what do you need to be a real estate attorney

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 ...

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.

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.

What to do if you have liens on your home?

Liens: If there are outstanding liens on your home, an attorney can help resolve those issues and clear the path to closing. They can communicate with the title company to make sure all lien holders get paid correctly.

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 to do when selling a house with someone other than your spouse?

Joint sale: If you are selling a home with someone other than your spouse, an attorney can help you keep both your best interests in mind . As mentioned before, an attorney for each party ensures both sellers’ interests are prioritized.

Who do real estate agents refer to?

They may even have a referral for an attorney who is an expert in your specific type of sale.

How to find a real estate lawyer?

Utilize your state’s Bar association directory: Your state Bar association’s website can help you locate lawyers in your area who practice real estate law. Use the American Bar Association’s directory to help you find your state’s website.

What Is A Real Estate Attorney?

A real estate attorney, also known as a real estate lawyer, 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 or short sale.

How Much Does A Real Estate Attorney Cost?

How much you’ll spend paying your real estate attorney (or attorneys) will depend on what services they’ve provided for you and who is responsible for that particular closing cost. If your mortgage lender requires an attorney to be present at closing, whether the buyer or seller covers the cost of the closing attorney will depend on how your real estate contract has been negotiated.

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 to find out about an attorney?

Use an online legal review site: There are many online review websites that will give you information on attorneys in your area, including their specialties, fee structures and any reviews left by former clients.

What to ask if someone recently purchased a home?

Ask for recommendations from friends and family: If someone in your social circle recently purchased or sold a home and had an attorney, you might consider asking them who they used and what their experience was like.

Do you need an attorney to close a home?

Certain states may also consider performing a home closing to be a practice of law, and as such, an attorney may be required to be present during closing. If you’re getting a mortgage with Rocket Mortgage®, we require you to have an attorney conduct your closing if the subject property is located in any of the following states:

How does a real estate attorney help buyers?

This specialized lawyer can help solve issues involved in the complex world of closing on a house, such as dealing with and explaining all of the contingency clauses, and can even be brought in earlier to help negotiate issues that they might understand better than the client. Though the real estate attorney is yet one more cost amid many when buying a home, he or she can help avoid problems that would be even more expensive than the attorney’s fee down the line.

What is the cost of a real estate attorney?

Real estate attorneys may charge a flat fee, perhaps in the $750 - $1,500 range, or charge by the hour.

How is a real estate attorney different from a real estate agent?

It’s not part of their licensing. Though real estate agents perform a valuable service with their knowledge of neighborhoods and comparable home sales, a real estate attorney will be able to answer and solve legal questions that arise during a home sale.

What do real estate attorneys do at closing?

A real estate attorney can help you navigate the morass. He or she handles all of the financial paperwork with the home closing, including state and local taxes – paperwork that could overwhelm the average person. The attorney ensures the fees noted are appropriate.

Is a home purchase a simple agreement?

Not every home purchase is a simple agreement between a buyer and a seller. The buyer might be dealing with a property that is owned by a bank. The seller could have inherited the property and has little understanding of its value or its history. In these and other atypical, complex cases, paying for the expertise of a real estate attorney is highly beneficial.

Can a real estate attorney look out for your interests?

Others involved in your homebuying purchase or home sale are not obliged to look out for your interests. A real estate attorney is. The lawyer can deal with any issues that arise and negotiate a productive solution or even amend a contract if necessary.

Are you required to hire a real estate attorney?

More than a dozen states require that a real estate attorney be hired to be present at the closing (for some reason, they are predominantly on the East Coast and in the South). If you do not live in one of those states or the District of Columbia, the decision is up to you, whether you’re the buyer or the seller.

What Does a Real Estate Lawyer Do?

A real estate lawyer deals with ‘real property’ transactions. Real property includes land and permanent structures that reside in a fixed location.

How Much Will a Real Estate Attorney Cost?

There’s no set fee for how much a real estate attorney will cost. Instead, it’s dependent on the type of services you require and how they decide to charge you.