Signing the dotted lines on a new home is probably the biggest investment you’d ever make in your lifetime. But buying and selling a residential home or a commercial building can be a complex procedure. Real estate deals are always associated with high risks. Mistakes in any transaction can always result in loss of money and unnecessary litigations. The only proven way to avoid such issues and protect yourself from real estate blunders is to hire the services of a real estate lawyer.
What Is The Job Description Of A Real Estate Attorney?
Real Estate Lawyers, otherwise known as real estate attorneys, are certified professionals that oversee all legal aspects of every real estate transaction. Real estate lawyers are lawyers specializing in real estate transactions, land disputes, and property claims. The job of a real estate attorney revolves around knowing the rules and regulations related to real estate transactions. They can prepare legal documents, review them, negotiate the terms of real estate transactions, and oversee the transfer of titles.
A real estate lawyer helps their clients understand contracts and all legal aspects of an estate. Whether you’re buying or selling a property, residential or commercial property, you need a real estate lawyer. A real estate attorney can help you answer all your questions regarding the legal aspects of real estate transactions and guide you through the entire process of buying or selling real estate. In NYC, most real estate lawyers like Real Estate Lawyer Queens R.A Esq. provide the whole spectrum of real estate legal services like counselling their clients, summarizing documents, and discussing and finalizing the terms of the contracts or transactions.
When To Get A Real Estate Lawyer
Depending on your state laws, you may have no option but to get a real estate lawyer when drafting purchase contracts, finalizing them, writing amendments to a standard contract, completing a title search or conducting the closing. Some states require that a real estate attorney be present at closing. In places like New York, the real estate attorney is involved in all transactions. They are allowed to prepare the home purchase documents, perform a title search, and close the deal.
Here are a few reasons why you need a real estate attorney
- State Requirement
As mentioned earlier, every state in the U.S. has its laws on real estate transactions. These regulations are often designed to prevent real estate agents from acting in a legal capacity that they aren’t trained or licensed for. In New York and some places like Connecticut, Georgia, Massachusetts, South Carolina or West Virginia, an attorney is needed to conduct your closing.
- Contracts
The purchase agreement on any estate deal will often contain within its endless pages lots of confusing legal jargons. A real estate lawyer is needed to sort out the legal terms and present a clear, well-defined deed that can be read and understood by an average person. And suppose you wish to amend any part or section of the contract to reflect your desires better. In that case, your real estate attorney is in the best position to handle that. And when the home fails to meet up to your expectations, your real estate lawyer has the authority to spell out terms suitable for both parties. Your real estate lawyer also ensures that all legal documents are endorsed with the appropriate signatures.
- Title Search
In real estate deals, the last thing any buyer will want to do is to be responsible for a mortgage in the new property purchased. Suppose the property in question is mortgaged, and the seller has to pay the lien before selling the property. In that case, a lawyer can help accelerate the process. Hiring a professional real estate lawyer can help the seller with suggestions on the best ways to financing the mortgage.
- Closings
During the closing, your attorney should be in attendance. For both parties, the closing is all about the battle of legal wits. You should attend the closing with a real estate attorney by your side. A seasoned estate attorney by your side can help you secure your rights as the buyer. If disputes should arise, which is common, your lawyer by your side can help you handle it all. And if everything should go south and closing fails, your estate lawyer can help you get back your down payment.
- Legal Advice
There’s always a thing as a problematic property. For instance, buying a home from a deceased, yet to undergo proper probate, can place you in a precarious position. And if there’s any need for you to exist the contract, you must have your lawyer step in on your behalf.
How Much Does A Real Estate Attorney Cost
A real estate attorney offers a lot of services. How much you’ll spend paying your attorney depends on the services that will be provided. And who’s responsible for the closing cost can determine how much you’d be paying in attorney fees. How your attorney will charge you depends mainly on,
Fixed hourly rate: Every real estate lawyer has its fixed hourly rate. This rate varies with different attorneys. Always ask your attorney how much he charges per hour.
Fixed rates for special services: aside from hourly fees, most real estate attorneys have a flat fee for some particular services. For instance, there’s largely a fixed rate for overseeing home closing. However, this price can be influenced by the sale price of the property in question.
How To Find A Real Estate Attorney Near Me?
Buying a home is a huge investment. You will want to make sure that you cross all the Ts and dot all the Is. So when you’re about signing the dotted lines for your new property, how can you find the best real estate lawyer?
Make use of your state’s Bar association directory: Different states have their Bar’s association website to help locals find certified and licensed legal aid. Use the New York Bar directory to help you.
Check out their website: check out the online websites of all potential real estate lawyers and go through their reviews.
Ask for recommendations: family and friends can always help you get a reliable real estate attorney.
Finally, a good real estate lawyer should show good negotiation skills, good decision-making skills, research and communication skills, and be well informed.
Although buying a new home could be confusing, knowing what you need to know and with a good real estate lawyer by your side, you’re on the safe side.
If you’re ready to start your home buying process, Robert Aronov & Associates, P.C., 88-02 136th St, Jamaica, NY 11418, https://realestatelawyernys.com/ is here for you.
