Most articles that you read online about purchasing real estate will usually mention the importance of hiring a real estate article at least once. If you’ve ever purchased real estate, or are in the process of doing so now, then you know this isn’t simply rhetorical. Real estate transactions are complex and involve a litany of laws and regulations. You’ll need the help of a good lawyer, like those at Adam Leitman Bailey, P.C., to ensure that everything is done properly. But what exactly does a real estate lawyer do to earn their fees? The answer to that question is the subject of this article.
Real estate lawyers are licensed attorneys who specialize in real estate. They spend their days devoting their legal prowess to disputes and transactions involving real property. This can mean drafting and/or reviewing a real estate purchase agreement or mortgage document, handling the actual closing of escrow at the tail end of the transaction, or representing one of the parties to a transaction in a dispute that arises out of a real estate transaction. Attorneys can also serve as neutral third parties and hold the buyer’s earnest money and the deed in escrow, in place of an escrow company. Although a real estate agent can perform many of the functions needed in the course of a real estate action, some tasks should be performed by a lawyer (and some states actually require that the preparation of certain documents be done by a lawyer).
Another vitally important role of the real estate lawyer is that of counselor. Real estate is an extremely expensive investment, and it must be made wisely after obtaining careful advice. Real estate lawyers are in a strong position to provide that advice. They will be able to guarantee that purchase agreements are legally binding and in their client’s best interest. They will also be able to give general advice about the transaction based on their real estate experience. Lawyers, and their support staff, can also carry out title searches on the property to ensure that the seller possesses the interest in the real estate that they purport to possess. As mentioned above, lawyers can prepare all of the forms necessary for closing, as well.
When a dispute arises in the course of a real estate transaction (or after its completion) a real estate lawyer is absolutely vital. These lawyers have extensive experience with the vast array or real estate disputes, such as chain of title disputes, lot line issues, or breach of the real estate purchase agreement.
Never overestimate your own abilities or underestimate your need for an attorney. Real estate transactions can be extremely complex and it is highly unlikely that you’d be able to cover every detail yourself. This goes double in the event that a dispute arises – don’t try to make complex legal arguments or defense yourself. Lean on the experience of a licensed professional to ensure that your real estate transaction goes smoothly!