Residential Real Estate Lawyer - Do You Really Need One?

  Some states require lawyers to participate in residential real estate transactions, especially at closing or settlement. Notice how I said, “some states require...’” not simply that you need a real estate lawyer. The majority of states are known affectionately (by real estate lawyers) as, “non-attorney” states. In those states, conducting real estate closings is not considered the practice of law, so you are not required to have a real estate lawyer. The rest of the country resides in either, “attorney” states or states that have mandated the participation of real estate lawyers either for the entire closing or for some parts of the closing. (The parts where you need a real estate lawyer are usually defined by the clear as mud description, “those instances requiring the use of legal discretion and profound legal knowledge.”) Since choosing the right real estate lawyer can save you a lot of aggravation, you want someone who is:

Licensed and in good standing. Many states have web sites where you can look to see that the real estate lawyer you are considering is both licensed and in good standing.

Experienced. Word of mouth can be the best recommendation. If a friend or relative has been well served and satisfied with a real estate lawyer, chances are you will be also.

Real Estate Savvy. This is a specialized area. Just as every midwife might be capable of handling a simple birth, every lawyer might be capable of handling the so-called simple closing, (in California and other “non-attorney” states, people generally do not even use lawyers for residential transactions.) It would be nice, if at the beginning, you could know if yours will be one of those simple transactions. However, since most of us cannot see into the future, if you decide to hire a lawyer, you’ll want one well versed in real estate law and its peculiarities.

In your area. It is important that the real estate lawyer you hire be familiar with local rules and ordinances as they can have an enormous impact on how smoothly your deal flows.

That you can work with. There is no point in hiring someone you either do not like or do not trust. What good does it do you if you cannot rely on the information she gives you or, just as bad, you cannot stand talking to that person? A real estate transaction is not brain surgery; there are plenty of good real estate lawyers who also have pleasant personalities. You do not want to hire someone that does not play well with others. Your lawyer will be dealing not only with you, but with your buyer. You want someone who will help get the job done while protecting you.

How Can You Tell If Your State Is An “Attorney” State?

The easiest way is to log onto a website, such as [http://www.legalwiz.com/escrow.htm] which has a list. In addition to that, you can call your local bar association, your local title insurer, your local mortgage lender, or your local escrow agent. Using the word “local” is no accident. All real estate is local and all real estate laws are local in the sense of being governed by the state law of the state where the property is located.

If your house is located in an “attorney” state, adding a real estate lawyer to your team is both necessary and prudent. You’re going to have to have one anyway, so you might as well get her or him on the team early.

Do I Need A Real Estate Lawyer In A “Non-Attorney” State?

If the house you want to sell is in one of the majority “non-lawyer” states, you might need a real estate lawyer at some point if things get complicated, but there is no rush. In “non-attorney” states, closings usually take place through escrow. Although the escrow agent does not represent you, they are usually very knowledgeable and they are obligated to follow the directions you outlined when the escrow was set up.

If you do hire a real estate lawyer, she can be your second most valuable player. From advising you on such matters as the contract, disclosures, title, inspection issues, to holding the earnest money and handling the closing.

REMEMBER: Even in “attorney” states, real estate lawyers are not deal makers. Their job is to make sure the contract is properly executed. They may or may not be involved in the actual negotiations.

TIP: In some areas, real estate lawyers make a large chunk of their money from the title company they work with. As the seller, it will be your responsibility to bring down title. Therefore, working with an real estate lawyer who has a relationship with a title company, could be to your benefit.

Lawyers usually play a very important role in broking real estate deals. By employing the services of a lawyer in your transactions, you will realize that your clients trust you more. Furthermore you will save time by letting your lawyer to handle all the transactions on your behalf. In addition to these, a commercial real estate attorney will come in handy in various stages of transactions and exchange of property to representing you on litigation matters. Therefore, regardless of your level of capitalization, whether you are a small time or big business owner; commercial property lawyers are there to take care of all players in the industry. You can always count on commercial lawyer for professional, knowledgeable and responsive services. Such lawyers cover extensively matters involving both huge sums of money as well as small investments.

