Floating Banner

Buying or selling a real estate property can take you through a costly and complicated process. Thus, working with a real estate attorney is a prudential act that ensures your real estate transaction goes smoothly. 

A real estate attorney is well-versed in laws governing real estate properties, and he will assist you through complexities, give you legal advice, and resolve any issues or disputes along the way. That is why you should hire a real estate attorney when buying or selling a property. Here is a guide on how and when to hire one. 

When to Hire a Real Estate Lawyer?

It is vital to understand the circumstances that will require you to hire a real estate attorney. Take note of these situations when you need real estate legal assistance. 

  • When It is Compulsory. Working with a real estate lawyer is a requirement for any real estate transaction in some states. New York, Florida, Georgia, Kansas, Maine, Maryland, Virginia, Alabama, and Kentucky are examples of states where hiring an attorney for real estate transactions is mandatory. 

  • When the Transaction Involves Huge Money. Buying a property that costs a significant amount of money requires you to take extra precautions. You will need to conduct a full inspection of the property, and a lawyer can help you cooperate with a home inspector to ensure the property you are buying is a good deal. The real estate attorney will also look into any liens, encumbrances, and judgments regarding the property. 

  • When the Transaction is Complicated. The legal expertise of a real estate attorney is crucial when the deal is rather complicated. Transactions involving issues with regards to zoning, oil rights, riparian rights, and boundary disputes will require you to work with a real estate lawyer. 

  • When the Deal is a Bit Stressful. There are real estate transactions that are charged with emotional and financial stress. These cases can lead you to make hasty and unreasonable decisions. Therefore, consider working with a lawyer to ensure you are deciding with rationality. 

The Duties and Responsibilities of a Real Estate Attorney

There are several responsibilities ascribed to real estate lawyers during the sale or purchase of a real estate property. 

Draft and Review Contracts

Your real estate lawyers will help set the terms and conditions of a real estate contract. He will protect your interests in the agreement by ensuring that provisions in the contract are not disadvantageous to you. Your real estate attorney will also resolve issues that may arise and review pertinent documents. 

Conduct Title Search

It is crucial to check if the property has any liens or encumbrances against it. Your real estate attorney will assist in the title search to determine any issues that could hinder the deal. 

Sometimes, some conditions require the homeowner to pay off a lien before he can sell the home. The lawyer will ensure that the homeowner or seller has satisfied the lien or judgment on the property. 

Prepare Mortgage Documents

A real estate attorney will make you understand the terms set in your mortgage agreement. He will also communicate with your lender and negotiate favorable terms. It is advisable to work with a lawyer if you are a newbie property investor who is not well-versed in mortgages. 

Assist in the Transfer of Property

Preparing the deeds for the property transfer is crucial, and a real estate attorney will expedite things in your favor. Moreover, your lawyer will review any agreements pertinent to the deal if the property is connected to a corporation, partnership, or trust to avoid any violations of the charter contract. 

Prepare or Request Disclosures

If you are the property seller, a real estate attorney can help you prepare the disclosures on the property. If you are the buyer, your lawyer can request the disclosures on your behalf. Hiring a real estate attorney prevents you from getting embroiled in legal battles due to disclosures. 

Record Pertinent Documents

Your attorney will ensure that all relevant documents regarding the property sale or purchase are recorded. For instance, if you are a homebuyer, you must ensure that the deed is recorded for you to claim legal ownership of the property. 

The importance of a real estate attorney goes all the way to the closing of the property since you have to record pertinent documents to the relevant authorities. The work that the recording entails can be complicated. But you can make things smooth if you get the help of a real estate lawyer. 

Takeaway

Now you know why you should get the services of a real estate attorney when you are buying or selling a house. Some states may have a mandatory rule that requires you to hire a lawyer in any real estate transaction. Often, you may also need an attorney because of the issues involved in buying or selling a property. The lawyer will ensure that you are in for a good deal.