Although price is an important aspect of hiring a Real Estate Lawyer, it should not be the only thing you consider when choosing a professional to handle your real estate matter. Consumers are often told they get what they pay for. It’s rare to find practical indicators of how to value a particular provider of legal services.
This is our list of three essential characteristics that you should look out for in a real-estate lawyer.
1) Real Estate Lawyer Accessibility
It can be both exciting and stressful to buy or sell a house. Sometimes the excitement of receiving the keys to your new home or the promise that you will receive your investment funds can be offset by the uncertainty of what paperwork is required. Good lawyers should be sensitive to client needs and be able manage client expectations during a real estate transaction efficiently and effectively.
Real estate is not like other industries. It doesn’t have a 9-5 work schedule. Many buyers view property during weekends or off-hours. Sellers often find time to handle their listings when they are not working. It’s not surprising that many agents are available 24/7.
Many clients complain about the lack of responsiveness from their lawyers during a real-estate transaction. Although some legal questions can be answered by other parties, good lawyers should understand the anxiety and uncertainty that clients feel about the purchase or sale of a home. A good lawyer will provide flexible and responsive legal services to address these needs.
- Rapid response to emails or calls (within 24 hours to 48 hours).
- Establishing a time frame for a transaction
- Executing a client-lawyer task list/schedule
- Evening and weekend meetings available;
- Additional cost for offsite meetings
2) Real Estate Lawyer Presentation
A lawyer’s knowledge of a particular legal topic, in this instance real estate, should be the most important consideration. Lawyers are trained through both formal education and practical experience in complex legal concepts and the management of nuances during a sale or purchase. However, it is equally important for lawyers to be able to communicate that information in an easy-to-understand manner.
A great lawyer must be able to simplify legal concepts and explain them in simple language. It is important that a lawyer can explain to clients why they are signing certain forms, documents and contracts. A lawyer’s ability to communicate knowledge to clients is one of the most valuable skills. It is empowering to see a lawyer willing to share their knowledge with a client.
A lot of purchase and sale transactions follow a “typical” pattern. Many lawyers, mortgage professionals and real estate agents have established certain protocols and checklists that can help streamline real estate deals. While most real estate deals fall under the same categories, every client and each property has unique considerations that must be considered.
A good realty lawyer will spend significant time with clients to assess whether their goals and personal circumstances are appropriate for a property or transaction. A good lawyer will ask questions outside of the box and find creative solutions to personal problems. This keeps clients informed and helps them realize that they are not just trying to cut corners.
Why Do We Need Real Estate Lawyer?
Without legal guidance, real estate transactions can be complicated and difficult. A real estate lawyer can help a seller or buyer navigate the legal process of transferring ownership of their property. Fees for real estate attorneys can vary depending on where they are located. They may charge a flat fee of $800 or an hourly rate.
A Real Estate Specialty is Important
Some states allow any lawyer who is a member of the local bar association or is recognized by the state to conduct real estate transactions without additional training. When overseeing a real property transfer, attorneys who are not familiar with the complexities of the area’s real estate transactions may have problems.
A real estate lawyer is a lawyer who focuses solely on real estate. Although the lawyer can also work in other areas, their primary focus is residential and commercial real estate transactions.
Different areas may require different forms and paperwork for real estate transactions. Failure to use the right papers could lead to delays or even loss of money.
To avoid making mistakes, mortgage lenders may require that a buyer hire a real estate lawyer. If a buyer fails to hire an attorney to get financing for the purchase, it could result in them being denied.
A real estate attorney can help protect the seller or buyer from financial loss. Buyers who do not have a clause that allows them to terminate a sale contract for failing inspections can lose hundreds of dollars. This is because the buyer will have to cancel the contract if they find major problems, such as mold. An error in loan documents can cause financial and time losses.
A real estate attorney can help sellers with problems related to the title of their home. An attorney experienced in the subject can resolve a title defect. An attorney can ensure that the seller’s interests in a sales contract are protected.
If a mortgage loan is involved, the attorneys representing the seller and buyer may not be able to represent the bank. An additional attorney may be necessary to protect the bank’s interests. The attorneys representing the parties in the realty transaction will work closely with the bank attorney to ensure that all documents regarding loans are properly executed.
Some real estate lawyers do not examine title or verify the ownership chain for potential liabilities. Some lawyers outsource title examination to a third party like a title agency.