Functions of a Real Estate Attorney
What Do Real Estate Attorneys Do?
If you’re buying or selling a home, you may be confused about whether you need a real estate attorney to help you. The process can be daunting, particularly for first-timers. That’s why it’s crucial to get a real estate attorney to help you and protect your interests. Though it may cost you some money now, it saves money in the long run by covering you for any eventuality or issue that may arise. Real estate transactions are complicated, which is why it’s vital to have an experienced lawyer on your side to protect your investment.
General Overview of a Real Estate Lawyer’s Responsibilities
So what is it that a real estate lawyer does, exactly? They have many responsibilities. Real estate lawyers document and review all different kinds of real estate transactions. Or, if something goes wrong during the transaction, a lawyer will come in on your behalf to file a lawsuit. They also handle purchases, leases, inspections, and appraisals. Another one of their responsibilities includes resolving title insurance and environmental issues. Depending on what kind you have, they can provide all sorts of vital services during real estate transactions.
1. Negotiates on Your Behalf
One of the primary responsibilities of a real estate lawyer is to negotiate on your behalf. Look for an attorney with lots of experience and a strong background in the area you need help. One of the foremost qualities of an exceptional real estate attorney is negotiating fantastic deals: either saving you money or making you money. They can negotiate the terms with other lawyers, developers, investors, or brokers.
2. Draws Up Essential Documents
One of the most commonly utilized services of a real estate lawyer is drawing up official documents. Though real estate agents can help clients to fill out the necessary documents, only a licensed lawyer can actually draft and revise them. These documents can include deeds, leases, rental agreements, financing documents, and purchase contracts.
3. Handles Transactions
A quality real estate lawyer will have the knowledge and expertise to handle any real estate transactions competently. They offer guidance for their clients regarding leases, appraisals, inspections, legal documents, and deeds. A good lawyer will review all purchase agreements, so you know you’re getting the best deal, and they’re looking out for your interests and investment.
4. Obtains Title Insurance
When you’re buying a home, getting insurance is mandatory. When you hire a lawyer, they can arrange the title insurance on your property. Title insurance and home insurance are not the same things, however. Title insurance covers issues that occur before and after you have officially purchased the property and protects you in the event someone else claims the home is theirs or if you have problems with back taxes. Home insurance protects you from unexpected damages that could occur to your property.
5. Handles Foreclosures
Foreclosure proceedings vary from state to state, so to make sure you are following every accordance of law; it’s best to hire an attorney. They can help you through the entire proceeding and give you the best course of action regarding your specific situation and options available to you. Lawyers cover both sides of the coin, though. They can represent either a lender or a borrower, so no matter which side you are on, you should be able to find a great lawyer to assist you throughout the proceedings.
Do You Need a Real Estate Attorney?
Some states require hiring a real estate lawyer to assist with the buying and selling process. Though many real estate transactions have become standardized and relatively simple, they are still a critically important part of the process and should be handled by an expert. If you’re facing any contractual issues or the other parties are crying foul, having the assistance of a lawyer can be incredibly helpful. Here are a few different situations where hiring an attorney will be extremely helpful:
You want to end a contract
There’s an illegal dwelling on the property
If there are tenants you want to evict
Any foreclosure proceedings
Correcting title problems
Any commercial real estate transactions
If any disputes or litigation occur
All of those situations are times when it’s best to hire a lawyer with the skills and expertise to help you navigate through the complicated process of real estate transactions. Remember, it varies by state, and some may require you to hire an attorney. Even if your state doesn’t have a requirement, it’s still a smart move to make. It gives you the assistance of somebody whose only purpose is to protect your interests and be on your side. That can be invaluable, especially if any issues or disputes arise.
Real Estate Attorneys Help You Navigate the Entire Process of Buying or Selling Your Home
If you’re a first-time buyer or seller, the real estate process can be pretty intimidating. That’s why it’s vital to hire a lawyer. They protect your best interest and ensure that you get a good return on your investment. Real estate lawyers draw up documents, help you handle real estate transactions, assist with foreclosure and title insurance, and negotiates on your behalf. If you want to make the process go as smoothly as possible, hire a real estate lawyer to navigate all the ups and downs and cover you for any eventuality.