what is the benefit of using a lawyer for my real estate transaction?

What does a real estate attorney do?

Feb 28, 2021 · A real estate lawyer will guide you through the process of buying or selling a real estate property. Moreover, they’ll ensure that you always seal the best deal! Here’s how hiring …

Do I need an attorney for a real estate transaction?

Apr 17, 2018 · For example, the lawyer can assist with ensuring you have enough time to get financing in place, allow for the proper inspections to be done for the buyer, or that the …

Why hire an attorney when selling a house?

If you’re on the cusp of making that dream come true, hiring a real estate attorney probably isn’t top of mind. Yet, there are many benefits to bringing in real estate attorneys early in your …

Can the buyer and seller of a house have separate attorneys?

Jun 17, 2020 · Your lawyer forms part of your real estate team, along with other professionals such as your Realtor, mortgage broker or banker, insurance broker, and potentially a building …

1. Contracts

The written contract between the buyer and seller can contain within its innumerable pages a humdrum of confusing jargon and legal speak. A real estate lawyer working on the home buyer’s behalf is instrumental in sorting out the legal terms and presenting a clear, well-defined contract that is understandable to the average layperson.

2. Title Search

If a seller is under the obligation to pay a lien before selling the home, a lawyer can be helpful in moving the deal forward. An experienced real estate lawyer can recommend the seller reduce the initial price, given the potential buyer has to wait out the period before the lien is satisfied.

3. Closings

Professionals in attendance at the closing include the lender’s attorney, real estate broker, title closer, the seller and buyer. The closing event is a muddle of legalese, not only for the buyer, but equally for the seller. Attend the closing with a real estate lawyer by your side and be prepared to secure your rights as a home buyer.

4. Scams

Scams make headlines, and real estate fraud is no stranger to the tabloids. Sellers may fool eager home buyers with false identities, only to snatch away the closing funds and leave the distraught buyer without a roof over his head.

5. Professional Advice

Legal advice should be sought when making the decision to purchase a home, especially if it is a problematic property. Sink holes, undesirable neighboring structures and zoning issues in relation to a property require the expertise of a real estate lawyer.

Legal and Professional Advice

Real estate attorneys conduct property inspections and also review the disclosures.

Negotiating a Decent Deal

They’ll negotiate the selling or buying process on your behalf. Moreover, real estate attorneys will ensure that you get the best deal out of the lot. They’ll also negotiate the small prints that don’t sit right with your policies. And come up with a practical solution for all parties.

A Contract That Benefits You

The realtor is an independent contractor, and they’re in for their own benefit. They may draft a contract that doesn’t have your best interests.

Your Time is Valuable

As a business owner, you can’t deny that time is money. You don’t have the luxury to use your time in pursuing a real estate deal. You can invest your time in other activities that’ll take your business to the next level.

What is the difference between a title company and a real estate attorney?

1. A title company works for the title insurer, not the buyer or the seller, whereas real estate attorneys work for whomever hires them.

What does a title company do?

A title company works for the title insurer, not the buyer or the seller, whereas real estate attorneys work for whomever hires them. Once hired, an attorney represents that client throughout the transaction – in addition to overseeing the transaction to completion, they look out for their clients’ best interest and advocate for their client.

What are closing costs in Florida?

Many closing costs such as title insurance premiums, documentary stamps, and recording costs are set by the State of Florida. They are the same whether an attorney or a title agent is facilitating the process.

What can a real estate lawyer do?

A real estate lawyer can draft a deal-specific contract that covers all aspects of the sale. Just as importantly, they can do it without including boilerplate clauses that may not benefit anyone. By the same token, they can review any contract presented to you and point out problems in the language. 3.

Is real estate a simple transaction?

Real estate purchases between individuals aren’t a simple affair but generally follow a predictable pattern. Real estate sales that involve a corporation, trust, or other large legal entity often prove dramatically more complex. That means the contract will prove much more complex.

What are the advantages of negotiation?

