There are thousands of real estate law firms across the country, but it’s essential to find the right services for your needs. This is especially true if you’re looking to tackle complex real estate-related cases.
Remember that buying a home will be one of the biggest investments you will ever make. There are also numerous transactions and steps involved in acquiring property.
This is why you should always have the best real estate lawyer by your side to ensure you have the right help throughout the entire legal process. Here is everything you should know about real estate law and the types of services they offer.
Who Your Real Estate Lawyer Represents
In many cases, you may work with a few attorneys involved in a real estate transaction. This is because attorneys represent different parties.
For example, you may have a transaction where one attorney represents the buyer, another stands up for the seller, and another attorney may represent the mortgage lender if financing is involved.
Finally, you may also have a real estate lawyer representing the title company. So many people need to be involved because one real estate lawyer cannot represent the seller and buyer simultaneously.
This would lead to a conflict of interest, which is why having lawyers for different people is better. In most residential home purchases, it is common for the buyer to have a lawyer at the very least.
There may not be a need for all the other parties to have one too. However, you should always check your state laws specifically. This is necessary because many states require hiring a real estate lawyer to assist with closing duties.
Services Offered
A real estate lawyer is an expert who specializes in all legal matters related to property.
Their broad range of legal services can include assisting you with buying or selling homes, management, disputes, title issues, compliance, ownership, and other matters.
During a transaction, your real estate lawyer will also ensure that your agreement accurately reflects all the deal details. There should be no hidden clauses you do not know about or fine print that is too small to read.
Here’s what you can expect when retaining their services and what they can offer you.
Legal Services
One of the main things your real estate lawyer can do for you is they can confirm that the ownership is approximately vested in the seller of the property.
They can uncover and identify liens, litigations, unpaid loans, and other essential claims against the home you want to acquire or sell. Your real estate lawyer will work to help clear these, and they can also uncover any covenants and deed restrictions to ensure no breaks in the chain of title.
A real estate lawyer can also arrange for title insurance and negotiate the reviewing of a real estate contract, especially if you want to go over precisely how the money will be allocated.
Preparing the deed, mortgage, and disclosures with legal support is easier. Imagine how much time and resources you would spend without any legal backing.
Instead of getting your work done, you will be researching legal terms and legislation all day, which will be exhausting. Check out this Chicago law firm that can do all the legal heavy lifting to save you a lot of time and money.
Help With Hidden Fees
Other duties of a real estate lawyer can include looking for obligations like homeowners association fees, utility charges, and taxes. Your lawyer can prorate them based on how they are allocated within your contract.
Having legal support can make all the difference. Otherwise, you will spend too much time preparing things like a settlement statement to reflect all the charges for all parties involved.
A statement like this must also include information about your agent commissions, underwriting fee, taxes, title search fee, attorney’s fees, and so much more. Your lawyer may also have to facilitate the closing sale of a property.
They are responsible for bringing together the buyer or seller to sign all the right documents. When you are buying a property, a lot of difficult decisions will need to be made.
This can become overwhelming for a lot of people, especially if they choose to work without a professional real estate lawyer. When you work with an attorney, they will provide the most valuable advice, especially in a for-sale-by-owner transaction.
In this scenario, your attorney can review and draft your purchase contract to help direct the transaction’s closing.
Protection
Some states, like Maine, may require hiring a title company instead of a lawyer. Oklahomans may also require a lawyer simply for a title examination.
No matter if your state mandates hiring a real estate lawyer or not, they can still be the most invaluable ally, especially if you are someone who is buying a property.
This is because multiple risks are involved if you decide to go ahead without a real estate attorney. Deals can fall through, or someone may get into a fight about deposit money and who will cover the massive crack in the property’s foundation.
Many buyers and sellers typically wait to hire a lawyer after signing the purchase contract. But by then, it may be too late. You may already have signed off on unfavorable contract terms that a lawyer could have helped you with.
When you work with a real estate lawyer, you should always be clear about what you want them to do. For instance, if you want them to help you draft an offer, you must be straightforward about this. This will help build a solid rapport to help your lawyer promptly handle your real estate case.
Find the Best Real Estate Law Firms
Now that you know the top services real estate law firms provide, it is time to find the perfect ally to help you navigate your real estate deals. Remember that buying a property is a significant financial commitment.
There are plenty of risks that you should be worried about. Moving forward with a real estate attorney will help you save time and money because you will have the smoothest transactions without mistakes or unfavorable clauses in your contract.
If a transaction is too complex, jumping into the deal on your own is never a good idea because the risk of losing will be too great. If you enjoyed reading this real estate guide, check out some of our other posts.
