why should i hire a real estate attorney

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.

Why You Should Hire a Real Estate Attorney

Because a real estate transaction is often a large investment, it can be challenging to see things objectively.

Hiring a Real Estate Attorney to Help You

Your real estate transaction will be governed by the purchase and sale contract. An experienced real estate attorney can communicate and modify these often complex contracts accordingly so you can have a smooth closing free of legal complications.

Is it necessary to have a real estate attorney?

Of course, it’s helpful to have a real estate attorney when it comes to handling purchase agreements, mortgage documents, title documents, and transfers. However, there are also other issues that could surface during a real estate transaction, such as boundary disputes or petition to quiet.

Is a real estate agent an attorney?

Your real estate agent has your best interest in mind and knows things like when is the best month to sell a house, but it’s important to remember that an agent is not an attorney. Straightforward real estate transactions typically do not need legal representation (unless required by the state), but sometimes it’s best to reach out for assistance, especially if there are questions or concerns. Attorneys are trained, have the experience, and know-how to navigate complex legal jargon and specific laws.

Is a real estate attorney a good investment?

Yes, a real estate attorney is an added expense, but it can be a worthwhile one. If a legal professional can take care of something quickly, you and your real estate agent are free to handle the next step in the process.

Why is it important to hire an attorney?

The best part of hiring an attorney is that they also help in the understanding of all law, rights, and documentation that are involved. The client will be able to learn every stage of a successful real estate purchase process.

What is the job of a real estate attorney?

The responsibility of the attorney is to ensure that a fair deal is done. They Will Handle Contracts.

Why do real estate lawyers put inspection clauses on documents?

The real estate lawyer puts a property inspection clause on the buyer’s documents to talk about all the defects noticed before finalizing the transactions. They Know Your Rights.

What does a commercial real estate lawyer do?

What Does a Commercial Real Estate Lawyer Actually Do? Commercial real estate lawyers protect the rights of people or entities in commercial incidences related to corporate ownership, commercial lease disputes, title insurance, protecting interests and ensuring that the deal is legitimate.

What does an attorney do after buying a house?

The attorney may also help a lot if an agreement fails to be followed, as agreed. Even after purchasing the property, they can talk about some issues that may arise later, like environmental or structural issues. They Will Oversee All Paperwork.

Why do you need a commercial real estate attorney?

Here are the 12 reasons why you need to hire a commercial real estate law firm: They Will Protect Your Interests. The business real estate attorney protects the client’s interests by ensuring that the contract made is fair. An attorney has extensive knowledge in the field and thus will be able to argue and ensure a fair deal is done.

Do commercial real estate lawyers prepare for unexpected?

They Will Prepare for the Unexpected. Closing a real estate deal can, at times, be very complex since the client may not understand everything. It is most likely that the commercial real estate lawyer will prepare for what is unexpected because, unlike realtors, they are working for you and are not interested in some commission deals. They do everything they can to protect the client.

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.

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.

Why do you need an attorney when selling a house?

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.

What is the education required for real estate agents?

As part of agents’ licensing education, they’re taught and tested on real estate contracts used within their state, many of which also require continuing education courses and/or certifications on subjects such as ethics, buyer’s agency, distressed property sales, and more.

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.

Who attends closing with real estate agent?

In case any last-minute issues crop up, the attorney will attend your closing along with your real estate agent and possibly a representative from your lender.

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