Most real estate attorneys bill on an hourly basis, while others impose a fixed fee. The lawyer will inform you right away.
The Key Takeaways:
- A real estate attorney prepares or examines all of the signed papers during the closing of a real estate transaction.
- The attorney is then present at the closing to represent the buyer’s (or seller’s) interests.
- State and municipal governments govern real estate law.
What Real Estate Law Covers
Real estate law governs the acquisition and sale of real property, including land and buildings built on it. It also addresses legal problems with items connected to the property or buildings, such as appliances and fixtures.
Real estate lawyers guarantee that appropriate processes are followed throughout the purchase or sale of the property. They may also be worried about how a property is designated for use. Deeds, property taxes, estate planning, zoning, and titles are covered under real estate law.
State and municipal governments have different real estate laws. Therefore, attorneys must be licensed to practice in the state where the transaction is taking place, and they must keep up to date on any state or local changes that may affect the transaction.
The Attorney’s Responsibilities
A real estate attorney is qualified to draft and evaluate purchase agreements, mortgage papers, title documents, and transfer documentation.
When the money is paid, and the title is transferred, this is referred to as closing. A real estate attorney who has been engaged to manage a transaction will always be present at the closing alongside the buyer. The attorney’s role is to ensure that the transfer is lawful, binding, and in the client’s best interests.
The real estate attorney and staff may create papers, issue title insurance policies, conduct title searches on the property, and manage the transfer of money for the purchase during the acquisition of a property. If the acquisition is financed, the attorney is in charge of preparing paperwork for the buyer’s lender, such as the federal HUD-1 Form and associated transfer of funds documents.
In the event of a real estates dispute, such as chain of title, lot line difficulties, or other contract-related concerns, the attorney will settle the matter.
When a real estate issue ends up in court, a real estate attorney may represent the buyer or the seller. The real estate attorney gathers information from all sides of the issue and attempts to resolve them. Hiring a surveyor or title firm to go through the specifics may be necessary.
Like any other lawyer, a real estate lawyer has obtained a law degree, which usually takes three years of full-time study for a full-time student. They have also passed the state bar exam in the state in which they practice. Real estate legal training may begin in law school with optional courses and internships and can continue with a real estate law certification.
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