Thankfully, choosing a real estate attorney doesn't have to be a hard process if you ask these eight questions.
- What Credentials Do You Have? ...
- What Experience Do You Have? ...
- How Much Do You Charge? ...
- How Many Clients Do You Serve? ...
- How Much of Your Work Is Dedicated to Real Estate?
Should you hire a lawyer to represent the buyer and seller?
Feb 28, 2019 · Roy Oppenheim is a sought-after legal expert on issues relating to real estate, real estate litigation and commercial litigation. In 2009, he started the South Florida Law Blog to address the real ...
Can a lawyer represent both parties in a case?
Feb 28, 2020 · You need to quit saying represent the buyer and the seller. You can’t represent both parties. Quit using the word represent (a fiduciary) and just say “work with the buyer and the seller” and define exactly what that phrase means. Attorneys may not represent opposing parties and we should not be allowed to either.
Can a real estate attorney do both buyer and seller closing?
Sep 26, 2020 · That means you, the buyer or seller, has to actively engage a real estate attorney to represent your interests only in the transaction. We can't emphasize this enough.
What does a real estate attorney do?
Free legal representation isn't worth it, if the real estate lawyer doesn't provide the comprehensive services a homebuyer needs. Homebuyers should ask the lender's attorney questions about his or her representation before agreeing to the dual representation. 2. Review of closing documents. In addition to reviewing/negotiating the P&S, another important service a buyer’s attorney …
What is the role of an attorney when buying a home?
As a buyer, your attorney will perform several key functions, including reviewing important documents and paperwork quickly and accurately, processing purchase and sale agreements, and examining title documents, including title insurance and the plat of survey. Along the way, your attorney can help explain this important paperwork to you in depth, so you know what you’re agreeing to and making necessary changes, as appropriate.
What does a buyer's attorney do?
As a buyer, your attorney will perform several key functions, including reviewing important documents and paperwork quickly and accurately, processing purchase and sale agreements, and examining title documents, including title insurance and the plat of survey. Along the way, your attorney can help explain this important paperwork to you in depth, ...
What is the role of a buyer's attorney at a closing?
In addition, they will be responsible for thoroughly communicating all of the relevant information to their clients, including matters relating to cash flow, closing costs, and more. At the closing table, the buyer’s attorney will help walk their client through the final aspects of the paperwork, helping to explain and guide the signing of documents, including deeds, notes, settlement statements, loan documentation, and so on.
What is real estate property?
For one thing, real estate falls into its own unique category as “real” property – broadly meaning land, and the structures affixed to that land. It is distinct from personal property, those tangible and intangible possessions other than land or buildings (like appliances, cars, stocks and bonds, and so on).
Can a seller transfer a title to a buyer?
In order for a home to be sold, it must be determined that the seller has a clear title on the home, and can transfer it to the buyer without any complications or issues . A real estate attorney can help coordinate and conduct a title search in order to determine if there are any outstanding issues – such as mortgages, liens, disputes, ...
Can a broker represent you in a real estate transaction?
A real estate broker can help in many ways throughout the real estate transaction – but it’s essential to remember that they cannot provide legal counsel. Only an attorney can represent you in this way. As you move forward with the goal of purchasing a home, your attorney will be your advocate, negotiating on your behalf and with your best interest at heart. Throughout the process, an attorney can review key documents and implement contract changes, manage negotiations with other parties, lead communication on scheduling, and provide important updates, as necessary. If disputes, questions, or issues arise, your attorney can work to resolve these unforeseen problems, as well.
What is a real estate attorney?
Real Estate Attorney for the Buyer. Anyone wishing to purchase a property must do so in a valid contract that is structured properly in terms of the law. A real estate attorney will ensure that the offer made in an offer to purchase is drawn up correctly. If it isn’t, it cannot be enforceable in a court of law.
What is the final step in a real estate sale?
The final step of any real estate sale is the closing. This is when the seller gets paid and transfers title to the buyer. While some people are able to pay cash for a property, most need to raise a loan of some sort, most commonly a mortgage.
What is the most important disclosure in a house?
The most important disclosures relate to existing defects in the house that the seller knows about. Federal law also requires sellers to disclose the use of lead-based paint in the house. Once an offer has been made, the seller has the opportunity to accept or reject it, or to make a counteroffer and negotiate changes to the contract. ...
Who handles closing on a loan?
When there is a loan involved, the lender’s attorney must handle the closing. For this reason there will often be three real estate attorneys involved in the sale of property, one representing the buyer, another the seller, and the third representing the mortgage lender. So why is it advisable for both buyer and seller to have a real estate ...
Who does the closing of a mortgage?
And when the buyer needs to borrow money for a mortgage, the real estate attorney who does the closing doesn’t represent either the buyer or the seller, but rather the lender. While buyers and sellers of property are not legally obliged to use the services of a real estate attorney , it’s generally advisable to do so.
Can a real estate attorney represent a buyer?
When it comes to buying and selling property, a real estate attorney can either represent the buyer or the seller. One attorney cannot do both.
Is there a real estate law in Georgia?
While there are federal laws that govern the sale of real estate, in Georgia there are several state laws that also apply. These include: The Georgia Brokerage Relationships in Real Estate Transactions Act. Georgia Law for the Real Estate Sales Contract. This is another very good reason to use a real estate attorney when buying or selling property ...
What is the requirement to disclose who you represent at first contact with the buyer?
To meet the requirements of Section 1101.558 of The Real Estate License Act , you will need to disclose either orally or in writing who you represent at first contact with the buyer. Of course, it will be easier to prove you’ve provided this disclosure if it’s in writing.
