What Does a Real Estate Attorney Do? The Role of a Lawyer in the Real Estate Market
Real estate transactions comprise a myriad of laws, regulations, and policies that impact both the buyer and the seller. If you’re in the market to invest or sell a real estate property, a real estate attorney can help you comply with the legal process. Here, we talk about the importance of getting a real estate attorney on board for your real estate transactions.
Let’s start by understanding who a real estate attorney is and how they differ from other lawyers. A real estate attorney is a legal professional who specializes in the various legal aspects of real property. They provide legal guidance and services to individuals, businesses, and organizations involved in buying, selling, or leasing real estate. Real estate attorneys ensure that property transactions are conducted smoothly and comply with the law by helping clients navigate complex real estate laws, contracts, and regulations. They also handle issues related to property disputes, zoning, land use, and property rights.
With a volume of 4.92 million real estate unit sales, real estate attorneys play an important role in the real estate market. They protect the legal rights and financial interests of individuals and entities involved in real estate transactions, making their expertise invaluable in the real estate market.
When Do You Need a Real Estate Attorney?
Purchasing a Home
Real estate attorneys guide you throughout the entire home-buying process, from reviewing the contract and negotiations to legal compliance. They will answer your questions and ensure you fully understand your rights and responsibilities as a homebuyer.
Selling a Home
The involvement of a real estate attorney in a home sale can vary based on local laws, the complexity of the transaction, and your preferences. A real estate attorney can provide valuable legal expertise to protect your interests in selling your home.
Renting or Leasing Property
Rental agreements require a real estate attorney to facilitate the lease review, termination, disputes, rent control, and other amendments. With a real estate attorney, these concerns will be properly addressed.
How to Find a Real Estate Lawyer
Referrals
An easy way is to ask around your friends, colleagues, or people who you know have worked with a real estate attorney. Your acquaintances may recommend a lawyer who can work on your legal concerns.
Online Directories
Another is by searching for directories of legal services. These online directories usually include the profiles of real estate attorneys with their contact information.
Local Bar Associations
To ensure that you’re working with a qualified real estate attorney, you can also look for them in local bar associations.
What to Consider Before Hiring a Real Estate Attorney
Experience and Expertise
The experience of a real estate attorney speaks volumes about how they were able to handle real estate legal matters. Ask what previous real estate transactions or clients they have handled.
Fees and Costs
Be aware of the fees and costs involved with their legal service. Everything has to be transparent so you know what you’re paying your real estate attorney.
Communication and Availability
It’s likewise important to know if your attorney is competent in Negotiating and Drafting Contracts
The attorney can review the purchase agreement and other legal documents to ensure your interests are protected. They will check for any unusual or unfavorable terms, helping you understand the terms and conditions of the contract.
Also make sure your attorney has availability to communicate promptly and answer your questions and concerns in a timely manner.
The Role of a Real Estate Lawyer in the Buying Process
Reviewing Title and Property Documents
Aside from the contract, other legal documents may be needed to facilitate the purchase. An attorney will be there to review the required documents to ensure a smooth buying process.
Ensuring Clear Title
The attorney will conduct a thorough title search to ensure the property’s title is clear and free of any liens, encumbrances, or legal issues. This helps prevent you from buying a property with hidden problems.
Zoning and Land Use Issues
If there are zoning or land use concerns related to the property, a real estate attorney can help you navigate these issues and obtain any necessary permits or variances.
The Role of a Real Estate Attorney in the Selling Process
Preparing and Reviewing Documents
Your attorney can review the listing agreement and any other contracts associated with the sale to ensure your interests are protected. They may also assist in preparing and reviewing necessary closing documents, and ensuring all documents are accurate, complete, and comply with local and state laws.
Addressing Legal Issues or Liens
Real estate attorneys will ensure that the entire transaction is conducted following local, state, and federal laws, including fair housing and real estate regulations. If there are outstanding mortgages or liens on the property, your attorney will help ensure that these are paid off and properly released at the time of closing.
Disclosure Obligations
Real estate attorneys will advise you on your legal obligations for property disclosures. Failure to disclose known defects or issues could lead to legal consequences, so your attorney can help you navigate this aspect of the transaction.
Facilitating the Closing Process
Your attorney will guide you through the closing process, ensuring that all documents are properly signed, notarized, and recorded and that the title is conveyed to the buyer.
The Role of a Real Estate Attorney in Rental or Lease Agreements
Drafting and Reviewing Lease Contracts
A real estate attorney can review the lease agreement to ensure it complies with local laws and protects your interests. They can help you understand the terms, conditions, and obligations outlined in the lease.
Negotiating Lease Terms
If there are specific terms or clauses in the lease that you’d like to negotiate with the landlord, an attorney can assist in these discussions. They can provide legal advice and guidance on potential modifications to the lease.
Resolving Disputes between Landlords and Tenants
In the event of lease disputes or conflicts with the landlord, a real estate attorney can provide legal representation and guidance to help resolve the issues following applicable landlord-tenant laws.
Rent Control and Regulations
In areas with rent control laws or rent stabilization ordinances, a real estate attorney can help landlords and tenants understand their rights and obligations under these regulations.
Working with a Real Estate Attorney vs. a Real Estate Agent
When you buy a house, you will be working with a real estate agent who listed the property. The real estate agent is your point person about the property – processing the purchase, showing you the property, and discussing the price. Typically, this is the arrangement for buying a house. The same goes for selling a house: a real estate agent will connect you to appraisers and potential buyers.
On the other hand, a real estate attorney will provide legal guidance regarding the home purchase or selling transaction. This is a must, as there is a contract involved. Aside from the contract, other legal documents will also be required. A real estate attorney can help you through the process, making the transaction legal and binding. If there are disputes and negotiations, a real estate attorney will be your confidant to address your concerns.
Working with both a real estate attorney and a real estate agent is crucial to the real estate transaction. A real estate attorney and a real estate agent have complementary roles in making the home purchase or selling successful. Getting legal advice from an attorney is important to ensure that the real estate transaction follows pertinent laws. Meanwhile, an agent will have real estate expertise to help you find the best property deals. Collaborating with both an attorney and a real estate agent brings optimal results in the transaction.
Consult With a Dependable Real Estate Lawyer
The legalities of buying, selling, or leasing a property can easily be explored by working with a real estate lawyer. If you have doubts about the transaction, the real estate attorney can guide you to make informed decisions. Find a real estate attorney who will be working with your legal concerns.
Hampton & Hampton provides legal expertise in handling real estate transactions; hiring Hampton & Hampton as your real estate attorney means putting your best interests and working with you to sort everything – whether it’s buying a home, selling a property, or going to a lease agreement. Consulting with our experienced lawyers will ease the legal burdens of your real estate deal.