real estate attorney why do you need them

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

Full Answer

What does a real estate attorney do for a buyer?

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...

Do I need a lawyer when buying a home in California?

Aug 21, 2018 · 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 …

Why do I need a lawyer to sell my home?

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What does a real estate attorney do at closing?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is a Real Estate Lawyer? Why Might You Need One?

Purchasing a home is one of the biggest decisions in your life, and should be done with care and precision. This includes real estate lawyers, brokers, real estate agents, etc.

Qualifications

So, what exactly makes a real estate attorney…a real estate attorney? Besides passing the LSAT exam and attending law school, real estate attorneys are required to earn their law degree; taking real-estate specific classes and then passing the BAR exam to begin practicing law legally.

Property-Related Laws

There are tons of laws in place regarding purchasing a home; from practices that lenders are not allowed to engage in, the laws are numerous; and quite frankly, difficult for an average person to navigate. How will you know if your lender is following the law if you don’t actually know what it is? That’s where your real estate attorney comes in.

Review of Important Documents

With so much documentation during the buying process it can be incredibly difficult to keep track of it all; let alone meticulously review every document for accuracy. A real estate lawyer will review and complete documents such as title searches, title insurance policies, purchase agreements, and more.

Might be Required by Your State

Some states actually require a real estate lawyer to be present during home-purchasing transactions. This is a precaution to help consumers avoid predatory lending practices (remember the housing bubble of 2008?)

When You May Need One

So when should you hire a real estate attorney? The ideal answer is anytime you’re purchasing property, but most seasoned real estate purchasers already know this. If you’re buying your first home, having an attorney should be a requirement if you notice anything suspicious about your lender.

Conclusion

A real estate attorney is a truly priceless addition to your team during the buying process. Though hiring this kind of professional will increase the overall cost of the buying process, it’s always better to spend some extra money to be safe and ensure that your property and the lender you’re utilizing to purchase the home is in good standing.

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 ...

Do you need a lawyer for real estate?

Some states require real estate lawyers to be part of the process, while attorneys are not used much, if at all, in other states. Here is a look at why hiring a lawyer might be a good idea—or not—from a buyer’s and seller’s perspectives.

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.

Can a lawyer draft a real estate contract?

Although real estate agents usually play a central role in preparing purchase contracts, a lawyer could provide a review of the purchase contract terms. What’s more, real estate agents are generally limited to filling out contract templates, rather than drafting them from scratch. For that reason, more complex contracts may need to be drafted by an attorney.

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 ...

Why do I need a real estate attorney?

Reasons to hire a real estate attorney even if it’s optional 1 You’re an out-of-town buyer. 2 You’re buying a property that is a short sale or bank-owned. 3 You’re buying a property that is part of an estate sale. 4 You’re buying a commercial property. 5 You’re buying a property that could potentially have some structural issues. 6 You’re buying a property in a problematic area such as a flood zone or areas with adverse conditions (tornado-prone, radon, toxicity levels, etc.).

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.

Which states require a real estate attorney to be present at closing?

These include Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia. Keep in mind that these rules can vary by region within states, too.

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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.

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

How much does a real estate attorney charge?

How much does a real estate attorney cost? How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction. Some attorneys charge hourly, ranging from $150 to $350 per hour.

Do you need an attorney for a closing?

In 21 states and the District of Columbia, attorneys are legally required as part of the closing process. Attorney-required states include: As a best practice, if the other party in your transaction has a lawyer representing them and supporting their best interests, you should too.

What to do if you inherited a home?

An attorney can help you navigate the complexities. Estate sale: If you inherited the home you’re selling, hiring an attorney to sort through ownership documents can ease the burden, which is especially helpful when you’re grieving the loss of a family member.

What is the job of a home inspector?

Their job is to make sure the buyer knows about everything that may need to be repaired on the home. Sellers also sometimes hire an inspector to do a pre-inspection so they can make any necessary repairs before putting the house on the market.

Qualifications

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Property-Related Laws

Review of Important Documents

Might Be Required by Your State

When You May Need One

Conclusion