why to hire a real estate lawyer

Full Answer

Should I hire a real estate lawyer?

If you just have a feeling that something could go wrong or you want to be sure all your bases are covered, having a real estate lawyer on your side can be very beneficial.

What does a real estate attorney do?

What Is A Real Estate Attorney? A real estate attorney, also known as a real estate lawyer, 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 or short sale. What Does A Real Estate Attorney Do?

Should you use a lawyer when buying a home?

Even if you use a real estate agent (or a lawyer), it's wise to learn as much as you can about the home-buying process. For example, researching the market value of comparable homes in the area will protect you against over-aggressive agents who might urge you to bid high in your offer for a particular house.

Do I need an attorney for a real estate transaction?

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. However, legal issues might arise that your real estate agent can't answer.

When Should You Hire A Real Estate Lawyer?

Many people may only think you need a real estate lawyer for complex, drawn-out property disputes.

Why Should You Hire A Real Estate Lawyer?

Real estate lawyers don’t call themselves that because it looks good on a business card.

Why should I hire an attorney for real estate?

The best part of hiring an attorney is that they also help in the understanding of all law, rights, and documentation that are involved. The client will be able to learn every stage of a successful real estate purchase process. They Know Commercial Law. The attorney has an understanding of the zoning laws, so it will ensure ...

Why should I work with a real estate attorney?

Working with an attorney that is well-versed in real estate law will make it easier to safely complete deals, shield your interests from litigation, and represent you in the case of a dispute.

Why do real estate lawyers put inspection clauses on documents?

The real estate lawyer puts a property inspection clause on the buyer’s documents to talk about all the defects noticed before finalizing the transactions. They Know Your Rights.

How does a real estate attorney protect the client's interests?

The business real estate attorney protects the client’s interests by ensuring that the contract made is fair. An attorney has extensive knowledge in the field and thus will be able to argue and ensure a fair deal is done. The attorney may also help a lot if an agreement fails to be followed, as agreed.

What does a commercial real estate lawyer do?

What Does a Commercial Real Estate Lawyer Actually Do? Commercial real estate lawyers protect the rights of people or entities in commercial incidences related to corporate ownership, commercial lease disputes, title insurance, protecting interests and ensuring that the deal is legitimate.

What does an attorney do after buying a house?

The attorney may also help a lot if an agreement fails to be followed, as agreed. Even after purchasing the property, they can talk about some issues that may arise later, like environmental or structural issues. They Will Oversee All Paperwork.

What is the responsibility of a real estate attorney?

The responsibility of the attorney is to ensure that a fair deal is done. They Will Handle Contracts.

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.

Is a real estate agent required to be a lawyer?

What the Law Says. Every state has its own set of real estate laws. For the most part, a real estate agent's help is not legally required, though agents can help you with tasks that border on legal ones, such as preparing a home purchase contract. In a few states, however, such as New York and Massachusetts, only a lawyer is allowed to prepare ...

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 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.

Can a lawyer close a title search?

In a few states, however, such as New York and Massachusetts, only a lawyer is allowed to prepare the home purchase documents, perform a title search, and/or close the deal.

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.)

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.

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 ...

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, ...

Is it legal to buy a home?

Buying a home isn’t just a simple purchase; it’s also a legal transfer of a property from one entity to another. Because the legal side of this transaction can be so complex, sometimes it makes sense (or is even required) for home buyers or sellers to enlist an attorney who can look out for their best interests.

Do you have to have an attorney at closing?

If your mortgage lender requires an attorney to be present at closing, whether the buyer or seller covers the cost of the closing attorney will depend on how your contract was negotiated. 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.

What does an attorney do in a contract?

1. The attorney will go over the specific terms of the contract and look for any problems that may arise. This is a major transaction and you need an attorney to look over the terms of the contract.

How to schedule a free consultation with a real estate attorney in Chicago?

To schedule a free initial consultation with an experienced Chicago real estate lawyer, contact our office online or call us toll free at 312-815-6637. Meetings can be set up for weekdays, between 8:30 a.m. and 5 p.m. We charge reasonable fees for all services.