Looking to buy a house or make a real estate transaction? Did you know that in some states it is required by law to have a real estate lawyer or attorney present for those transactions?
We are going to discuss and look into if you need one and why it is essential to have one. You probably don’t know everything there is to know about selling or buying a home when it comes to laws and legal stuff, so why not spend some extra money on doing it clearly and legally.
To know your rights and the correct processes, you should visit a lawyer’s office and talk with them in person, but here is some information to know about what an attorney can do for you!
What Is a Real Estate Lawyer?
A lawyer or attorney for buying or selling a house is a person who has studied and knows well the laws that surround purchasing and selling a home, for closures, short sale, and renting your home.
You would hire an attorney or lawyer for a home to have someone to explain legal documents, answer questions regarding laws and transactions, and to make sure you and the person you are buying from or selling to is doing everything legally.
An attorney for real estate can also help you when looking at mortgages and filing taxes. If you have filed for bankruptcy, they can make sure the title and deed of the house are legal and correct, as well as any other things regarding owning and selling a home.
Why You Need a Real Estate Lawyer
In some ways, a lawyer for a home gives you some peace of mind that everything is being done legally. Also, it is always a comfort that you have a person who has done this plenty of times before to assist and answer your questions.
In the United States, some states require a real estate lawyer to be hired when making home transactions, but there are a few states that do not need it by law. This is similar to Canada. If you are looking to buy a house there, you are not required to have a lawyer present.
We recommend that even if you are living in a place that does not require by law to have one, it is always a good idea to invest. Buying and selling a home is a significant investment or a large amount of money being received, and you should make sure nothing happens illegally with that transaction.
What Can a Lawyer for Real Estate Do for You?
They can help you resolve more complex issues. Nowadays, buying and selling a home is not a straightforward deal with one shake of the hand. The attorney can help you understand the contract, make sure the house is inspected and up to date, go over mortgage plans, and make sure the deal is legally closed.
They can also help you when negotiating a price for your new home. They can give you tips on how to do so and to help you understand what a fair price is.
Having a lawyer for a home can also reduce any potential risk. No one wants to make an illegal transaction, or in the long run, have extra costs and fees. Also, no one wants to be sued because something in the process was done incorrectly or illegally. An attorney can make sure everything is done the right way.
A lawyer for a home can save money and time in the end. You can put your trust in them to make sure the transaction is done correctly the first time around. Also, they help you find the best rates within your budget and make sure you know what you are signing up for, so there are no hidden fees later on.
How Much Does a Real Estate Lawyer Cost?
The fees do vary based on the lawyers’ experience and services they will provide, and also if you have a more complicated situation, like a foreclosure or needing to refinance your home.
Some lawyers run on a fixed fee, a flat fee, or just a fee for an event to assist. You should always ask for the attorney’s specific fees and rates. Some work at a fixed rate of $150-$350 an hour, but others work based on the value of the home you are selling or buying.
The Bottom Line
A lawyer for real estate can seem just like an extra cost you don’t need if you are looking to buy or sell a home in a place where one is not required.
These homeowner transactions are sometimes the most significant purchase or sale a person makes in their whole life. You should want to make sure it is all done legally and correctly with the help of a real estate lawyer.
Hey there, nicely written, got a lot of insights.
Wanted to ask if like a regular lawyer, can a Real Estate Lawyer be kept on retainer? If yes, what are the charges, and how the deals take place?