When you start learning about buying and selling property, nearly every source you’ll come across recommends hiring a real estate attorney. Eight states actually require that you work with one. What do real estate lawyers actually do, and why are they so important?
Real estate agents can be a great help, but real estate lawyers offer another level of guidance. They can assist you in transactions, help you handle disputes and spot problems before they become an issue. If you’re making a real estate sale or purchase in the near future, hiring a real estate attorney to help you out is a smart idea.
Real estate law
Property law covers transactions (buying and selling) as well as zoning, deeds, titles and taxes. For example, if you’re concerned with whether someone else has a claim to your property, a real estate attorney can help litigate the issue. They can be especially important when you’re dealing with developments, or with commercial or industrial properties.
Real estate lawyers can only practice law in the state(s) in which they are licensed, so make sure you hire a local attorney for help. Their job is to keep up with current law, including cases that may have an impact on your transaction or property.
How an attorney can help
If there’s one thing a real estate transaction has plenty of, it’s paperwork. If you’re not a licensed real estate attorney yourself, that paperwork can be labyrinthine and confusing. Even terms you think you understand may have a specific legal meaning, which could affect your transaction.
Real estate lawyers are trained to understand and review transactional paperwork. They can also perform title searches, write insurance policies, transfer the funds for the purchase and resolve issues with contracts, lot line problems, chain of title and more. If your real estate transaction ends up in court, they can assist in gathering evidence and negotiating resolutions.
When to hire a real estate attorney
Florida doesn’t require real estate attorneys for property transactions, so you don’t have to hire one before closing. If your property transaction is straightforward, like buying or selling your home, you might be comfortable with just your real estate agent.
However, if you have a complicated purchase, or you’re concerned about the legalities in a deal, hiring a lawyer is a wise decision. For example, foreclosures and short sales can throw a wrench into what might otherwise be a simple purchase.
Another good reason to hire a real estate lawyer is if you’re trying to make real estate investment a primary source of income. Since you want to profit off your investments, getting your ducks in a row with the help of a lawyer is a smart choice.
In short, it’s up to you. The more complex or expensive your transaction, the more it makes sense to have a real estate lawyer on your side.
When you need experienced legal representation for your real estate transactions, get in touch with the office of Ruben J. Padron, PA today to schedule a consultation.
Categorised in: Real Estate Attorney