What does a real estate attorney do?
Real estate attorneys handle the legal aspect of your real estate dealings. This may include purchases, title insurance, or even foreclosure assistance. Real estate attorneys are also hired to deal with litigation, which includes drafting and filing lawsuits, attending hearings, and filing appeals.
Having a trained and experienced attorney by your side will help you easily navigate the complex world of real estate. Buyers and sellers are likely to have conflicting interests as the deal progresses, and real estate lawyers, on both ends, can help iron these out.
Both buyers and sellers must consult their lawyers in order to conduct better negotiations to comprehend the terms of the contracts as well as to understand taxes and other details. Legal support is important as it helps to sync the two parties in order to prevent future disputes.
Real estate lawyers can help decode the purchase and sale contract. They will help examine a number of aspects like payment procedures, title transfers, and questions about additions to the property etc. It takes a licensed attorney to draft, review, and revise your real estate transactions – including lease, rental, purchase, and financing.
How involved a real estate lawyer is in the transaction depends on the client. Sometimes, clients enlist the services of real estate lawyers to negotiate deals by working closely with other players in the property business, including fellow lawyers, developers, and investors. Other times, lawyers are hired after the contract is signed to examine the agreement and settle legal title issues, if any.
Real estate attorneys may represent either lenders or borrowers in matters of trust deed and mortgage foreclosures. These attorneys help provide lenders with a helping hand to see the foreclosure process to its completion, while walking borrowers through a process of nitpicking the foreclosure and negotiating on a settlement agreement with the lender.
The assistance of a lawyer is particularly important during the closing process – which includes a number of components like documentation, transfer tax, insurance provisions, and cost adjustment etc. The presence of a real estate attorney is required to complete the process and to ensure that both parties understand the transaction.
Wading through the murky waters of real estate without any legal assistance can prove disastrous. Without legal support, clients may be duped into signing unfair brokerage agreements. Your attorney will also help guide you through potential issues that are only privy to an experienced real estate lawyer. These include potential encroachment scenarios, zoning ordinances, legal restrictions, etc.