why you need a real estate attorney

What does a real estate attorney do?

A real estate attorney will review your contract, advisably prior to the purchase – something that’s especially recommended for first-time homebuyers. Your attorney will make sure that the terms of the deal are properly honored in a contract in order for them to be legally binding.

What is the purpose of a title search?

The purpose of a title search is to make sure the property being sold is free of any encumbrances, such as liens or judgments. The findings of the title search are vital since they reveal whether the seller has the legal right to sell the property. Having an estate attorney perform this service means it gets done in less time, and often with less cost – thanks to the working relationships real estate attorneys typically have with title search companies.

What is a real estate attorney?

A real estate attorney 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.

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 much does a real estate attorney charge per hour?

Fixed hourly rate: A real estate attorney who charges an hourly rate may charge $150 – $350 per hour, but this can vary a lot depending on how experienced the attorney is and what area you’re in.

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.

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.

Do you have to have an attorney at closing?

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 contract was negotiated. If you want your own attorney in addition to the one required by your lender, you’ll also pay for any services they provide you.

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.

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 ...

Why is it important to have a lawyer in a negotiation?

This is important because when you’re in the middle of a potentially contentious negotiation that needs to be resolved quickly, you’ll want the lawyer to be available to advise you and negotiate with the other party.

What does exclusive representation mean when buying a house?

Exclusive representation. When you are buying or selling your home, everyone has an interest in the deal getting done, including real estate agents and the lender. This can make you feel like you’re on your own at times. However, if you hire a lawyer, you’ll have access to an independent third party who can review the contract and represent your best interests throughout the transaction.

What are some situations that are unusual and might require an attorney’s advice and negotiating skills?

Here are some situations that are unusual and might require an attorney’s advice and negotiating skills: You’re buying a home that is part of a special type of sale, such as an estate sale, short sale, auction or purchase from a bank. You’re purchasing a home that’s in another state.

How much does a lawyer cost?

The cost for a lawyer could be around $200 to $300 an hour, or just a flat fee of several hundred dollars that you pay at closing.

What is the most important document in the home sale process?

It can help you avoid potential problems down the line by making the contingencies as favorable to you as possible. The contract is the most important document in the home sale process, and it includes several negotiable issues. Some of the most important issues in the purchase contract involve: Timing. Your timeline for closing on the property ...

Do you need a real estate agent before buying?

In addition to hiring a real estate agent before buying or selling, most buyers also will consult with an inspector and pay for an appraiser. Another expert who can play a pivotal role in the transaction is a real estate attorney. Some states require real estate lawyers to be part of the process, while attorneys are not used much, if at all, ...

The difference between real estate agents and real estate lawyers

When it comes to a property transaction, both real estate agents and lawyers could be beneficial, but they offer you completely different services. The responsibility of a real estate agent is to make the challenging process of buying or selling a home easier for you.

Responsibilities of the real estate lawyer to the home buyers

If you are a home buyer you might ask yourself why you would need a real estate lawyer. When you want to buy a house, it is a wise decision to use the services of a real estate lawyer early in the process. Their legal expertise and knowledge would be so useful for handling the negotiations and legal documents.

Responsibilities of the real estate lawyer to the home sellers

Home sellers are amongst the people who need a real estate lawyer’s services to do the closing and other legal work as well. The most important role of a real estate lawyer for sellers is to protect them from any costly errors during the selling process. Some of the most important responsibilities of real estate lawyers to home sellers include:

How much are the real estate lawyer and legal fees

The total amount of legal fees associated with purchasing or selling a home totally depends on the whole transaction process and the level of expertise of your real estate lawyer. Generally, it varies based on the type of home you are selling or buying. In Toronto, this may cost you anywhere from $700 to $2,000.

How to choose the best real estate lawyer

Now that you know hiring a real estate lawyer can safeguard your best interest, it is time to make sure you find the best real estate lawyer. The way that the closing process goes, depends on the expertise of your real estate lawyer. So you should choose carefully!