What Does a Real Estate Attorney Do?
ST
Summary:
Real estate attorneys are legal professionals who specialize in real estate law and regulations, assisting clients with tasks such as drafting and reviewing purchase agreements, handling disputes and closings, and representing clients in court. They provide legal advice, representation, and ensure transactions are handled smoothly and legally. Typically, you should hire a real estate attorney when buying or selling a property, especially for complex transactions or those involving a significant amount of money. The cost of a real estate attorney varies based on services and hourly rate.
Real estate attorneys are legal professionals who specialize in the laws and regulations surrounding the buying, selling, and ownership of property. They assist clients with a wide range of tasks, from drafting and reviewing purchase agreements to handling disputes and closings. Whether you’re a first-time home buyer or a seasoned real estate investor, a real estate attorney can help ensure that your transactions are handled smoothly and legally.
Compare Home Loans
Compare rates from multiple vetted lenders. Discover your lowest eligible rate.
What does a real estate attorney do?
Real estate attorneys are responsible for a wide range of tasks, including:
- Drafting and reviewing purchase agreements.
- Handling closings.
- Handling disputes.
- Representing clients in court.
- Advise on zoning and land use laws.
Let’s look into what these tasks entail.
Drafting and reviewing purchase agreements
One of the most important tasks of a real estate attorney is drafting and reviewing purchase agreements. This includes reviewing the terms of the agreement, making sure that all necessary disclosures are included, and ensuring that the agreement is legally binding. An attorney can also help negotiate terms on behalf of the buyer or seller, such as the purchase price and closing date.
Handling closings
Real estate attorneys also handle closings, which is the final step in the purchase or sale of a property. This includes reviewing all closing documents, such as deeds and mortgages, and making sure that all necessary paperwork is filed with the appropriate government agencies. They also make sure that all parties have fulfilled their obligations under the purchase agreement and that the transfer of ownership is completed correctly.
Handling disputes
Real estate attorneys are also responsible for handling disputes that may arise during the buying or selling process. This includes disputes over the terms of the purchase agreement, issues with the property itself, and other legal matters. An attorney can help negotiate a resolution and, if necessary, represent clients in court.
Representing clients in court
If a dispute cannot be resolved through negotiation, a real estate attorney may be called upon to represent their client in court. They will present evidence and make arguments on behalf of their client to help resolve the dispute.
Zoning issues
A real estate attorney with experience in land use and zoning provides advice in regards to real estate development, zoning laws, building ordinances, construction permits, and other land use ordinances.
What are the key attorney’s responsibilities?
A real estate attorney’s responsibilities include providing legal advice and representation to clients in all matters related to the buying, selling, and ownership of property. This includes drafting and reviewing purchase agreements, handling closings, and assisting with disputes that may arise during the buying or selling process. They also represent clients in court if a dispute cannot be resolved through negotiation.
Additionally, they may advise on zoning and land use laws, review and draft lease agreements for rental properties, review and advise on mortgage documents, and review and negotiate construction and home improvement contracts. Their ultimate goal is to ensure that the transactions are handled smoothly and legally, protecting the rights of their clients and ensuring that all parties have fulfilled their obligations.
When do you need a real estate attorney?
It is always advisable to consult with an attorney if there is any uncertainty or concern about the process. Buying a house is usually such an expensive purchase, you want to make sure you are not missing anything important.
Some specific situations when a real estate attorney may be needed include:
- Reviewing and negotiating the terms of a purchase agreement
- Handling the closing process and ensuring all necessary paperwork is filed correctly
- Assisting with disputes or legal issues that may arise during the buying or selling process
- Representing clients in court if a dispute cannot be resolved through negotiation
- Advising on zoning and land use laws, and representing clients in zoning hearings or appeals
- Assisting with the transfer of title and ensuring clear title to the property
- Reviewing and drafting lease agreements for rental properties
- Reviewing and advising on mortgage documents
- Reviewing and negotiating construction and home improvement contracts. It is worth noting that the laws and regulations regarding real estate vary from state to state, and therefore, it is best to check with an attorney with knowledge of state laws before making any decisions.
It is sometimes helpful to provide scenarios of when you may (or may not) need a real estate attorney.
Scenario 1: complex purchase with multiple liens
An example of when a real estate attorney would definitely be necessary is when a buyer is purchasing a property that has several liens on it. The attorney would be responsible for reviewing the title report, negotiating with the lien holders, and making sure that all liens are satisfied or resolved before the closing. This is important to ensure that the buyer obtains clear title to the property and is protected from any future legal issues.
Scenario 2: straightforward purchase with no liens or disputes
An example of when a real estate attorney might not be quite as necessary is when a homeowner is selling their primary residence and the transaction is straightforward, with no complications or disputes. In this case, the homeowner may choose to handle the sale on their own or with the assistance of a real estate agent, as the process is relatively straightforward. Having said that, it still may be a good idea to get a lawyer to review to the transaction.
FAQs
When should I hire a real estate attorney?
It is a good idea to hire a real estate attorney when you are buying or selling a property, especially if the transaction is complex or involves a significant amount of money. Attorneys can help ensure that the transaction is handled legal and protect your rights.
How much does a real estate attorney cost?
The cost of a real estate attorney will vary depending on the specific services required and the attorney’s hourly rate. It is a good idea to get a quote from a few different attorneys before making a decision.
Can a real estate attorney represent both the buyer and the seller in the same transaction?
No, a real estate attorney can only represent one party in a transaction. This is because the interests of the buyer and the seller may be in conflict, and an attorney cannot provide unbiased representation to both parties.
Key Takeaways
- Real estate attorneys are legal professionals who specialize in the laws and regulations surrounding the buying, selling, and ownership of property.
- They assist clients with a wide range of tasks, from drafting and reviewing purchase agreements to handling disputes and closings.
- It is a good idea to hire a real estate attorney when buying or selling a property, especially if the transaction is complex or involves a significant amount of money.
- Real estate attorneys can help protect your rights and make sure the transaction is legal.
- The cost of a real estate attorney will vary depending on the specific services required and the attorney’s hourly rate.
- A real estate attorney can only represent one party in a transaction.
Share this post: