Buying and selling a real estate property can be complicated, and you may want to seek the help of a real estate attorney to lead you through the process. Here we’ll break down what a real estate attorney does, why you may need one, and how to go about finding the right one for you.
A real estate attorney can help you with the legal matters associated with real estate transactions, such as title issues, township ordinances, environmental problems, and more. They also help you analyze and understand lease agreements, contracts, and other important documents to ensure that you’re completely aware of your responsibilities.
It’s not just homeowners who seek assistance from real estate attorneys when they’re buying or selling a home. Real estate investors also need to consult attorneys throughout their careers, for reasons like:
Before you sign contracts and documents, consider asking your attorney these four important questions to ensure they have the skills and expertise you need:
Experience is one of the most important factors to look for in a real estate attorney. Especially if you’re dealing with a complicated transaction, a more seasoned lawyer will be better equipped to handle your needs. Because real estate laws vary from state to state, it will help to know how many years they’ve practiced law in your particular area. You’ll want to make sure that your attorney is familiar with the rules and regulations in your state.
Inquire about their educational background, where they received their law degree, and if they specialize in a specific area of real estate law.
Knowing how much an attorney charges for their services allows you to effectively manage your finances and eliminate hassles later on. The payment depends on the type of case involved and many lawyers bill clients by the hour, while some charge a flat fee.
You can expect to pay anywhere from $150 to $450 per hour for hourly billings, depending on how complicated your case is. You may also have to pay a retainer fee upfront to book the services of your attorney. Depending on the complexities of your case, it might make more sense to hire an experienced lawyer and pay a little more. Don’t hesitate to ask for an estimate and negotiate for a better price, if you can.
Every real estate deal is unique, so it pays to work with an attorney who’s had experience in dealing with many different situations. While you may not be able to ask for specific details about previous cases, you can ask them about the strategies they’ve implemented in past situations similar to yours. Furthermore, you should ask them to put together a plan for how they would handle your case. This will help you to gauge if they are the right fit for your specific needs and you’ll have peace of mind knowing that your attorney knows what he or she is doing.
Handling unpredictable emergencies that may occur is one of the main reasons people want to hire a real estate attorney. If you’re dealing with time-sensitive transactions, it helps to know when and how you can get in touch with your lawyer. They should always be able to get back to you within 24 hours.
Many people forgo hiring a real estate attorney thinking they can do everything themselves, but there are several instances where you should hire one. Here are some of the most common scenarios:
Hiring the right real estate attorney requires some legwork. Expect to interview several lawyers before making your final decision. However, appointing a good real estate attorney can be crucial to the success of your transactions, whether you’re a veteran real estate investor or a first-time buyer.
A real estate attorney can provide legal protections, walk you through contracts and documents, and more importantly, guarantee a smooth transaction when buying or selling property. Ask the right questions and don’t settle until you find someone you trust. If you’re looking to buy a property, get in touch with us to get started on a loan today.