real estate attorney when buying investment property

Real estate attorneys play a wide range of roles during the purchase or sale of an investment property. 1. Contract drafting and review An attorney will put down all the terms of the agreement into an official contract.

Full Answer

How can a real estate lawyer help protect my investment?

You don’t technically need an attorney or a real estate agent to buy an investment property. If you are getting financing, then you are going to be required to get title insurance. If you pay cash for it, you are not even required to have title insurance.

Should you hire a real estate attorney when buying or selling?

How do I choose a real estate attorney?

What does a real estate attorney do?

Why hire a real estate attorney?

Why Hire a Real Estate Investment Attorney? Investing in real estate is one of the best ways to invest in your financial future. But navigating the various negotiations and purchases required of real estate investment can be overwhelming, especially if you’re new to the process. That’s why hiring a real estate investment attorney is one ...

What is property tax negotiation?

Property tax negotiations. The more property you invest in, the more property taxes you’ll be faced with each year. A real estate investment attorney give you advice on property tax implications and protest services so you don’t end up paying more to the taxing authority than you have to.

Who is Michael Farah?

Michael Farah is the founder and managing attorney of the Farah Law Firm. Mike graduated from the University of New Hampshire School of Law and is licensed to practice law in Texas and New York.

What is a real estate lawyer?

A real estate lawyer is licensed to practice law and specializes in real estate transactions. A real estate lawyer is familiar with all aspects of the home purchase process and can represent buyers, sellers or lenders. In states where a lawyer is required to be present at closing, it’s possible that the lawyer is there solely to represent ...

Who does a real estate lawyer represent?

A real estate lawyer is familiar with all aspects of the home purchase process and can represent buyers, sellers or lenders. In states where a lawyer is required to be present at closing, it’s possible that the lawyer is there solely to represent the buyer’s lender. You will need to hire a lawyer yourself if you want someone to represent your ...

Can a buyer withdraw from a contract without penalty?

In some cases the buyer—if the contract allows it —could withdraw from the contract without penalty. Title. A title search is routine before a purchase, and might turn up a lien on the property you’re selling or buying, which a lawyer can help investigate. A lawyer also could help ensure the title insurance on your new home adequately protects you ...

What is closing on a home?

Closing. The moment you’ve been waiting for— closing on a home sale or purchase —often involves dozens of pages of legal documents to review. A lawyer can help both the seller and buyer navigate the review, which can be especially intimidating and confusing to a first-time homebuyer.

What is a real estate attorney?

A real estate attorney can assist in the negotiation and drafting of the construction contract and handle the closing of the construction loan. Four common types of construction contracts include unit pricing contracts, cost plus contracts, lump sum/fixed price contracts, and time & materials contracts.

What is the role of an attorney in real estate negotiations?

An attorney performs due diligence to protect the client’s best interest while giving the client legal advice regarding the real estate matter.

What is the job of an attorney?

An attorney’s job is to protect his or her client’s best interest. The attorney cannot do that when the attorney represents parties that have adverse concerns. Throughout a real estate transaction, the attorney provides sound legal counsel to his or her client.

What happens if a real estate contract is not drafted correctly?

However, if a real estate contract is not drafted correctly, the parties could incur substantial costs and time attempting to enforce the terms of the contract. Real estate lawyers have extensive experience drafting and reviewing real estate contracts.

What are the elements of a real estate contract?

The basic elements of contracts include an offer, acceptance, consideration, mutual assent, capacity, and legality.

Do you need a title search for real estate?

Title searches are not required in all real estate transactions. However, a title search is strongly recommended whenever property changes hands or whenever an interest in a piece of property transfers from one party to another party.

Can a real estate attorney write a title insurance policy?

Some real estate attorneys can also write title insurance policies as agents for a title insurance company. Title insurance companies offer insurance that covers title defects and problems. The fee for title insurance is usually based on the sale price of the property or the mortgage loan amount. Before an attorney or title insurance agent can issue a title insurance policy, a title search must be completed.

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.

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 ...

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 can represent the buyer in a home purchase?

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, the attorney may actually represent the mortgage lender.

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 it important to invest in real estate?

Investing in real estate is a great way to produce a second income and generate wealth. When making investment decisions, however, it’s important to understand all that it will require of you. Properly analyzing your target investment property and understanding the process of investing in real estate, before you put down your deposit, ...

Can you buy a property in your own name?

When buying an investment property, you have the option of purchasing it in your own name or purchasing it under the name of another entity, such as a real estate trust or a limited liability company (LLC). Buying a Home in a Resort Community: Pros and Cons.

What is the job of a real estate attorney?

The job of a real estate attorney is to negotiate and make a transaction come together in a peaceful manner that’s fair and amenable to all parties. A real estate attorney takes over after the selling price and terms have been established by the real estate agents in the contract and all parties have signed.

What does it mean when you are selling a house?

You’re selling a property that is in some state of distress. You’re the heir or executor of a property whose owner is now deceased. You’re selling a house with an uncooperative partner. You have judgments or liens on the property.

Who is Julie Ryan Evans?

Julie Ryan Evans is an editor and writer who has covered everything from politics to pop culture and beyond. She loves running, reading, cold wine, and hot weather. Get Pre-Approved Connect with a lender who can help you with pre-approval.