questions to ask when hiring a commercial real estate attorney

^{10 Questions You Should Ask a Potential Real Estate Lawyer}

1. How long have you practiced real estate law? This is an important question to ask because the more experience an attorney has in this specialty, the better. ...
2. What are your specialties within real estate law? Some lawyers focus their practice on certain aspects of real estate law. ...
3. How long have you been practicing in this state? Real estate laws may vary from one state to another. ...
4. Is their law degree from an accredited law school? This is an important question to ask, but you may want to do a little research on your own. ...
Does the attorney have skilled staff? Often, the staff of paralegals working for a real estate attorney does a lot of the legwork involved. ...
How much does the attorney cost for services rendered? It’s never a bad idea to compare the prices that a few of the certified and reputable real estate attorneys ...
Has the attorney handled cases that are similar to yours? This question is especially important if you’re dealing with a unique real estate case. ...
Will the attorney give you a cost estimate? As a consumer, you should be apprised of the average range of costs that you will incur by retaining a real ...
Will the attorney offer you a detailed action plan? You have the right to know how your attorney plans to handle your case. ...
Do I need an attorney for this type of transaction?

Full Answer

What questions should I ask a realtor?

You could schedule an interview:

• Over the phone
• In person
• Virtually via Zoom or Skype You might aim to interview at least three agents for comparison’s sake, though you may choose to interview more or fewer. ...
• What the agent’s personality and character are like
• What kind of services they offer and what experience they bring to the table
• How much you’ll pay for their help

What are good questions to ask when buying a home?

11 Questions to Ask When Buying a House for the First Time

1. How Much Can I Afford? This is one of the first questions to ask yourself when buying a house for the first time. ...
2. Do I Have Money for a Down Payment? Your down payment affects how much money you’ll need to borrow. ...
3. How Much Will Property Taxes Cost? ...
4. What Are Closing Costs? ...
5. What Are the Hidden Costs of Owning a Home? ...

More items...

How to start a career in commercial real estate?

• This month, Faraz Hemani quit a program manager job at Google that paid "well over six figures."
• His first real-estate purchase was a single-family home in the Austin area in 2017 at age 22.
• He said he put $4,000 down on his first deal and grew his portfolio to $4m in assets in 5 years.

What to ask realtor when selling?

he/she must have in-depth knowledge of your area and the market in general. he/she must work hard on your behalf. he/she must have the resources to support the sales effort. he/she must keep you informed during the process. you must be comfortable with his/her personality.

What are 3 questions you should ask a lawyer before hiring?

Below are ten questions to ask your potential lawyer.How long have you practiced law? ... What type of cases do you generally handle? ... Who is your typical client? ... How many cases have you represented that were similar to mine?More items...•

What are good questions to ask lawyers?

Questions to Ask Your Lawyer During a Consultation1) What kind of experience do you have with similar cases?2) What would be your strategy for my case?3) Are there any alternatives to going to court?4) What are my possible outcomes?5) Who will actually handle my case?6) What is my role in my case?More items...•

What questions should I ask a lawyer about seeking help?

In Order to Move Forward With Any Lawyer, First Ask These Ten QuestionsHow Long Have You Practiced Law? ... What Types of Cases Do You Manage? ... Who's Your Typical Client? ... How Many Similar Cases Have You Taken On? ... What Kind of Special Training or Knowledge You Have Outside Your Law Degree? ... What Are Your Fees and Costs?More items...

What should you consider when hiring a lawyer?

5 Top Things to Consider When Hiring a LawyerSpecialization. The first thing you should consider when hiring an attorney is his or her area of specialization. ... Experience. Check the track record of the attorney before you hire. ... Location. ... Specifics about Billing and Representations. ... Ability To Convince You.

How do I prepare for an attorney interview?

If you are interviewing virtually, all of these tips apply.Do your research. Lawyers are known for being good researchers. ... Be presentable and dress your best. ... Come prepared to ask questions. ... Be personable and show enthusiasm. ... Be genuine. ... Promptly send a thank-you note.