Parties that can seek services of real estate lawyers

The industry is detailed and complex by virtue of the items being traded as well as different people and professionals that are involved. As a result anyone that operates in this industry that is not necessarily a buyer or seller of property can actually seek legal solutions from the estate lawyers. Such people include: Contractors, Tenants, ordinary citizens, Foremen, engineers and all players that are involved in one way or the other in building and construction have the access of commercial real estate lawyer. A lawyer will be helpful in cases where there is:

Breach of contract.

Work delay and or termination.

Injury to workers.

Issues of non-payment and collections.

Poor workmanship.

Use of poor quality materials.

Family estates and inheritance

Estate lawyers can also be very good advisors on real estate transactions and step in to resolve disputes arising from inheritance and property rights. Disagreements about property and inheritance are matters are always common. To prevent disputes that emanate from inheritance matters; the services of a commercial attorney will be very vital. Under this category, the lawyers can offer myriad services concerning family and personal property. First of all they can help in drafting wills. Estate lawyers can help you in drafting wills that determine the beneficiaries of your inheritance. This will be done with great considerations of the existing laws of inheritance as well as the desires of the property owner. Furthermore, the lawyers and their law firms can also act as custodians of such property in case of the demise of the proprietor and beneficiaries haven't attained the age of property ownership. You can also handover the management of your property to commercial real estate lawyer so he or she operates under your instructions.

Important advice

When dealing with commercial real estate lawyers, it is always good to know the charges in advance before you commence any dealings. The firms that charge a flat fee are better than those that charge hourly. Furthermore a flat rate fees enables you to budget so that your problems solves.

If you are selling your property, you must find a real estate lawyer to be equipped with precise legal support to handle legal issues involved in the sale. Buyers appoint their own lawyer, so make sure that you have reinforced your legal position with an experienced and proficient real estate lawyer or attorney https://www.canalawrd.com/. When you are searching for a lawyer, you must check out his profile, cases handled and resolved by him, his credentials, profile of the law firm in which he is practicing and many more factors. The easiest way to look for a best real estate lawyer would be to go through online real estate lawyer sites, rather than looking around in your vicinity. Checking track records and credentials of a lawyer becomes easy task through websites of the law firms and individual legal consultants.

Job Of A Property Seller's Lawyer

Although there is no distinctive function or job defined for a lawyer taking care of legal issues in the sale of a property, such a lawyer usually performs the following tasks to help you in property sales -

1. He/She will draft and review sales contract

2. Ensure title of the property and the documents pertaining to the property are properly included in the sales

3. Revise mortgage information and re-calculate transaction to ensure that those are correct

4. Revise tax bills related to the property

5. Adjustment of dates for utility costs, condominium costs or municipality costs

6. Assessment of the amount of due refunds, if any

7. Drafting statement for adjustment

8. Drafting transfer deeds

9. Taking care whether their clients are able to deliver title to the buyer, when the sale is closed.

Documentation Asked By A Real Estate Lawyer From His Clients

As a seller, you are required to keep ready some essential documents if are about to find a real estate lawyer. Following are the documents your lawyer would require -

Latest tax bill issued on your property

Last year's utility bills on property

Mortgage details

One copy of the offer accepted by buyers

Transfer documents on the property since when the property was purchased

Additional relevant records which prove that you are the owner of the relevant property.

Fees Charged By Real Estate Lawyer

As you close a property sale deal, be prepared with some payments. Find a real estate lawyer to take care of these payments, including real estate attorney fees. You must keep aside a portion of your profit for insurance, taxes, liens and assessment, escrow charges or charges for title insurance, inspection fees etc. Your real estate lawyer may charge you commission and transaction fees.