how valuable is a real estate lawyer

by Prof. Elsa Johnson I 7 min read

A real estate lawyer can be valuable to both buyers and sellers during the process of properties switching hands. They can assess all paperwork surrounding a property's sale, draft custom contracts, and represent you at closing. Bottom line, if you're acquiring or selling a property, make sure you're represented.

Many charge hourly, with rates that range from $150/hour to $350+/hour, while others offer a fixed fee to conduct closing, especially in states where this is required. If you hire a real estate attorney, expect to pay between $500 to $2000, depending on the services you need.Oct 19, 2021

Full Answer

How much does a real estate lawyer cost?

Jan 17, 2020 · Basically, a real estate lawyer is a valuable ally at every stage of a real estate transaction. Which is to say, whether you’re looking to either sell or buy a home in Phoenix or anywhere else in the state of Arizona, you’ll need an experienced attorney with strong scruples by …

What does a real estate attorney do for a buyer?

Dec 10, 2021 · Real Estate Lawyers: An Overview . Many states require a real estate attorney be present at closing. Even if your state does not require one, you might want a real estate attorney to be there for you.

Should you hire a real estate attorney when selling your home?

Jan 07, 2021 · A real estate lawyer may be able to help you navigate the paperwork necessary to complete the purchase or sale of a home. Learn when you should consider hiring a …

What's the difference between a real estate agent and an attorney?

May 08, 2020 · Generally, the more complicated your sale, the more you can expect to pay, as it will take your lawyer longer to complete. Most real estate lawyer fees range from $150 to $350 per hour or a flat fee of $500 to $1,500. In this sense, a real estate lawyer is cheaper than an agent, but only provides legal advice and help with paperwork — not the full service offered by a …

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How much does a real estate lawyer charge?

Real estate lawyers typically charge a flat fee, which ranges from $750 to $1,250, Reischer said. Although there shouldn’t be any hidden fees, Romer said there are always carve-outs and exceptions.

How to hire a real estate attorney?

You might be wondering what you’re paying for when you hire a real estate attorney. Typically, a real estate attorney will: 1 Draft your contract or purchase and sale agreement (PSA). 2 Negotiate your contract with the seller’s attorney if necessary. 3 Make sure all title documentation is accounted for and remedy any problems. 4 Draft the deed that needs to be recorded. 5 Draft the closing HUD-1 or settlement statement, which is a document that accounts for all of the costs involved in the home sale. 6 Ensure all documents involved in the home sale go on record.

What is the difference between a realtor and a real estate agent?

A real estate agent, or realtor, is tasked with marketing a property for sale or finding a property for a buyer, Romer said, while an attorney is enlisted to ensure someone’s legal rights are protected during a home sale. Real estate agents are paid based on commission , while attorneys are paid a separate legal fee that is typically a flat rate, he said.

Should I hire a lawyer for a real estate sale?

Other reasons a buyer might hire a lawyer for a real estate sale include:

Do you need a real estate attorney to close a house?

Some states require a real estate attorney for closing, while others don’t. In states that don’t require an attorney, it’s still a good idea to consider hiring one to help make sure everything is in good order. How much does a real estate attorney cost may factor into your decision-making given how many costs are associated with closing on a house .

What is a Real Estate Lawyer? Why Might You Need One?

Purchasing a home is one of the biggest decisions in your life, and should be done with care and precision. This includes real estate lawyers, brokers, real estate agents, etc.

Qualifications

So, what exactly makes a real estate attorney…a real estate attorney? Besides passing the LSAT exam and attending law school, real estate attorneys are required to earn their law degree; taking real-estate specific classes and then passing the BAR exam to begin practicing law legally.

Property-Related Laws

There are tons of laws in place regarding purchasing a home; from practices that lenders are not allowed to engage in, the laws are numerous; and quite frankly, difficult for an average person to navigate. How will you know if your lender is following the law if you don’t actually know what it is? That’s where your real estate attorney comes in.

Review of Important Documents

With so much documentation during the buying process it can be incredibly difficult to keep track of it all; let alone meticulously review every document for accuracy. A real estate lawyer will review and complete documents such as title searches, title insurance policies, purchase agreements, and more.

Might be Required by Your State

Some states actually require a real estate lawyer to be present during home-purchasing transactions. This is a precaution to help consumers avoid predatory lending practices (remember the housing bubble of 2008?)

When You May Need One

So when should you hire a real estate attorney? The ideal answer is anytime you’re purchasing property, but most seasoned real estate purchasers already know this. If you’re buying your first home, having an attorney should be a requirement if you notice anything suspicious about your lender.

Conclusion

A real estate attorney is a truly priceless addition to your team during the buying process. Though hiring this kind of professional will increase the overall cost of the buying process, it’s always better to spend some extra money to be safe and ensure that your property and the lender you’re utilizing to purchase the home is in good standing.

What does a real estate attorney do?

A real estate attorney prepares or reviews all of the documents that are signed at the closing of a real estate purchase. The attorney is then present at the closing to represent the buyer's (or the seller's) interests. Real estate law is a matter for state and local jurisdictions.

What is real estate law?

