A Real Estate Attorney is a lawyer who practices the law of residential and commercial real estate. They provide legal advice and guidance to clients regarding property sales, purchase, leasing, financing, development, and mortgages. They also handle disputes and litigation related to real estate.
When a buyer or seller is considering involving a Real Estate Attorney in their transaction, they should interview several attorneys to determine which best fits their needs. Some important things to look for in an attorney include experience, education, and client recommendations. In addition, a Real Estate Attorney should be able to explain clearly the scope of work and fees associated with the services they will provide.
Generally, the seller’s attorney prepares the first draft of the contract of sale. This will usually be a standardized form that will need to be modified for the specific needs of the transaction. The buyers’ attorney will then review the contract and negotiate on behalf of the buyers to ensure that the terms are fair and reasonable for both parties. They will also work to ensure that all of the required documents are in order and that contingency dates are met.
In addition to assisting with contract negotiations, the Real Estate Attorney will often assist with obtaining credit reports and coordinating appraisals and inspections. They will also work to ensure that the closing takes place on time and in accordance with all applicable laws.
The role of the Real Estate Attorney is especially important in a new construction transaction. They will work to review the developer’s offering plan and coordinate with the title-search company to ensure that the seller has the right to transfer ownership of the property to the buyer. In addition, they will work to ensure that all of the required documents, including those pertaining to environmental issues and zoning, are in order.
While the vast majority of transactions are straightforward, it is not uncommon for problems to arise. When a problem does occur, the real estate attorney can help prevent or resolve the dispute through mediation or litigation. It is important for the seller to involve their real estate attorney early in the process to avoid these issues.
When looking for a Real Estate Attorney, it is important to seek referrals from trusted colleagues and consider their fees, experience, and reputation. A good way to find a suitable attorney is to use a search engine database, such as FindLaw or Super Lawyers. In addition, it is recommended that the prospective client interview several attorneys to get a sense of their professionalism and personality. It is also helpful to ask for a fee estimate upfront to avoid any unexpected costs down the road. Lastly, it is always a good idea to manage expenses through open communication and transparency with the attorney. This will ensure that both parties are clear about what is expected of each other and will lead to a successful transaction.