What do you say when talking to a lawyer?

Tips for Talking to an AttorneyAlways be as honest and candid as possible about the facts of your case. ... Ask questions if you don't understand something that your attorney mentions or explains to you.Approach an attorney about your case as soon as you think you may need one.More items...•

What are some questions an attorney might ask a new client?

What Questions do Lawyers Ask Their Clients?What is your case about? A lawyer will want to know every single detail of your case. ... What do you hope to accomplish? ... How do you want us to communicate? ... Why did you choose me? ... Are you comfortable with my rates?

What's the difference between attorney and lawyer?

Attorney vs Lawyer: Comparing Definitions Lawyers are people who have gone to law school and often may have taken and passed the bar exam. Attorney has French origins, and stems from a word meaning to act on the behalf of others. The term attorney is an abbreviated form of the formal title 'attorney at law'.

How much does it cost to hire a lawyer?

You can pay anywhere from $50 to thousands per hour. Smaller towns and cities generally cost less while heavily populated, urban areas are most expensive. The more complicated the case and the more experienced the attorney, the more you'll pay. Lawyer fees can range from $255 to $520 per hour.

What is a retainer fee?

Understanding Retainer Fees A retainer fee is an advance payment that's made by a client to a professional, and it is considered a down payment on the future services rendered by that professional. Regardless of occupation, the retainer fee funds the initial expenses of the working relationship.

How often should you talk to your attorney?

There is no set formula for how often you will hear from your attorney. However, the key to a successful attorney client relationship is communication. Whenever there is an important occurrence in your case you will be contacted or notified.

What are six examples of cases when a lawyer should be contacted?

11 Situations Where You Need A Lawyer (And 3 Where You Don't!)A Complex or Nasty Divorce. ... A Wrongful Termination or Discrimination in the Workplace. ... Law Suits. ... A DUI. ... Drug Charges. ... A Car Accident with Injury. ... Criminal Charges. ... Wills and Trusts.More items...

What is the role of a real estate lawyer?

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.

What happens if a real estate transaction does not work out?

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.

Why is my offer rejected?

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.

Why do real estate lawyers act as guardians?

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.

Is it important to hire a real estate attorney?

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, ...

Can a high end real estate title be a lien?

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.

Is a real estate attorney familiar with the New York laws?

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.

1. What did you do the last time a real estate transaction that you handled did not go according to plan?

This tests the candidate’s ability to work under pressure and assesses how knowledgeable the candidate is.

2. Tell me about a situation when you had to work with somebody who did things very differently to you. How did you adapt?

This tests how effective the candidate’s communication and interpersonal skills are.

4. Tell me about a time when your efforts positively affected the outcome. How was the situation affected?

This illustrates the candidate’s leadership qualities and his level of judgment.

5. Tell me about a time when you had to make a quick decision. What was the impact of this decision?

This illustrates the candidate’s decision-making ability while working under pressure.

Why is experience important in real estate?

In real estate law cases, the experience of the attorney or law firm is important. More complicated real estate matters suggest having a more experienced legal presence. You may have to pay more for experience, but the value of your investment in such cases probably warrants the higher expense. The potential financial loss in larger real estate ...

Why is it important to have an attorney on staff?

They may also have one on their staff. This is helpful because it means the attorney’s office controls the closing process. There is no need to coordinate with any other office, and this can simplify and speed the closing process. It might also lessen the expenses based on communications.

How much does a title company charge per hour?

Estimates for time-based fees range from $100 to $500 per hour depending on the complexity of your case. Flat fees can range into the thousands of dollars. There are many services that you may need such as reviewing contracts, loan and title commitments, closing, confirming the title company performed its job after the closing, handling all communications, and responding to any of your concerns.

Is it ok to fill out all real estate forms?

If the answer is filling out all the real estate forms, this is probably not the right attorney for you. This is not the kind of service you need. Filling out standard forms is not enough because not all real estate transactions are the same. Many are not standard.Ask if the attorney plans to do due diligence for you and will spend ...

Is real estate a unique deal?

