why hire real estate attorney

Why Hire a Real Estate Attorney?

• 1. Attorneys Provide Unbiased Advice Unlike most real estate agents, your attorney does not have a financial stake in your real estate transaction. ...
• 2. Real Estate Transactions Are Complex ...
• 3. Legal Issues May Arise With The Property ...
• 4. Your Lawyer Can Handle Negotiations For You ...
• 5. Your Attorney Can Take Legal Action When Necessary ...

Full Answer

Why hire a real estate attorney when selling your home?

Whether you’re buying or selling real estate, hiring a real estate attorney will protect you against the unexpected, and ensure a smooth and low-stress closing. Your attorney has no personal interest in the outcome of the transaction other than making sure you, the client is taken care of.

Do I need an attorney for a real estate transaction?

Except in states where it's mandated, an ordinary real estate transaction doesn't require an attorney's help. By now, real estate transactions are so standardized that most people in your state will use the exact same purchase contract, just filling in a few blanks. However, legal issues might arise that your real estate agent can't answer.

Do I need a lawyer to buy a house in Massachusetts?

In a few states, however, such as New York and Massachusetts, only a lawyer is allowed to prepare the home purchase documents, perform a title search, and/or close the deal. Reasons to Hire a Real Estate Agent The process of buying a house is complex, and most people find it's easiest to get through with an agent by their side.

Do real estate lawyers charge high commissions?

It's no secret that real estate agents earn high commissions. Although the commission is usually paid by the seller, the cost may be indirectly passed on to you. And real estate lawyers charge exorbitant hourly rates.

What are the benefits of hiring a lawyer?

Here are some of the benefits a lawyer can offer:Know the environment. ... Help you understand the charges and penalties you face. ... Take care of paperwork. ... Knowledge of the law. ... They will not let you get taken advantage of. ... Devoted to defending you. ... Keep things moving along quickly. ... Can save you money.More items...

Why is it important to hire a realtor?

The purpose of a Realtor is to help you find your perfect home with as few hiccups as possible. Whether that's searching an extensive list of for sale properties or negotiating a great deal with the seller, your Realtor is there to spearhead the overall process on your behalf.

When should I hire an agent?

You might need an agent if: You want someone else to make calls and search for jobs on your behalf. You don't have connections for the people that hire you position at networks and stations. You have offers coming to you but need someone to handle the logistics and negotiations.

Should I hire a local realtor?

If you are looking for a quick sale, a local realtor like Poway can help you get the deal over the line. A local agent will have access to lots of information, including the median sales prices of homes in the area. They will be able to provide you with details on how long the house has been on the market for.

Why do you need a real estate attorney?

Whether you’re buying or selling real estate, hiring a real estate attorney will protect you against the unexpected, and ensure a smooth and low-stress closing.

What does a real estate lawyer do?

A real estate lawyer will protect your rights and interests in the transaction. They are the only party in the transaction truly “on your side.” Only an attorney is qualified to explain the law to you and provide legal advice.

Does an attorney have a personal interest in a transaction?

Your attorney has no personal interest in the outcome of the transaction other than making sure you, the client is taken care of. All other parties assisting you in the transaction have a financial interest – namely, commission payments – far greater than your attorney and may steer you to make decisions based on their financial gains instead of yours.

Preparing Documents

Real estate agents utilize documents that attorneys prepare for their clients to fill in. Some examples of documents that real estate attorneys in Muskegon, MI prepare are deeds, leases, purchase contracts, mortgages, and transfers. Real estate attorneys may also attend and supervise closings if they were hired to handle a transaction.

Understanding Complex Contracts

According to the National Association of Realtors, 20% of homebuyers struggle with paperwork due to a lack of understanding the home-buying process. This is where real estate attorneys come in. Real estate attorneys can explain legal jargon to clients in more general terms, help add or remove conditions from a purchase agreement, and so on.

Michigan Disclosure Laws

Home sellers have their own share of legalities to research, such as disclosure laws in Michigan. Sellers must complete a disclosure statement where they must reveal what they personally know about a home. This includes any property damage, issues with electric systems, or defects in appliances. A seller must also disclose any mineral rights.

Boundary Disputes and Property Lines

Is your neighbor’s tree casting a shadow on your pristine lawn? Perhaps that tree is sitting smack in the middle of you and your neighbor’s property line. If that’s the case, it must be maintained by both neighbors, but what if you don’t want to take care of it.

Buying a Home in Another State

Each state has its own laws, and they may not be well known or easy to understand.

Why do you need a real estate agent?

One of the best reasons to hire a real estate agent is that the sellers are likely to use their own agent— and you want to keep that agent from taking over the process. In fact, the seller's agent might pressure you to let him or her represent both seller and buyer, in a " dual agency " relationship that primarily benefits the seller.

What do experienced real estate agents do?

What's more, experienced agents usually have contacts with good inspectors, mortgage loan brokers, and others who can make your buying process easier. And they know what's considered appropriate behavior and practice in your geographical area.

How much commission does a seller pay?

The seller typically pays the commission to both the seller's agent and your agent—usually around 5% of the sales price, to be split between the two agents. This percentage isn't cast in stone, however. For example, the seller might negotiate the percentage down if the house is particularly expensive. (And in probate sales, the court sets the commission.) Some buyers' agents have even been known to offer the buyer a percentage of their commission at closing.

How much does an attorney charge per hour?

Attorneys normally charge by the hour, at rates ranging from $100 to $500. You might also find attorneys who charge flat fees for specific services, such as preparing real estate closing documents.

How to get through the process of buying a house?

The process of buying a house is complex, and most people find it's easiest to get through with an agent by their side. Paperwork will be flying around like a small tornado, and it can be helpful to have someone familiar with the process to deal with it. Other parts of the transaction will be happening quickly too—hiring inspectors, negotiating over who pays for needed repairs, keeping up good relations with the sellers (through their agent) and more.

Can a real estate agent answer a legal question?

However, legal issues might arise that your real estate agent can't answer. In that case, you'll need an attorney's help. Although good agents know a lot about the negotiating and contracting part of the process, they can't make judgments on legal questions. For example, what if your prospective new home has an illegal in-law unit ...

Do you need an attorney to buy real estate?

Except in states where it's mandated, an ordinary real estate transaction doesn't require an attorney's help. By now, real estate transactions are so standardized that most people in your state will use the exact same purchase contract, just filling in a few blanks.