Don’t hesitate to ask your attorney questions such as: What is the timeline of this process? What sort of paperwork must I have prepared for closing? What do I need to arrange with my bank/ mortgage lender?
Mar 13, 2018 · 10 Questions to Ask a Real Estate Attorney 1. Are you certified and licensed (and where)? 2. How long have you been practicing real estate law? 3. Have you handled cases very similar to mine? 4. How much do you charge and what is the fee structure? 5. Will anyone else from your staff work on my case? 6. Can you provide good references? 7.
Aug 13, 2020 · The following are questions to ask when hiring a lawyer: How long have you been practicing law? What are your specialties within real estate law? What types of cases have you handled? How many cases have you represented that were similar to mine? Do they have references? What is your fee structure and billing process?
Your real estate agent may suggest one as well. Once you have a few names (however you got them), the real work begins. You will want to conduct a phone interview and ask as many questions as possible. Describe your particular situation and ask if they have ever worked on a case like yours before. Other questions to ask include: Are they primarily a real estate lawyer? …
Mar 26, 2016 · Here are ten questions that may affect the purchase of your new home or sale of the old one that you might want to ask your real estate agent or attorney. How important is it to have a current certificate of occupancy (CO) for the property? A CO indicates that the city or town has approved any construction on the property, that it has been properly completed according …
One of the key roles a real estate lawyer plays is that of document drafter. Real estate attorneys prepare deeds for conveyance transactions, leases and rental agreements, purchase contracts and financing agreements.
This then allows the real estate lawyer to act as guardian for their clients to make sure the clients don’t end up in any legal pitfalls.
Should the real estate transactions not work out, pending litigation is usually the end result. Real estate lawyers represent their clients in real estate litigation. This includes drafting legal pleadings to file with the judge, participating in hearings and trial with the judge, and filing appeals if necessary.
Failure to do so may result in your offer being rejected because it wasn’t communicated properly, or worse yet, being accepted and since your offer wasn’t drafted properly, you’re negatively impacted. Upon acceptance of buyer’s offer, it is customary for the seller’s attorney to prepare the Contract of Sale.
Finding a real estate attorney or hiring a real estate attorney is very important. Just because a lawyer says they are a real estate attorney, does not mean that they are competent enough to accomplish what you need. You’ll need a real estate lawyer familiar with compound interest, annual interest rate, home sales, ...
In addition, high-end real estate may be subject to several liens, encumbrances, or judgments . A proper title search and an experienced real estate lawyer is the best way to ensure that these issues do not pass to the buyer on settlement day.
Not only is a real estate attorney familiar with the steps involved in the process, but will be familiar with the New York laws involved and can advise you while steering you in the right direction to best accomplish your goals.
If you are selling property, the below are all scenarios where you may wish to employ a real estate lawyer: Selling a property you inherited. Selling a property during a divorce or separation. Selling a property with a lien. Short-selling a home. Selling a home with multiple owners.
For buyers, the following are all great reasons to seek legal counsel: Out of state/town home purchases. Purchasing a short sale. Purchasing a bank-owned property or foreclosure. Purchasing commercial real estate. Purchasing an estate.
If you are selling property, the below are all scenarios where you may wish to employ a real estate lawyer: 1 Selling a property you inherited 2 Selling a property during a divorce or separation 3 Selling a property with a lien 4 Short-selling a home 5 Selling a home with multiple owners 6 Selling a home with known problems (structural problems, mold and so forth)
If you have any red flags or do not trust the attorney 100 percent, it is time to move on and give another lawyer a call.
Hiring a real estate attorney is, in some ways, the same as hiring any other service. You always want to perform your due diligence: research the attorney online, seek out reviews and see what other people have to say, and then pick up the phone.
Asking a potential real estate lawyer about the number of clients served can unveil a few important details. First, it may show that the lawyer has the experience and expertise that clients demand. It could also unveil that the lawyer is too busy and may not give you the support you need for a successful case outcome.
However, this often isn’t the case, especially for large firms that handle a large caseload. A lawyer may hire paralegals to help create documents like contracts. The lawyer might also allow junior attorneys to help with the case.
While you probably expect legal services not to be inexpensive, it still pays to get a clear idea of what fees you can expect so that you can avoid hidden costs. You’ll want to ask whether you’ll pay a flat rate or hourly charge. Also, find out if there’s a retainer fee and whether costs are negotiable.
