Real estate attorneys are licensed to practice law and specialize in either commercial or residential real estate. They’re familiar with every aspect of real estate transactions, and they can represent buyers, sellers, or lenders. While they can represent a buyer or seller, a real estate attorney cannot technically represent both parties in a single sale. However, a buyer and seller in the same transaction can use attorneys from the same firm.
Some of the tasks real estate attorneys are qualified to perform include:
There are a few factors to consider when deciding if you need a real estate attorney. First, some states require attorneys to be involved in real estate transactions. They may prepare and draft legal documents, examine and certify the title, or conduct closings. States regularly pass new legislation, and rules can vary by region within states, so make sure to speak to your agent to understand your state’s requirements.
Even if your state doesn’t require a real estate attorney, you may want to hire one to work with your agent to represent you during your real estate transaction. Many standard home sales likely won’t need a real estate attorney to be involved. However, it can give you peace of mind to have an attorney review your contract and documents, protect your interests, and handle any complex legal issues that may arise. Also, real estate attorneys can be helpful in non-standard transactions, such as short sales, estate sales, and bank-owned property, as well as buying property out of state or homes with structural issues.
If you decide to have an attorney represent you when you’re buying or selling a property, you will want to find the one that’s right for you. There are a few ways to start your search:
From there, you will want to make sure you fully understand the attorney’s background and how they can support you. Make sure you ask plenty of questions to gauge an attorney’s qualifications. Some common questions you may want to ask are:
Once the offer is accepted, you may think everything else is a formality. However, the closing process has plenty of challenges. Use this guide to know what to expect.
In today's dynamic financial landscape, savvy investors are constantly seeking opportunities to grow their wealth. One avenue that continues to stand the test of time is real estate investment.