The role of a Real Estate Attorney is to protect the interests and rights of the buyer or seller. This includes reviewing the terms of a contract, negotiating for better terms or advising on issues that might arise after the sale is complete.
Whether you need a real estate lawyer depends on your situation and the type of property being purchased or sold. For instance, if you are buying a condo or co-op in New York City, a real estate lawyer is often essential.
It is a good idea to hire a real estate attorney early in the home-buying process, rather than waiting until the purchase contract is ready. This will allow you to discuss issues with a lawyer at the outset and ensure that you get what you need from your attorney in the best possible way.
In addition, many states require that a real estate attorney be present during closings. However, these requirements vary by state and even county. Some states require that the real estate attorney represent both parties in a transaction, while others require the lawyer to be exclusively involved with the lender.
Before you make a final decision on a real estate lawyer, consider the following factors:
The experience level of the attorney
A good real estate attorney has a lot of experience in the industry and can provide sound advice on the ins and outs of real estate law. This will help you avoid making a costly mistake and will ensure that your transaction is handled smoothly.
The fee structure of the attorney
When hiring a real estate attorney, you want to make sure they are charging reasonable fees and that you feel comfortable with them. In addition to their fees, you should also ask how much time they spend on your case and if they work with an associate or paralegal.
The specialties of the attorney
Ideally, you should choose an attorney who practices in a narrow area. For example, real estate should be their main practice area. This will allow them to have a deep understanding of the intricacies of real estate law and how it can affect your home or investment property.
The amount of time they spend on your case
You want a real estate attorney who is dedicated to your case and can devote enough time to it to get results. This is especially true if your case involves complex issues or legal challenges that may take some time to resolve.
The number of clients they handle and how they prioritize their cases
Several lawyers have multiple practice areas, and a real estate attorney might not have the time to spend on your case as quickly as you need it. This can be frustrating, but it is an important consideration when it comes to selecting the right real estate attorney for you.
The time they spend on your case
You should ask how long an attorney has been practicing real estate law and what their work load is like when it comes to handling your case. It is also a good idea to ask how many real estate transactions they have handled in the past.