Be sure to ask your attorney if they plan to handle your case personally or if your case would be transitioned to another attorney.
When the going gets tough or an unexpected problem arises, a well-experienced real estate attorney is the best means for handling the case.
Unlike a car, a home investment is one that will appreciate over time and allow you to gain equity in your home. While your real estate professional will guide you through the buying process, it’s your real estate closing attorney that will guide you through the closing. This is when the home officially transfers ownership ...
Did you just take the leap into homeownership? In 2017 alone, there were over 5.5 million existing homes sold in America. While purchasing a home has proven to have its challenges, it’s also incredibly rewarding. In fact, becoming a homeowner may be one of the best financial decisions that you’ll make in your lifetime.
When it comes to your specific case, you’ll want to know exactly who is working on your case. It’s important to consider that many successful attorneys will accept your case only to pass it along to a less-experienced attorney.
That said, you’re going to want to double check that your chosen attorney is specifically a real estate attorney. Many corporate or finance attorneys will attempt to administer real estate closings without having a real estate background.
When your real estate agent knows what the selling features are and who the buyer for your home might be, it’s almost certain they’re going to have a plan on how to market to those buyers.
A higher-than-average number of days to sell means that the realtor overprices their listings. And a lower-than-average number almost always means they underprice the homes they sell.
A common mistake that many sellers make is spending too much time and money on things that don’t matter. The goal is to spend the least amount and only on things that will bring a return on your investment. And that’s exactly what the answer should be about when you ask your real estate agent this question.
If your real estate agent also represents the buyer, this means they make twice as much. Unfortunately, many real estate agents are willing to risk their integrity to make this happen. In many cases, the end result means a lower selling price by tens of thousands of dollars.
Any realtor can show you how much they’ve sold homes for.
Every home has selling features. It doesn’t matter if the home is in great condition or a fixer-upper. Or if the schools have high scores on greatschools.org or below-average scores. A realtor who knows how to get top dollar will find positive selling points and will use them when marketing.
When they also represent the buyer, they cannot negotiate for you. You can see this in the agreement you’ll sign with them.
Ask potential agents about how many clients they’ve worked with in the past and about the price range of the homes they have sold. You ideally want someone who knows just which real estate features will be valued by buyers in the appropriate income bracket. You may also want to ask for recommendations from previous clients.
The national average is 65 days, but it depends greatly on where you live.
A great real estate agent can help find buyers to sell your home fast, and for more money. Make the wrong choice, and your listing might languish. Then, the lowballing bargain hunters come circling—it’s not pretty.
A property that is priced too high will languish, eventually turning off potential buyers; but a home priced too low might leave money on the table.
As you start out to sell your home, at the very least hire an agent who has a state license and belongs to the local real estate trade association. This means that they will have access to the multiple listing service, or MLS, and can list your property far and wide to attract buyers.
Local agents will be aware of any upcoming developments in the area, plus plans for stores or other amenities that might affect the value of your property, how quickly it will sell, and the price you’re likely to get .
A good agent should have a written plan for selling your home that identifies the marketing plan for your property to attract buyers, from listing services to open houses to social media. This helps ensure you’ll get a high sales price.
When preparing to sell your home, the first thing to do is make it presentable. This means giving the entire house a thorough cleaning and making small repairs.
On average, a house takes between 55 and 70 days to sell. That includes 25 days on the market and 30 to 45 days for closing. The exact time it takes to sell a home depends on a few things, including: The time of year you’re listing: Homes tend to sell faster in the spring and early fall.
That’s because buyers are willing to pay more than the home is technically worth because of low inventory.
If the buyer is just taking out a conventional loan, you’ll probably only need to fix major structural issues that put the value of the house at risk, such as foundation cracks or a deteriorating roof.
The longer your home is on the market, the more money you lose . You’ll still have to pay your mortgage, taxes, and utilities until the buyer officially closes.
How the buyer is financing: If a buyer needs to take out a mortgage, this may slow down the process. Financing deals usually take an average of 42 days to close, whereas cash deals take only one to two weeks.
You can definitely negotiate your realtor’s fees. They’re typically 6%, with 3% of that going to the buyer’s agent and 3% going to your agent.