Every real estate deal is unique with its own set of circumstances and potential problems. Your case is no different. It is wise to find an attorney who is familiar with those types of problems and who knows how to prevent them from happening.

Is real estate the largest transaction?

Whether you’re buying or selling a house, real estate is often the largest transaction most of us experience.

Can an attorney handle unexpected issues?

Unknown and/or unexpected issues can arise at any time during real estate transactions. You should feel that your attorney can handle whatever comes up. You should ask the attorney what kinds of problems might occur during the transaction. What have they experienced in the past?

Why do you need an attorney for a commercial property?

Buying commercial properties, those with structural issues and buildings located in hazardous areas warrant the services of an attorney. Sellers may hire an attorney if the property they are selling is in a state of distress. Another reason to involve an attorney is when an individual is trying to sell a property with an uncooperative partner.

What does a real estate attorney do?

Once real estate agents settle the selling price and terms and contracts are signed, the real estate attorney takes over. The attorney reviews the contracts, negotiates repairs, makes adjustments in accordance with the terms of the deal, and may attend the closing. Some states require that an attorney be present at closing, ...

How much does a real estate lawyer charge?

Most real estate lawyers charge by the hour, while some professionals charge a flat fee. Hourly fees range from $150 to $350; flat fees are often between $500 to $1,500.

Why is it important to ask a lawyer about their tactics?

It is important to come away with a detailed plan of action rather than a vague guarantee of success.

What is title search?

Title searches are another area of expertise. Our real estate lawyers will protect you from liens, back taxes and other issues. We also assist landlords with the drafting of leases and review lease agreements for tenants. Various housing court matters are expertly handled by our team.

What is real estate law?

Real estate law itself is a specialization. Law school students normally begin with taking elective courses and continue with real estate certification after law school. Ideally, the real estate lawyer will have earned a law degree from an accredited school. The professional might have attended law school in another state.

What are some examples of cases our legal firm handles?

Examples of types of cases our legal firm handles include buying and selling residential homes . We provide legal representation for those interested in buying or selling a business or commercial property, facilitating the transfer of ownership, assisting with negotiations, and attending the closing.

Why do you need a real estate attorney?

Investors seeking to get started in the world of commercial real estate will find an attorney especially helpful when it comes to acquiring new properties or managing existing ones . Another reason a real estate attorney can be of value to your team is during the rehab process.

How can a good real estate attorney help you?

Whether you are investing out of state or simply renting out the property next door, finding a good attorney can help protect you and your business through all aspects of a real estate transaction. The right real estate attorney will be skilled in the laws and regulations of your area and will be available to oversee the legal details of your real estate transactions. No matter what side of a transaction you are on, whether it be buyer or seller, a real estate attorney can assist you in several ways. That’s why it’s important to find the best person for the job. Keep reading to learn about the questions to ask real estate attorney professionals before working together.

How to deal with real estate investment?

Real estate investment deals are often much different than traditional purchases. Between short sales and foreclosures, many investment deals can be time consuming and difficult to deal with. You need an attorney that knows how investors work in real estate. This could be changing the contract to offer protection or working with lenders to push the deal forward. As a bonus, your attorney may be able to put you in contact with fellow investors in your area. You can never have enough contacts. By having a mutual attorney, you can hit the ground running. In time, an attorney who works with investors can be a good source for deals directly. If they have a large investment portfolio, you should feel confident that they know the process and what to expect. Investment deals can be a handful. A good attorney can make it as smooth as possible for you.

How important is it to know how many years a real estate attorney has practiced law?

It is important to note that in contrast to finding a traditional attorney, the number of years a given real estate attorney has practiced law is less important when compared to their specialty. As you identify whether they have worked with real estate investors in the past, you may also want to inquire what percentage of their practice involves working with real estate. This can help you identify an attorney with both experience and a strong understanding of the things you need.

Why do you pay an attorney up front?

