If you are considering to sell or buy a house, it is one of the biggest investments that you make. Besides just hiring a real estate agent to help you with the negotiation process, it might be in your best interests to hire a real estate attorney who will guide you throughout the real estate legal process. The difference between a realtor and a real estate lawyer is that real estate lawyers are specialized in legal matters that relate to disputes between parties and other matters related to property.
There are many states that have even made it mandatory to hire a real estate attorney for the closing. However, even if the state you reside in does not have such a requirement, you might want to consider hiring one. The real estate attorney will properly review all of the documentation of the property before the closing and will advise you of any omissions or problems with the paperwork. During the closing, you have nothing to worry about when you hire a real estate attorney as he or she would best represent you. It is important that you keep in mind that many real estate attorneys charge according to the number of hours of service provided. On the other hand, there are some that might charge a flat fee.
Responsibilities Of A Real Estate Attorney
A real estate attorney has many responsibilities. Some of these include the preparation and reviewing of documents that relate to real estate like purchase agreements, transfer documents, title documents, and mortgage documents. When you hire a real estate attorney, you will have the attorney by your side during the closing with the buyer or seller depending on whether you are a buyer or seller. The closing is one of the most important stages as it is during this time that the title is transferred after the money has been paid. The attorney is present at the closing to make sure that the transfer is binding, legal, and in your best interests. Both a buyer and seller need a real estate attorney for the best outcome. Some of the main responsibilities of a real estate attorney are mentioned below.
Although most parties can negotiate the terms of the deal face-to-face, it is crucial for the terms to be properly memorialized in a contract in order for the terms to be legally binding on the parties to the contract. Real estate attorneys will not only negotiate on your behalf but would also ensure that the contract written adheres strictly to all relevant state laws and address specific issues that might arise due to the future use of the property. For instance, in most states, the law allows the buyer and seller to review the real estate contract signed by the parties within three day in conjunction with the real estate agent before it is legally binding on them. Since most sellers and home buyers are not aware of this important fact, the attorney will make sure that they are aware and will also review the contract to determine if there are any glitches and if any necessary changes should be made or contingencies inserted.
A title search is another crucial service that is provided by real estate attorney. The main purpose of a title search is to determine if the property being sold is free from any type of encumbrance like judgments or liens. The result of a title search is crucial as it reveals whether the seller is in fact legally entitled to sell the property. Now, even though anyone can conduct a title search in this digital age, a real estate attorney will be do it much faster and effectively for a lower cost. Besides, even if the attorney does not do it by himself/ herself, the attorney would have a working relationship with a reputable title search company.
Furthermore, if the search reveals anything problematic, the attorney will counsel you on whether you should proceed with the transaction or not. In addition to providing you with legal advice, the attorney will be able to negotiate the price of the property on your behalf.
Contract preparation and negotiations are rather complex when it comes to partnerships, trusts, and corporations. Since the real estate attorney knows about the different types of business arrangements and the legal boundaries in place as per the state laws, the attorney will be better able to prepare a contract that is in accordance with such laws and would be able to expertly negotiate a property transfer as per your best interests.
When it comes to real estate deeds, they need to filed at the state and county level. The real estate attorney will be an expert at filings and will be able to do so much more quickly and efficiently. Besides, if the transaction involves a property in an area that restricts certain types of construction, the attorney would be able to find an alternative to the situation in order to navigate the maze of regulations so as to complete the transactions.
Just like any other attorney, a real estate attorney must have a law degree which has been obtained after studying for at least three years as a full-time student and should have passed the state bar exam that is administered by the state one practices in. Moreover, the real estate attorney must have taken up elective courses and worked relevant internships during their time at university. They should have experience working in real estate law upon graduation.
Hire A Reputable Real Estate Attorney
If you want the real estate transaction to go on smoothly, then you need a reputable real estate attorney such as a real estate attorney in Sanford, NC. The attorney will be experienced in dealing with just about every type of real estate transaction and will help ensure that your interests are protected. Hiring a reputable real estate attorney is the best decision which one could possibly make.