If you are a first-time home buyer, what comes to your mind when going through the process of buying a house is signing all the documents quickly so you can have a roof over your head. You might not have known that there are different kinds of people who help get everything done from beginning to end.
One of them is the real estate attorney who helps protect both parties’ interests in a real estate transaction. If you think that it’s no longer necessary to hire an attorney because the closing costs are too high, then check out this article and learn more about hiring a real estate lawyer.
What Is a Real Estate Attorney?
A real estate attorney specializes in contracts between buyers and sellers of properties, mortgages, deeds, leases or any other documents that are related to transactions about real estate. They know which questions to ask when looking for loopholes in the agreement and also look into the details of contracts for you before signing on it.
What Does He Do?
Some real estate attorneys don’t just help with buying or selling a house, they can also assist with renting properties, loan modifications, tax liens, foreclosure proceedings, and any legal issues regarding real property.
Some even offer services like opening escrow accounts or representing clients in hearings. You can check out someone like attorneysre.com for more information. That’s why it’s necessary for buyers to hire an attorney who is experienced in every aspect of real-estate law depending on what your needs are at this point of time. When you’re working with an experienced lawyer during the process of buying a house, you can expect them to do the following:
- Document review
- Provide legal guidance on all real estate issues
- Do a title search and check for possible claims on the property you plan to buy
- Draft closing documents such as deeds and disclosures
- Review your contracts and provide advice where necessary
What Will You Need?
When looking for a lawyer to hire, make sure he has experience in this field by asking about his background. It’s important that he is experienced because after instructing him on your requirements, he should be able to give an estimate of how long it would take for him to finish the job.
If you’re planning on buying a house soon then finding an attorney who specializes in real estate law will be more helpful than finding a general attorney. If your real estate attorney is too busy to handle your case, he should review the documents and point out any loopholes in them so you can hire another one for legal advice and help with preparing the contract.
What Will It Cost?
Hiring an experienced real estate lawyer won’t cost you a fortune because most of them work on a ‘contingency fee basis which means that if they win the case then the percentage of their income will come from the money that you get from winning.
However, if they do not get you what you want during an agreement, they will not be paid. Most attorneys only charge a certain amount of money for photographing properties, drafting declarations and deeds, or reviewing the contract. In the end, it all depends on what you need from a real estate attorney and if they’re able to help you with those needs then hiring them will be worth every penny that you have paid for.
Sellers Need Attorneys Too
If you’re selling a home the need for an attorney to represent your rights isn’t required in all states. But, not having one increases the chance of being accused of trespass by the other party for failing to divulge certain details. The reason is that an attorney has to review your house investigation and provide relevant information regarding the property to the other party.
If the other partner is a corporation or partnership and the transaction is incorrectly executed. They could then be able to sue you for not clearing titles to the property failing to declare certain defects or breaking a corporate charter or any other. Although having a lawyer may be unable to protect you completely from litigation, having legal counsel will definitely decrease your risk. An attorney is more likely to obtain an unambiguous identity and make the necessary disclosures. So this especially can be a bit dangerous and you need to be aware that this happens. Without a lawyer that can be quite hard.
Lawyers can be extremely helpful when it comes to buying property but the added cost of hiring one means that not everyone will have access to them which is why many people are choosing to get assistance from lawyers for hire online. There are also plenty of resources available on the internet that provide information on how to buy property without a lawyer. By doing some research you can learn about all of your legal rights, responsibilities, and options while making sure that everything goes smoothly during your real estate transaction.
In conclusion, whether buying or selling a house, it’s always recommended that you hire a real estate attorney because he is an expert in this field and knows how to protect your rights as a buyer or seller of properties. One of the most important steps towards becoming a homeowner is finding a lawyer who can work with you along the way and make sure everything goes smoothly before making any deals.
Try looking for an attorney who specializes in real estate law, has experience and charges reasonable prices for his services In the end, most importantly, make sure you feel comfortable with the real estate attorney that you have chosen. With all that we hoped you learned why a real estate lawyer is a good idea and how can he help you in this transaction.