Real estate law encompasses the purchase and sale of real property, meaning land and any structures on it. It also covers legal issues related to anything attached to the property or structures, such as appliances and fixtures.

What is the biggest investment you have ever made?

Buying a home is probably the biggest investment you'll ever make. In addition to hiring a real estate agent to help negotiate the transaction, you might consider a real estate lawyer to guide you through the legal process. Real estate attorneys specialize in matters related to property, from transactions to handling disputes between parties.

How long does it take to become a real estate lawyer?

Qualifications. Like any lawyer, a real estate lawyer has earned a law degree, which typically takes three years of study for a full-time student. They have also passed the state bar exam administered by the state in which they practice. Training for real estate law may begin with elective courses and internships during law school, ...

Do you need a real estate attorney at closing?

Many states require a real estate attorney be present at closing. Even if your state does not require one, you might want a real estate attorney to be there for you. A real estate attorney will represent your interests at closing. They will review all paperwork in advance and advise on any problems or omissions with the documentation. 1.

What is a real estate lawyer?

A real estate lawyer is licensed to practice law and specializes in real estate transactions. A real estate lawyer is familiar with all aspects of the home purchase process and can represent buyers, sellers or lenders. In states where a lawyer is required to be present at closing, it’s possible that the lawyer is there solely to represent ...

What is closing on a home?

Closing. The moment you’ve been waiting for— closing on a home sale or purchase —often involves dozens of pages of legal documents to review. A lawyer can help both the seller and buyer navigate the review, which can be especially intimidating and confusing to a first-time homebuyer.

Can a lawyer draft a real estate contract?

Although real estate agents usually play a central role in preparing purchase contracts, a lawyer could provide a review of the purchase contract terms. What’s more, real estate agents are generally limited to filling out contract templates, rather than drafting them from scratch. For that reason, more complex contracts may need to be drafted by an attorney.

Can a buyer withdraw from a contract without penalty?

In some cases the buyer—if the contract allows it —could withdraw from the contract without penalty. Title. A title search is routine before a purchase, and might turn up a lien on the property you’re selling or buying, which a lawyer can help investigate. A lawyer also could help ensure the title insurance on your new home adequately protects you ...

Do you need a lawyer for real estate?

Some states require real estate lawyers to be part of the process, while attorneys are not used much, if at all, in other states. Here is a look at why hiring a lawyer might be a good idea—or not—from a buyer’s and seller’s perspectives.

What does a real estate agent do?

In the case of a listing agent helping to sell your property, their services include determining any repairs needed before listing, your property’s best listing price, marketing, hosting open houses and showings, negotiating with buyers, helping with paperwork, and attending your closing.

Who is Bill Gassett?

Bill Gassett is a thirty-three year veteran to the real estate industry . He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame, and others.

What is real estate law?

Real estate law dictates who is allowed to own and use a parcel of land and the buildings that are built upon it. Real estate law is multi-faceted, and a real estate attorney may be necessary for situations involving any of the following areas:

What is malpractice in law?

Malpractice is defined as negligence or misconduct on the part of a professional, such as a doctor or a lawyer. A client can take legal action against an attorney if the attorney makes a serious error, or fails to meet a standard of conduct and, as a result, the client is injured or damaged because of the attorney’s error.

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Qualifications

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So, what exactly makes a real estate attorney…a real estate attorney? Besides passing the LSAT exam and attending law school, real estate attorneys are required to earn their law degree; taking real-estate specific classes and then passing the BAR exam to begin practicing law legally.
See more on hamacazac.com

Property-Related Laws

  • There are tons of laws in place regarding purchasing a home; from practices that lenders are not allowed to engage in, the laws are numerous; and quite frankly, difficult for an average person to navigate. How will you know if your lender is following the law if you don’t actually know what it is? That’s where your real estate attorney comes in. A real estate lawyer will be well-versed in fe…
See more on hamacazac.com

Review of Important Documents

  • With so much documentation during the buying process it can be incredibly difficult to keep track of it all; let alone meticulously review every document for accuracy. A real estate lawyer will review and complete documents such as title searches, title insurance policies, purchase agreements, and more. The value of an attorney in this process cannot be understated. If you w…
See more on hamacazac.com

Might Be Required by Your State

  • Some states actually require a real estate lawyer to be present during home-purchasing transactions. This is a precaution to help consumers avoid predatory lending practices (remember the housing bubble of 2008?) While an attorney is optional in those states that don’t require the buyer to have representation. Let’s be honest; not having an attorney to help review your docume…
See more on hamacazac.com

When You May Need One

  • So when should you hire a real estate attorney? The ideal answer is anytime you’re purchasing property, but most seasoned real estate purchasers already know this. If you’re buying your first home, having an attorney should be a requirement if you notice anything suspicious about your lender. Let’s say you don’t understand your loan, or something seems off about the interest rate/…
See more on hamacazac.com

Conclusion

  • A real estate attorney is a truly priceless addition to your team during the buying process. Though hiring this kind of professional will increase the overall cost of the buying process, it’s always better to spend some extra money to be safe and ensure that your property and the lender you’re utilizing to purchase the home is in good standing. Real estate lawyers can help prevent fraud a…
See more on hamacazac.com