Real Estate Attorney
If you’re buying or selling a home, you may need the assistance of a real estate attorney. These professionals are skilled in interpreting and applying complex laws to residential and commercial property transactions. They can help you navigate the often confusing legal documents involved and ensure that your transaction is free from title defects and other issues that could delay or even derail a sale.
Real estate attorneys can assist in drafting a variety of contracts and other legal documents. They can draft a contract of sale that complies with the laws and regulations of your state, as well as negotiate terms on your behalf. They can also review and verify the accuracy of documents like inspection reports, appraisals, back titles, surveys, leases, zoning ordinances and other related legal documents.
In addition, real estate attorneys are often knowledgeable about environmental issues that can impact a property’s value and saleability. They can advise on how to handle such issues as contamination, flood zones, easements, zoning ordinances and liens.
Many states have laws that require the involvement of an attorney for any transaction that is not a “vanilla” one. They might mandate the presence of an attorney at closing or require that a lawyer review certain types of real estate transactions, including loan applications, purchase agreements, financing documents and title insurance policies.
While there are some exceptions, most people will benefit from hiring a real estate attorney. It’s important to enlist their services before you sign a contract, however. Otherwise, you might commit to unfavorable contract terms that the attorney could have helped you avoid.
The best place to find a real estate attorney is your local bar association directory or an online legal review website. You should also ask your Realtor for recommendations and research their experience and specialties. Ideally, your attorney should have no other financial interests in the transaction beyond representing your interest. That’s why an attorney should not receive referral fees from a real estate broker, mortgage broker/banker, surveyor, title insurer or stager.
In addition, an attorney should not be involved in a real estate transaction that involves their own family. Finally, an attorney should never steal escrow money and should be aware of the ethical rules surrounding managing escrow funds. This is what gets many real estate attorneys in trouble, and it’s something you should be aware of when choosing an attorney. If you’re not, you should reconsider your choice of attorney.
