to involve a lawyer.

What is a seller legally required to disclose about a property?

When a buyer looks into a new property, they want to know everything about it: all the little details that have the potential to spell trouble down the road.

What options do I have if something is wrong with the home at time of purchase?

Before purchasing a property, you should always have a home inspection done. Some sellers have a home inspection before they sell the property. This may give them the opportunity to clean up any problems with the home, take care of any necessary repairs, and make sure the home is in the best possible state to go on the market.

Do you really need homeowners insurance?

Homeowner’s insurance is a vital part of homeownership and an important part of your budget following your purchase. In many cases, homeowner’s insurance is the only option you have for taking care of repairs or replacement of your home after a disaster.

Why do I need a real estate lawyer?

A commercial real estate lawyer will help ensure that you comply with all laws and regulations, which will prevent any potential fines or sanctions for improper process.

What is the role of a real estate attorney?

At its core, the role of the attorney for both the buyer and the seller is to ensure the purchase or sale of the commercial property goes smoothly and fairly. Nevertheless, there are certain roles a real estate attorney takes on specifically when representing a buyer versus representing a seller. For example, a lawyer will guide you ...

What can a commercial real estate lawyer do?

A commercial real estate lawyer can take care of many of these steps for you. They consult with you regarding construction, financing, environmental issues, zoning, taxes, title insurance, and other steps in the legalities of land use and development.

Is it easy to buy a commercial property?

Buying, selling, financing and developing a commercial property aren’t exactly easy tasks. There are many steps that must occur before any transaction is complete. On top of that, there are dozens of laws and regulations that have to be followed in order for the process to be valid. A commercial real estate lawyer can take care of many ...

What to do if someone owes you money?

If someone owes you money and you have proper documentation to prove it, you can go to court to get a judgment. Once the judgment is filed, you can get a certified copy which will be used in filing a property lien against the property owned by the debtor.

What is property law?

Property law applies to both real estate, or real property, and personal property. Property laws deal with things like property rights, contractual rights, personal rights, possession of property, transfer of property, getting priority of ownership defined by the courts, and leases. If you have specific questions about property, real or personal, tangible or intangible, it is best to consult with a lawyer to determine your rights under the law.

How to tell if a property is in your possession?

Discuss your specific situation in detail.#N#3. Be sure to tell your attorney whether or not there are contracts, bankruptcies, or others claiming a right to the property involved .#N#4. If the property is not in your possession, be sure to let the attorney know that the property is someone else’s possession.

What is intellectual property?

Intellectual property law covers patents, copyrights, trademarks and trade secrets. Intellectual property includes art, literature, music, ideas, inventions, discoveries, and so forth. The creator of intellectual property has certain rights with respect to their property, whether or not it is created for commercial use, and whether or not it is registered as a patent, copyright, trademark or trade secret.

Can you transfer property without the owner's consent?

For instance, if the owner dies, the property can be transferred. The law also makes it possible to transfer rights of ownership in case of a bankruptcy or a judgment issued by the court. In such an instance, the owner may not consent to transfer the property, but the law makes it possible for the transfer to happen without the consent of the owner. If you believe that someone is trying to take your property without your consent, a property rights lawyer may be able to help you.

What is a lien on a property?

A property lien is a security interest in a piece of real estate that secures the payment of a lawful debt. A mortgage that is filed by the lender of money to purchase the property is the most common type of property lien, but it’s not the only type. When the owner mortgages the property to secure a debt, or gives a security interest in the property to a lender when purchasing a vehicle, consolidating debt ,or financing property improvements, the lien is placed on the property with the consent of the owner.

Can a lien be cleared?

The existence of a lien on your property does not necessarily mean that you will experience a property lien foreclosure. If you pay off the debt or work out the dispute, the lien will be cleared. If, however, you are unable to pay the debt or work out the dispute, the courts may enforce the lien, making it possible for the lien holder to foreclose on the property and obtain payment of the debt out of the proceeds of the property sale.

What happens when you short sell a house?

In a short sale, the lender agrees to let you sell the property for less than what you owe on the loan and to accept the proceeds in exchange for releasing the mortgage lien. Example. You owe $200,000 on your house and you find a buyer willing to purchase it for $150,000.

What happens if a lender forgives you?

Keep in mind you might face tax consequences if the lender forgives all or part of the deficiency. If the lender does get a deficiency judgment against you, an attorney can potentially help you file bankruptcy to get rid of the judgment—and provide advice about whether this is a good idea.

What is short sale in mortgage?

Short sales are one way for homeowners who are behind in mortgage payments to avoid a foreclosure.

Can a lender release a lien on a short sale?

While the lender might agree to release its lien in exchange for the short sale proceeds, it might not release you from personal liability on the debt and could potentially come after you for a deficiency judgment.

What is the difference between a short sale and a mortgage?

In a short sale, the difference between the sale price and the total mortgage debt is called a "deficiency.". Again, let's say the total debt you owe on the first mortgage is $200,000, but the short sale price is $150,000. The deficiency is $50,000. In most states, the lender can seek a personal judgment against you to recover ...

Can a short sale be garnished?

Though, a few states prohibit deficiency judgments after short sales under certain circumstances. Generally, once a deficiency judgment has been obtained, the lender may collect this amount—in our example, $50,000—from you by doing such things as garnishing wages or levying a bank account.

Is a short sale legal?

Each short sale document has a legal interpretation and legal consequences. But the terms may not be clear to someone who doesn't have a legal background. For example, sometimes homeowners think that the short sale approval letter—the contractual agreement from the lender—lets them off the hook for the deficiency, but in reality it doesn't.