Keep reading for seven of the biggest advantages. 1. Negotiation. The vast majority of people don’t spend much time negotiating. Maybe you negotiated the price of your last car or negotiated for a better salary, but that’s the extent of most people’s negotiation experience.

Is a deed a legal document?

Your bank or mortgage lender can often handle this but a deed is a legal document. You don’t want a mistake at the bank to cause you headaches down the road. Real estate attorneys make sure the deed meets all the legal requirements. Beyond that, they can often complete the process faster.

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

What is the process of selling a home?

Selling a home is a complex process that requires knowledge of and familiarity with local, state and federal laws. An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, ...

Do you need an attorney for a closing?

In 21 states and the District of Columbia, attorneys are legally required as part of the closing process. Attorney-required states include: As a best practice, if the other party in your transaction has a lawyer representing them and supporting their best interests, you should too.

What to do if you inherited a home?

An attorney can help you navigate the complexities. Estate sale: If you inherited the home you’re selling, hiring an attorney to sort through ownership documents can ease the burden, which is especially helpful when you’re grieving the loss of a family member.

How much does a real estate attorney charge?

How much does a real estate attorney cost? How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction. Some attorneys charge hourly, ranging from $150 to $350 per hour.

What is the job of a home inspector?

Their job is to make sure the buyer knows about everything that may need to be repaired on the home. Sellers also sometimes hire an inspector to do a pre-inspection so they can make any necessary repairs before putting the house on the market.

Why do you need an attorney for a home purchase?

Here are a few reasons you might need or want an attorney to be part of your home buying team: State or lender requirement: Every state has slightly different laws regarding real estate transactions, and some states consider certain actions that are part of the process to be “practicing law.”. These regulations are often meant to prevent real ...

What is a real estate attorney?

A real estate attorney is someone who is licensed to practice real estate law, meaning they have the knowledge and experience to advise parties involved in a real estate transaction, such as a home sale.

How much does a real estate attorney charge?

If you want your own attorney in addition to the one required by your lender, you’ll also pay for any services they provide you. How and how much a real estate attorney charges will vary, but here are some basic ranges to give you an idea of what you’ll spend: 1 Fixed hourly rate: A real estate attorney who charges an hourly rate may charge $150 – $350 per hour, but this can vary a lot depending on how experienced the attorney is and what area you’re in. 2 Fixed rates for specific services: They may also charge a flat fee for the particular services they provide. For example, a real estate attorney might charge $500 – $1,500 to conduct a home closing. Their fees may also depend on the sale price of the property in question.

Who can represent the buyer in a home purchase?

In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, the attorney may actually represent the mortgage lender.

Who is in charge of closing a home?

In some cases, a real estate attorney is also the person who’ll be in charge of your closing. In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, ...

Do you need an attorney to buy real estate?

Except in states where it's mandated, an ordinary real estate transaction doesn't require an attorney's help. By now, real estate transactions are so standardized that most people in your state will use the exact same purchase contract, just filling in a few blanks.

Why do you need a real estate agent?

One of the best reasons to hire a real estate agent is that the sellers are likely to use their own agent— and you want to keep that agent from taking over the process. In fact, the seller's agent might pressure you to let him or her represent both seller and buyer, in a " dual agency " relationship that primarily benefits the seller.

Can a real estate agent answer a legal question?

However, legal issues might arise that your real estate agent can't answer. In that case, you'll need an attorney's help. Although good agents know a lot about the negotiating and contracting part of the process, they can't make judgments on legal questions. For example, what if your prospective new home has an illegal in-law unit ...

Do real estate agents get paid?

Real estate agents normally work on commission, not salary. They receive their slice only after your home search is over, the contract negotiated, and the transaction complete. (In many cases, they end up doing a lot of work for nothing, perhaps because the buyers lost interest or can't close the deal.)

Do not sell personal information?

Do Not Sell My Personal Information. It's no secret that real estate agents earn high commissions. Although the commission is usually paid by the seller, the cost may be indirectly passed on to you. And real estate lawyers charge exorbitant hourly rates.