Things your Real Estate Attorney wants you to know
Real estate lawyers are not always the most popular people on the block. Hey, I’m a lawyer, so I appreciate why some people do not like us. We are expensive, often hard to come by, and when we call you back, we do not always tell you what you want to hear. Sometimes we are the harbinger of pretty bad news. However, the fact is that your real estate lawyer is focused on your interests (we are ethically committed to doing so), and if you have one by your side, buying or selling a home can actually be much smoother.
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But you also have to understand a few things about what we do. From what I have seen in my own practice, and after conversations with other real estate lawyers, here are five things your lawyer wishes you knew – before you even turn to them. Your own legal eagle may not enlighten you in these matters, but we are here to give you the insight. And we waive the hourly rate!
- Do not wait until you call a real estate attorney
A common question that I get from potential customers is, “I signed a contract and I want to finish it. What can you do for me? “Or,” Six months ago a court issued a judgment against me, and now I want it to go away, what can I do to avoid payment? “
In both cases, my answer is “Not much”. I should have been involved before the problem occurred, not after. This is a simple reality – and is often ignored.
I understand: A good real estate lawyer will probably cost a few thousand dollars. (Depending on the circumstances of the transaction, this may more or less be the case.) You might complain about the rising cost of home ownership, but let’s take a look at the flip side: you buy a home without hiring a lawyer, and we say simple, for example, that a tax lien remains undetected. You are now the owner of the house and are on the hook for several thousand dollars of old tax debt, and you risk a possible foreclosure.
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This is a very big, very expensive headache, and now you will definitely need a lawyer to sort it out. And all of this could easily have been avoided by calling a real estate lawyer. We cost money, but we save you money.
- However, make sure you hire a real estate lawyer
This seems to be common sense, but it is still a common mistake that home buyers make. Your colleague from college may be an excellent defense lawyer and he may even be admitted to several neighboring states. However, that does not mean that he is the first to know about the closing of property.
Far too often, homebuyers go to lawyers they know or are recommended by friends, regardless of the lawyer’s specific field of expertise.
Real estate law is complex – and increasingly complex – and laws and customs can vary widely from state to state. Therefore, it is important to consult a lawyer who has experience in real estate law in the area in which you wish to buy. Often it is so easy to find the right lawyer, how to research him or her.
- Lawyers can do things that estate agents cannot do
In some states, a lawyer has to be involved in a real estate deal, in other states real estate agents can prepare purchase contracts without the involvement of lawyers. As a rule, the buyer pays a real estate lawyer.
In most cases, a lawyer acts more like a referee and makes sure that everything is in line with the law. However, if you want to add unusual conditions to a purchase contract or worry about a particular legal issue, a lawyer can provide legal advice that a real estate agent cannot. If your upcoming deal involves even a touch of extraordinary complexity, you should make sure that a lawyer is present, whether or not required by law. You’re welcome.
- Real estate lawyers are also helpful to sellers
Sellers are less likely to seek assistance from a real estate lawyer, but a lawyer can be a godsend for particularly gnawed transactions.
For example, suppose you own a large lot of land and you only want to sell a few acres. A real estate attorney can assist you in drafting a contract that restricts the development of the property by the new owner, or to ensure that you receive the relief to cross the property to access a public street or other part of your property ,
A lawyer can also help owners understand and prepare for the tax consequences of selling their home. A real estate lawyer can help you find your way around these waters. It accurately calculates your profits and saves you a lot of taxpayers’ money.
- Spoiler alarm: Real Estate lawyers actually do a lot of work
If everything goes smoothly when you buy your home, your lawyer will ask you to complete the business without any further changes. You may be wondering what you spent just a few thousand dollars on, but behind the scenes a lot of work is being done to make sure you have the reassuring and secure future for the biggest financial decision of your life.
Thanks to your real estate attorney, you can be sure that there are no problems with the title and that the terms of the contract of sale are fair to you. Ownership can be quite archaic and often requires looking into county records that have not yet been digitized, so it’s not easy to work on.