The Role of the Real Estate Attorney

A real estate broker receives a specific percentage of the transaction amount, while real estate lawyers usually charge by the hour. So, if you hire a real estate lawyer, do you really need one? Some real estate lawyers also don’t just advise their clients on legal matters; they also actively sell property. If this sounds like a better idea to you, make sure that you’re getting a lawyer who practices in real estate. This will ensure that you don’t end up hiring a fly-by-night attorney.

It goes without saying that hiring a legal professional carries with it certain legal responsibilities. As such, you should always consult your state bar association for requirements and qualifications. The most common requirements that your attorney will need to meet are BAC qualification (the bar exam must be passed within a specific time frame), and having a current state license. While most states only require a BAC of a “passing” score of 160, it’s important to understand that these minimum requirements are merely a guideline. In addition, there are other legal requirements that you should be aware of.

For example, if you’re planning to hire a real estate attorney, make sure that you get an estimate of all the legal costs that you’ll incur. Include all fees for additional members of the team that will be working for you, and any other fees associated with hiring a lawyer for the transaction. You may also want to include a charge for appraisal, appraiser fees, etc. Make sure you get an estimate over the phone as well.

Before you get started, you will also need to make sure that you’re working with a licensed title company. The title company is responsible for collecting the money from the buyer of the property (this is called an earnest fee). They then go through the whole transaction with you, reviewing all of the legal documents, title insurance policies and so forth. This ensures that everything is in order, and that your real estate lawyers and your real estate agents are working for you. After all, without the right people involved in the transaction, you could have a lot of headaches.

Your real estate attorney and/or your agents will then draft all of the legal documents needed for closing, including the purchase agreement, the seller’s closing statement, and the real estate seller’s closing statement. If you’re not familiar with real estate jargon, this can become confusing quickly. Your lawyer and agents will make it easy to understand, however, so don’t hesitate to ask questions during the process.

Once everything is all said and done, your attorney will sign the documents, post a bond, and provide you with a receipt. This receipt should be given to you by your attorney, not the buyer. When it comes to closing, your attorney will act as the “go-between” for you and the buyer, making sure everything goes as expected. He or she will also make sure that all of the necessary licenses are in place, your property insurance is current, and that you’re following all of the laws and regulations of the property buying process. Having the proper legal representation can be the difference between a successful property buying experience and a costly disaster. With a little research and planning, you can find an attorney to help you with your next real estate investment.

CALL TO SCHEDULE A CONSULTATION
Consultation Banner
Our Brand Logo

Contact Us

Paul E Groff Law
3649 Atlantic Ave Suite D
Long Beach, CA, 90807
Call Us: 562-426-8499
www.probateestatelawoffice.com
Address
Recent Posts