How to use TXR 1417?
Use TXR 1417 Representation Disclosure in addition to the Information About Brokerage Services to clarify that you represent the Seller. Have that unrepresented customer sign it and keep it in your file. Then assist the buyer customer but refrain from offering opinions and advice. You can help the buyer as long as you don’t advise the buyer to do something that would disadvantage the seller. Use multiple choices with the buyers.
What is intermediary form?
The “Intermediary Form” is used to inform the “customer” that they are either not represented OR that they will be assigned an agent to represent them as appointed by the Broker, therefore making them a “client” and the Broker the Intermediary. That being said, why would you risk it!
Should a broker disclosing information help or hurt the other side?
As long as a Broker/Agent is disclosing properly and NOT disclosing information that will help or hurt the other side, there should be no issue working with both buyer and seller.
Can an attorney represent both parties?
You can’t represent both parties. Quit using the word represent (a fiduciary) and just say “work with the buyer and the seller” and define exactly what that phrase means. Attorneys may not represent opposing parties and we should not be allowed to either. As a TAR attorney once said: “Intermediary is a legal fiction.”.
Do you need to provide information about broker services?
You’ll also need to provide the buyer with the Information About Brokerage Services form upon first substantive communication regarding a property. If an unrepresented buyer presents an offer on a home where you represent the seller, the buyer is a customer—not a client—and intermediary rules do not apply to the situation.
What is the most important service a buyer's attorney does?
The effect is that for most real estate transactions, reviewing/negotiating the P&S, which is typically the most important service that a buyer’s attorney does, is much more substantial than just reviewing a form P&S and perhaps adding a few boilerplate provisions. Almost any experienced real estate attorney would agree that whatever the version, ...
Who is involved in closing a real estate transaction?
In most real estate transactions, there are a lot of parties involved – sellers, buyers, listing agents, buyer agents, loan officers, processors, underwriters, home inspectors, appraisers, insurance agents … and then attorneys. Assuming the seller and buyer each have separate legal representation, then the closing attorney not only has ...
How much does a closing attorney save?
If the closing attorney agrees to represent the homebuyer free of charge for reviewing the purchase and sale agreement and other items associated with buyer representation, the buyer can potentially save between $400 and $800.
What is a settlement agent in Massachusetts?
Most homebuyers that purchase a home in Massachusetts obtain a mortgage loan from a lender. The person/company that handles the closing (transfer of title) for the lender is known as the settlement agent. In Massachusetts, the practice of closing transactions for buyers and sellers when there is a home loan is considered the practice of law; therefore, the settlement agent for any real estate closing involving a lender must be conducted by a licensed attorney. That settlement agent is often called the “closing attorney.” If you're moving to Massachusetts, this part of the closing process may be different than the state you're moving from.
What is a closing attorney in Massachusetts?
That settlement agent is often called the “closing attorney.”. If you're moving to Massachusetts, this part of the closing process may be different than the state you're moving from. The legal fees for the closing attorney is one of several closing costs a homebuyer is responsible for paying at closing. That closing attorney represents the lender, ...
What is a note in a mortgage?
The note is a contract for the homebuyer/borrower to repay the loan based on the legal terms of the note. And the mortgage is a security instrument that a borrower gives to the lender allowing it to foreclose on the property, if the covenants and agreements in the note and mortgage are not met. The reason why a buyer has to pay for ...
What are the disadvantages of having a lender's attorney?
Disadvantages of having your lender’s attorney provide dual representation: 1. Different services. Closing attorneys provide a myriad of services before, during and after a closing. Among other duties, they review and certify title, review/prepare/record the deed, obtain and payoff existing mortgages, order and payoff municipal bills ...
Dealing with Contracts and Other Paperwork
Buying a home can be complicated; the oversight and assistance of an attorney can help the process go more smoothly, at every step of the way. When you purchase a home, one of the most important considerations is the veritable mountain of paperwork that is going to accompany your transaction. As a buyer, …
Handling Negotiations and Resolving Disputes
Performing A Title Search
- In order for a home to be sold, it must be determined that the seller has a clear title on the home, and can transfer it to the buyer without any complications or issues. A real estate attorney can help coordinate and conduct a title searchin order to determine if there are any outstanding issues – such as mortgages, liens,disputes, or judgments on the property – that need to be addressed i…
Handling Filings and Recordkeeping
- Much of the paperwork that comes along with a real estate transaction will need to be recorded, often at the county and state level. An attorney can help ensure that this important step goes off swiftly and efficiently, so that the transfer of property is legal and binding.
Addressing Financial Questions and Considerations
- A real estate attorney can also be a useful resource when it comes to understanding and managing many of the financial aspects of your real estate transaction, including questions or considerations about property taxes, HOA assessments, and so on. In many cases, your real estate attorney may also take responsibility for handling monies at different steps along the way…
Coordinating The Closing
- Generally, attorneys will be responsible for calculating a closing statement, and will assume responsibility for scheduling the details of the closing meeting, including the date, time, and location. In addition, they will be responsible for thoroughly communicating all of the relevant information to their clients, including matters relating to cash flow,closing costs, and more. At th…
The Bottom Line on Buying A Home
- At the end of the day, it’s important to remember that there’s a lot that goes into buying or selling property in Chicagoland – from processing purchase and sale agreements, to handling title paperwork, to navigating the development, zoning, and tax laws unique to our area. And while the process is often similar, no two real estate transactions are ever going to be exactly alike! As yo…
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