Real estate transactions are notorious for their abundance of paperwork and we all know how many agreements, contracts and statements you have to sign before you sell or buy a property. Even though a lot of documents are universal and you can find them already prepared, some states have their own laws and regulations so buyers and sellers need to be very careful when performing the transaction. Unwanted consequences can include lengthy and often very expensive visits to the court, and this is something we all want to avoid. Luckily, there is a simple solution to this problem and by hiring a reals estate attorney many people have saved a lot of time and money, in addition to making the transaction go through in the first place. Real estate attorneys are important for a number of reasons, but people often feel that hiring a lawyer when you are only selling your house is an unnecessary expense and that they will save money by just hiring an agent or doing everything by themselves. However, things can go wrong very quickly and people then realize that attorneys would save them much more money if they were hired from the start and that their role has many benefits, no matter if you are selling or buying a real estate. Private single homes are even relatively “easy” when it comes to legal matters, but if you are buying a large complex or investing in a condominium or some other type of housing – legal advice is something that is obligatory.
What exactly do lawyers do in the process of real estate transaction? The answer to this question is pretty wide and complex since there are many variations and almost every case has different features and elements. But, there are some general duties and responsibilities which fall under the job description of real estate attorneys and they basically cover all areas of the law that can be connected with ownership of a real estate.
Attorneys prepare documents that are necessary for the transaction, such as contracts and agreements, or they only perform a review of those documents, in case a client wants to “double check” if everything is in order and in accordance with the law. Legal counsel is another important area, and people visit real estate attorneys when they want to know more about loan deals and lawyers usually clarify the terms of a mortgage. Also, real estate attorneys can act as representatives, which means that clients can ask them to negotiate the deal instead of them. If the deal is illegal o some other problem arises, attorneys will represent you in court. They also play a part in moments like foreclosure, where they can be used on either side, and they also resolve title insurance issues and similar elements of a real estate transaction. As we can see, the role of a real estate attorney is very important and people who are not experienced enough in these matters should always consult a legal office and ask for help with their case.