Think of it this way: you are paying money up front to save yourself from future legal problems and, consequently financial problems down the road. That being said, there are several variables when it comes to real estate attorney fees that you will want to note. For example, be sure to determine whether you are paying a fixed rate or a time-based fee. Additionally, specify which services will be included in your given contract. Make note of which services your business warrants, and hire an attorney accordingly.

What does a closing attorney do?

During the selling and closing process of a home, a real estate closing attorney can help handle the title check and more for the property in question. They are also equipped to handle any unexpected events during the closing process .

Do real estate investors need an attorney?

In comparison, homeowners and real estate investors often rely on real estate attorneys for various reasons. Homeowners typically lean on attorneys during the home buying or selling process; however, real estate investors may employ a real estate attorney considerably more frequently. Those working with investment properties or property management may find a real estate attorney particularly useful in situations throughout their careers.

1. How do you manage your caseload?

This question gives candidates an opportunity to exhibit their project management skills. Look for candidates that know how to prioritize, delegate, and organize.

2. Describe an event where you had to manage a crisis. How did you overcome it?

This provides the candidate with an opportunity to display both an example of the kinds of challenges they have had to overcome and the strategies they used to overcome them. Look for creative solutions to problems.

3. What information do you analyze when overseeing corporate mergers?

Look for examples in the candidate's past that show a creative approach to problem-solving and expert knowledge of the finer points in corporate mergers.

4. What is the best advice you've given to a client who wanted to sign a contract?

This gives candidates a chance to display their commercial legal skills by delving into the details of contract law.

5. Tell us about an experience where you had to challenge a client. How did you convince them to trust you?

This gives the candidate an opportunity to demonstrate effective communication and interpersonal skills. Candidates should describe how they successfully argued their position in a manner that expressed confidence and trust.

What is a commercial real estate broker?

Many commercial real estate brokers are also property managers who collect rents and contract with other services to maintain the buildings. You can learn about their subcontractors and even get references for the broker and contractors. An excellent commercial real estate broker will advise you on the best way to sell or market your property.

Where to sell commercial property in Florida?

You may want to sell your commercial property in the Palm Bay, Melbourne, and Titusville market areas of Brevard County, Florida, but it is also necessary to advertise outside of the area. People all over the world are interested in investing in Florida commercial real estate, and a successful broker will know how to reach them.

What does a good broker do?

A competent broker will have a successful sales record for the area , specifically in like-kind property sales, and know if there are parties interested in your type of property . The broker should be honest about your chances of selling at the highest and best price in the shortest time.

How do interviewers test their knowledge?

Interviewers love to test interviewees' knowledge by pulling out an arcane term that is specific to the industry and testing what you know about it.

What is the next segment of an interview?

Next comes the question and answer segment of the interview. The better prepared you are , the better you perform. There is no better way to get prepared than to anticipate likely questions and have winning responses ready.

What is the learning curve for real estate?

Unlike corporate law and public accounting, the technical learning curve for real estate is pretty mild. Particularly on the residential side, stay-at-home parents with limited higher education and work experience have been known to build lucrative real estate careers.

Should experienced agents have a problem with this question?

Experienced agents should have no problem with this question. If you are newly trying to break into the business, you can still create a positive impression with your answer. Rather than evading the question, acknowledge that you are new to the field and have yet to close a big real estate deal.

Do companies expect you to know every detail about the industry on your first day?

Companies expect a learning curve for new hires; they do not expect you to know every intricate detail about the industry on your first day. These questions serve more as a gauge of your preparation and how serious you are about the job. Study as much as you can about the industry before you start interviewing, and prepare to put your knowledge on display.

Does a track record of closing big deals prove you have what it takes to get it done?

Anyone can claim to possess these traits, but a proven track record of closing big deals provides proof you have what it takes to get it done. While commercial real estate tends to require more of a full-time focus, networking matters just as much or more as having specific industry knowledge.

Do commercial real estate agents make more than residential real estate agents?

Commercial real estate agents often make more than residential real estate agents. Securing a face-to-face interview is key to landing a commercial real estate job. Understanding how the commercial real estate industry in your area works will help you during a job interview.