You may wonder if you should hire an attorney to help you through real estate-related transactions, such as purchasing a house and investing in real estate or selling it. This can be a costly process so you might prefer to cut costs and avoid having to pay attorney fees. However, hiring a poor lawyer to assist you in selling and purchase property could result in more expense in the long-term.
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What can I do to assist an attorney for real estate?
A lawyer on your side can be the difference between the closing process going smoothly or a complete nightmare. A lawyer will be in constant communication with the attorney throughout the entire process.
Since an attorney will scrutinize the file at throughout the process and will make it easier to resolve problems that arise during the closing process is taking place. A knowledgeable attorney on your side means that you'll have someone to defend your interests should there be a problem.
You can also rest assured that your lawyer is familiar with the law surrounding the transaction.
What are the costs?
The majority of attorneys offer a flat rate for residential real estate transactions. However, whether the fee is a flat fee or an hourly fee (which is the norm for many commercial transactions), if you use attorneys' services you will have the benefit of knowing prior to the time the fees you'll be charged.
Most attorneys include an engagement agreement to provide their services that outlines exactly the tasks they'll perform and what the flat or hourly rate will be. Remember, if you ever need to ask a question regarding fees, feel free to request an exact bill.
Purchasing Real Estate
Attorneys play a variety of important roles throughout the process of purchasing an investment property or a real estate investment, such as the following:
In order to ensure that you legally have the property, be sure to check the title.
Property
Communication with the agent, lender or attorney for the seller, along with all other parties
To complete the transaction
Be sure that all terms and conditions of the contract are completed on
closing
Insuring title insurance
Legal documents and deeds are recorded in the appropriate court area of jurisdiction.
Selling Real Estate
If you're in the market to sell real estate, you might have questions regarding the process. It is possible to seek help from a real estate lawyer in many ways, including:
Revising and writing the sales contract
The negotiation of terms of the contract or through their lawyer
Examining the title report for the property in order to confirm that you can sell the property
Correction of any issues that are in the title report
The settlement statement should be reviewed prior to the closing
