NYC Real Estate Properties

5 Questions To Ask Your Real Estate Lawyer

For those not familiar with the process, real estate transactions can be hard to follow. If you want to buy or sell property, you may need the help of an expert in the field such as a real estate lawyer. At times, a simple deal may not need a real estate lawyer but due to the nature of real estate transactions, there may be easily overlooked complications that can cause all kinds of problems and lead to a complex drawn out problem.

Selling a typical single home may not need a lawyer but buying real estate property is a different matter. Buyers usually have bigger risks, especially If you are a residential investor buying homes from homeowners facing foreclosure– a real estate lawyer is definitely needed in this type of transaction.

Here are some questions to test the reliability and suitability of your potential real estate lawyer.

1) Their professional experience

It helps to know how much experience in the real estate lawyer has. This will be especially important when dealing with a real estate development which has more complicated issues to consider.

2) Have they handled similar transactions?

Ideally, your real estate lawyer should have handled some cases similar to yours to ensure a quick and smooth problem-free transaction. They are also much more likely to spot something very easily overlooked if they’ve handled transactions like yours.

3) The way he or she will handle your case

Ask how the real estate lawyer plans to handle your case. This gives a good idea of what to expect and will show how knowledgeable the attorney is. You can sense a red flag when the real estate lawyer starts responding vaguely– “Oh don’t worry about it, we will take care of it.”

Ambiguous responses mean that the real estate attorney isn’t prepared to give you even a brief description and explanation of things. With such high stakes involved, you will want a more open lawyer to handle your case.

4) How will you be billed

It is always important to know your billing schedule so that you can prepare for the payment and avoid any surprise fees. Some real estate attorneys work on an hourly basis with a standard rate of about $150 to $200. Fees may require a negotiable rate and sometimes, a flat fee may be asked.

5) Will anybody else assist with the case

Some lawyers are a part of a law firm with assistants who support them. They may assign it to a junior attorney or a paralegal. It is best to ask who will be involved in your transaction and their level of involvement. Be sure to establish good communication with everybody.

If you base your real estate lawyer selection on the questions that have been stated above, you are sure to find the best attorney to handle your real estate transaction. There are many real estate lawyers you can find online and it’s easy to get recommendations from your family or circle of friends.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com

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7 Things A Real Estate Attorney Should Do

Generally speaking, the law can be needlessly complicated due to its vast nature, wording, and terminology. Real estate law is even more complex since so many people aren’t familiar with how the process works and how there is so much bureaucratic red tape to go through. To fully understand real property law, you’d need to get consultation from a law firm that specializes in this field so you can be guaranteed that your legal issues are completely resolved and will never come back to haunt you.

  • What do real property law firms specialize in?
  1. Breaking down and explaining the legal meaning of the documents involved and how they can affect all the included parties.
  2. Negotiating and drafting contracts on your behalf so that the parties included will not have any roadblocks during the entire real estate transaction.
  3. Making sure the client is legally and financially covered should the real estate deal fall through.
  4. Controlling all types of disputes related to real estate  law such as mortgages, foreclosures, escrow, and other issues.
  5. Guiding and advising buyers and sellers to ensure the real estate transaction goes well and without obstacles and delays.
  6. Ensures both parties understand the statute of regulations within real estate law including, but not limited to, FIRPTA, RESPA, 301 Exchanges, etc. and how these regulations affects everybody.
  7. Making sure buyers and sellers understand the legal ramifications of issues involving titles, property conditions, zoning permits, and how all this falls under real estate law.
  • When should you seek out a real estate law firm?

There will be instances where the assistance of professional law firms will not be needed in a transactions. But because of the large reach and complexity of this field of law, there will be several circumstances that makes it in your best interest financially to get the help of a law firm. Here are a few examples of such circumstances:

  1. Going through foreclosure. Foreclosure is difficult and can greatly affect you and your family’s lifestyle and situation. Real estate law firms will work to keep you treated fairly.
  2. Buying or selling property. This is considered a high risk transaction and your law firm will make sure things go smoothly and everything stays legal. You don’t want to be one of the many people who were fooled and bought homes with several violations. Zoning laws are an example of something that you will surely need professional help with.
  3. Handling estate taxes. Real estate law firms will be able to determine everything you owe concerning your yearly real estate tax in depending on your state laws.

Should you ever feel overwhelmed by real estate proceedings, make sure to find a good law firm to handle your case. The time you save and headaches you’ll avoid is well worth the money.

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