What Does A Real Estate Attorney Do? Do You Need One?
Purchasing a home might be the biggest investment that you will be making.
During this time, you might hire a real estate agent to guide you in the process.
On the other hand, having a real estate lawyer by your side will assist you in having guidance in legal matters associated with real estate.
In this article, we will be talking about the job role of a real estate lawyer, along with the time you will need a real estate attorney to understand real estate law.
What Does Real Estate Law Cover?
Lawyers specializing in real estate are known to ensure the proper legal process being conducted during the purchase and sale of property.
Real estate attorneys are also concerned with the way the sold or purchased property is being used.
Real estate law is involved in things like deeds, property taxes, estate planning, zoning, and titles.
Real estate laws vary from one state to another. Real estate lawyers are required to have state-specific licenses to advocate for real estate matters. Along with having a thorough knowledge of recent development regarding changes in real estate laws.
What Does A Real Estate Lawyer Do?
Real estate attorneys are legally authorized with the ability to create and review contracts and documents related to the sale and purchase of real estate.
In some circumstances, a real estate lawyer can also be responsible for closing your real estate case. This means your real estate lawyer will accompany you while you purchase a property from a buyer to determine the closure.
During the purchase of the property, the real estate lawyer will also be responsible for developing paperwork, creating title insurance policies, completing title searches on the property, and handling the transfer of funds for the purchase.
On the other hand, when the property is being financed, the real estate lawyer is responsible for other paperwork like the federal HUD-1 form. Along with the transfer of funds documentation for the purchaser’s lender.
In cases, you have faced a real estate dispute, like a chain of titles or issues involving contracts, the real estate lawyer will resolve the issue as per real estate laws.
A real estate attorney also provides legal representation for either the seller or buyer regarding an issue that is being trialed in court. The real estate lawyer acquires evidence and facts from both sides to resolve the issue.
When Do You Need A Real Estate Lawyer?
You will need to hire a real estate attorney depending on the task you are seeking in relation to real estate law.
Moreover, each state in the US has different criteria regarding the sale and purchase of real estate.
Here are a few reasons behind needing to hire a real estate lawyer for your real estate needs:
State Or Lender Requirements
Every state has differences in its real estate laws. And some states, certain actions related to real estate fall under ‘legal practice’.
These actions are generally developed for the purpose of restricting real estate agents from acting in legal capacities, which they are not authorized to do.
Some states in the US also enable the closure of the purchase of a home to be a legal process. Due to this, it is mandatory for a real estate lawyer to stay during the closing process.
The states that require real estate for closing a property are:
- New York
- North Carolina
- South Carolina
- West Virginia
Contractual Issues During The Purchase
While purchasing a property, you might determine that you have some issues with the contract regarding the purchase. Or you might also find it difficult to understand the terms that are included within the purchase contract.
In such situations, you are required to hire a professional and experienced real estate lawyer to assist you in the process.
A good real estate attorney will guide you in understanding the terms and conditions of your real estate contract. This will allow you to effectively purchase a property by being legally compliant with real estate laws.
Peace of Mind
You might have thought at the back of your mind regarding the things that might get wrong while purchasing a new property.
Additionally, you might also not know every real estate law that applies during the purchase and sale of a property.
In such situations, it could be advised that you hire a professional and experienced real estate lawyer to effectively guide you in the process.
Cost Of Hiring A Real Estate Lawyer
The fixed hourly rate of hiring a real estate lawyer in the US is $150 to $350 per hour. This wholly depends on the experience and location of the attorney.
The fixed charge for services provided by real estate lawyers within the US approximately ranges from $500 to $1500. This depends on the valuation of the property, along with their experience and location.
Why Do Real Estate Lawyers Charge That Much?
When you’re buying or selling a house, there is a lot to take care of. But the most daunting part of it is usually the legal complexity. That’s where a real estate lawyer comes in. They are experts in handling legal matters related to properties.
But why do they charge that much money for their services? Let’s find out.
Experience Comes At A Cost
The more a real estate lawyer knows and has done their job for a long time, the more they might charge because they have lots of knowledge and skills.
The More Is The Complexity of the Transaction, The More You Pay
Sometimes, buying or selling a property can be easy, and other times, it can be really hard. The harder the job, the more a lawyer might charge because it takes more effort and time.
Location Of Your Property In Question
In some places, everything is more expensive, including hiring a lawyer. So, if the property is in a big city or an expensive area, the lawyer might charge more.
The Amount Of Negotiation And Contract Writing Involved
A real estate lawyer helps you get a good deal and makes sure the contract is right. This takes effort, and the lawyer might charge more for this service.
The Effort Taken In Title Search And Insurance
The lawyer might need to check the property’s history to make sure it’s safe to buy. This costs money because it needs research. Also, they might recommend getting insurance, and that can add to the cost.
Extra Legal Services Needed For Your Case
Sometimes, other legal stuff needs to be taken care of, like dealing with tenants. This can make the lawyer’s work more complicated and cost you more money.
The Time and Effort On Your Lawyer’s Part
Lawyers charge based on how much time and work they put into your case. If your case needs more time and effort, the cost will be higher.
The More Reputable They Are, The More They Charge
Some lawyers have a good reputation because they’ve done great work before. These lawyers might charge more because they are famous for being good at what they do.
How This Particular Lawyer Charges
Some lawyers charge for every hour they work, while others might give a fixed price for the whole job. The way they charge can affect how much you have to pay.
Now you know the job responsibilities of a real estate lawyer and ways they can assist you in your big investment.
The one thing you are required to make sure of before hiring a real estate attorney is determining whether the state you are located in mandates the use of professional legal personnel in finalizing your real estate purchase or sale.
On the other hand, you can also hire a real estate lawyer for the purpose of clearing your doubts regarding real estate laws.
You can choose from a wide variety of real estate attorneys listed on our website for the purpose of resolving your real estate law queries. You can select your location to have a better selection of real estate lawyers that serve in your state.