When do you need a real estate lawyer? Good question. I am so glad you asked.
Let me tell you when you may need a real estate lawyer. But, before I do that, let me explain what a real estate lawyer is.
What Exactly is a Real Estate Lawyer?
I know, I know. Right now you are thinking, “well aren’t all lawyers real estate lawyers?” The resounding answer is no.
A lot of people, including some lawyers out there, think a lawyer can, and should, practice every area of the law. But, that is certainly not the case.
In order to do a legal job well for clients, an attorney should pick a couple of areas of law and only practice those areas. After all, no one can be an expert in every aspect of the law. But, when you stick to a couple of areas of law, you can become an expert in those areas.
One such area is a real estate law. A real estate lawyer assists people with, you guessed it, real estate matters. And what exactly are real estate matters?
A real estate matter entails assisting buyers and sellers with commercial and residential real estate sales. Or, a real estate matter could involve drafting or reviewing a purchase sale agreement or lease. Essentially, a real estate lawyer deals with anything involving land transactions.
So, now that we know what a real estate lawyer is and what one does. Let’s talk about some situations when you need a real estate lawyer.
Buying Real Estate
Congratulations. You found your dream home. However, before you sign that purchase agreement, you may want to have a real estate attorney review the agreement. Why? Well, a real estate attorney can review the agreement.
When reviewing the agreement, the real estate attorney can spot potential issues. Further, a real estate attorney can explain the legal terms of the purchase agreement. And, a real estate attorney can advise you as to what you may wish to include or exclude in the agreement.
A real estate attorney can even write a purchase agreement for you. Unlike a real estate agent who is usually limited to filling out a form purchase agreement, a real estate attorney can include additional clauses.
Selling a Home
Likewise, when you sell a home, you will want a real estate lawyer to review the purchase agreement to make sure you are protected. Also, you need a real estate attorney to draft the seller documents when you schedule real estate closing. A real estate attorney will make sure you have the appropriate deed with the proper legal description included.
And, what happens if you sell your home but have not not closed on your own home yet? Well, a real estate attorney can prepare a lease for you. This is called a leaseback and the document enables you to “lease” your home back from the buyer for an agreed upon length of time and rent.
When you buy a house, you want to make sure you have good title to the property. So, you need a real estate attorney to perform a title search.
A title search usually covers thirty years of property ownership for a particular piece of property. Through a title search, you learn who has owned the property for the past thirty years. A title search also reveals whether any liens are attached to the property. Finally, a title search reveals whether any easements or right of ways are on the property.
Real Estate Closings
When you buy and sell real estate, you attend a closing to complete the purchase. A real estate attorney handles the closing for you.
He or she collects all the necessary documents and monies. A real estate closing attorney ensures that proper title insurance is obtained.
A real estate closing attorney is responsible for recording the new deed and deed of trust. He or she collects all funds from the lender, buyer and seller. Then, the real estate attorney disburses all the funds to the appropriate parties.
Do you own property you intend to lease? Have you dreamed of being a landlord? If so, you need a real estate attorney.
A real estate attorney can create a lease agreement between you and the prospective tenant. He or she will make sure you and your property are protected.
Are you considering buying commercial property? Or, are you planning to buy property from a partnership, corporation or trust? If so, you need a real estate attorney on your side.
A real estate attorney negotiates for you. He or she makes sure you get the terms included in your contact that you want. A real estate attorney will help you obtain the best price for the real estate venture. Negotiations for these type of purchases are very complex. You need an experienced real estate attorney.
Why You Should Hire a Real Estate Attorney
Real estate can be very complex. When you hire a real estate attorney, you have peace of mind. You know that the real estate lawyer has your best interests at heart. He or she works to get you the best deal possible. Most importantly, you know that everything is legal.
When you hire a real estate attorney, he or she works solely for you. You have exclusive legal representation. He or she will clearly explain all terms and answer your questions.
Hiring a real estate attorney saves you money in the long run. An improperly executed real estate document could lead to lawsuits, broken contracts and financial hardship. A real estate lawyer makes sure everything is legal and properly executed. So, hiring a real estate lawyer saves you money.