Real Estate Attorneys – 7 Important Services They Offer

The real estate deals are booming and so is the entire industry. This undoubtedly has shown the boom factor to the real estate attorneys too. As a matter of fact, it essentially doesn’t matter to these attorneys whether or not this industry is booming. Since it is obvious that shelter is one of the fundamentals for livelihood, there exist property sellers and property buyers at all times and in every case making real estate attorneys to be always in high demand. There are various methods how the real estate attorneys are showing their expertise. Below are a few of the services the attorney’s of real estate, provide you with:

1) Property Dispute: A highly apparent scenario where these attorneys are involved is during a property dispute. They help in getting disputes concerning property being resolved by means of litigation etc. They also help in selling of disputed properties in some cases so that the money received from the same could be used for various settlements among people involved.

2) Tenancy disputes: Any dispute concerning landlords and tenants is solved by an attorney of real estates.

3) Property Settlements in cases of death: The properties of the deceased are commonly handled by real estate attorneys. In these cases the properties are sold off to that the heir’s accounts could be settled.

4) Divorce Settlements: These attorneys assist property disputes in general cases of divorce especially when the owners are joint.

5) No broker: When people are not very comfortable with having a broker to deal or sell their property, they entrust such real estate responsibility to a real estate attorney. A few attorneys take such tasks.

6) Working as Advisors/Consultants: Quite many attorneys work for several real estate investors. The real estate investors think it as a good option to hire an attorney as these attorneys can often have smooth transactions done for the investor. An attorney of real estate would do it appropriately and correctly in a much quicker and professional way. Time is always short for a real estate investor due to which he would get more time as the attorney would handle good deals.

7) Information provider: Real estate investors utilize real estate attorneys as richer information source particularly on details about property deals and sales; those which are results of settlement procedures or disputes. The investors gain the benefit of knowing information earlier compared to others. Good deals are frequently availed in this manner.

Whether or not the real estate industry booms, the attorneys concerning to this would no doubt stay in this job.

Information to Gather Before Appointing a Real Estate Attorney

Real estate attorney is basically an authorized legal adviser or representative who can help you sell or purchase a particular property. The property may include any tangible ground, homes, land, furniture or fixtures. Others may include organizations, huge shopping malls, hotels, restaurants and many such properties. Real estate attorney deals in issues including partnership contracts and deals, economic failure or bankruptcy, licensing agreements, business leases and several other issues of similar nature. Are you facing difficulties in dealing with a specific asset or land? Your difficulties have now come to an end with the growing number of experienced lawyers. You can now appoint a good real estate attorney to deal effectively with your property issues. If you have made a choice of appointing a lawyer to put a full stop to your problems, you have made the right decision. Hiring a real estate attorney will save you from a lot of time consuming things like paperwork.

Once you have made a choice of appointing a real estate attorney, the question that arises as to what to do in order to select the best real estate attorney. This article will bring to your knowledge the answer to this question. With growing economy, realty business is also evolving with time and the need and demand of a real estate attorney is also increasing as he is the only person who can guide you rightly to deal with property related issues. Some people might prefer consulting a professional adviser without realizing the fact that these advisers do not have the legal expertise required like a real estate attorney. A real estate attorney can better deal with property issues as compared to professional advisers.

Best Attorney will not only provide you with legal advices but also support you and guide you with property related problems that you might face in the upcoming years. Through the process of finding an appropriate lawyer, take advice and assistance of your close links, neighbors and relatives. Refer to people who have personally experienced similar situation and can provide you with useful and valid information. Other possible and easily accessible source is the internet. Everything can easily be found over internet including a good Attorney. Almost, all law companies have an official site. These websites contain all the required data about the lawyers available in their company. You can draw down the names of the lawyers suitable for your case and arrange an appointment via telephone or email. This information can also be obtained from the bar association located in your town. There is some information that is essential to obtain from an attorney before making your final hiring decision.

Some inquiries that are required to be made are discussed as follows:

-Question regarding their past work experience in this field and the kind of issues they had dealt with in their past cases.
-Verify his education and status.
-Inquire about the work environment in their firm and the resources that he uses to resolve a problem.
-As you will be paying him for his time and expertise, it is important for you to know about his availability. Make sure that he is able to give you sufficient time.
-Last, but not the least, inquire about the fees he charges and evaluate whether the amount he is charging is worth the services that he is offering you.

Obtaining the above information will help you appoint a good and an experienced real estate attorney for all your property or land related problems.

Realtors – Why Your Client Needs A Real Estate Attorney

In an effort to save money your clients may choose to forgo legal representation in their sale or purchase of real property. However, the lack of competent legal representation in the sale or purchase of real estate could not only cost your client more money in the long run, it could also jeopardize the entire transaction. An experienced real estate attorney helps facilitate the closing, working with all the parties involved- mortgage brokers, realtors, buyers and sellers- to ensure the smooth closing of the transaction. In my experience, there are four main reasons why your clients should hire a real estate attorney to assist with their transactions:

1. To Review the Contract Before Execution

Simply put, your client should not sign the contract until his/her lawyer has reviewed it. If the parties are in a time crunch- simply put the words “Contract subject to review by [party]’s attorney” and include a reasonable time frame. The other party will see that your client is serious about the sale/purchase and it will allow extra time for the attorney to review the contract. You may find that your clients are comfortable signing the contract if it is printed on a standard form.

However, I have seen standard form contracts where the costs of title insurance were incorrectly allocated, financing contingencies unknowingly waived, and inspection periods extending beyond the date of closing. Mistakes happen. At a minimum, the attorney serves as a second pair of eyes, trained to catch errors and potential issues that may arise from the contract terms.

2. To Review and Clear Title

Having an attorney on board early in the deal will also assist with any title issues that may later arise. Even a small issue, such as an unreleased prior mortgage, appearing at the last minute can delay the closing for the transaction. Your client’s attorney will be on the look-out for any possible title issues, and plan ahead, obtaining satisfactions, releases, corrective deeds, probate approval, powers of attorney, etc. in a timely fashion.

Also, a real estate attorney is trained to review and understand the title commitment, which is prepared by the Buyer’s attorney or title company. In transactions where I have represented sellers I have seen (and corrected) inaccurate title requirements that were unnecessary and would have caused the seller an undue burden and increased expenses. In such an instance it is essential to have a real estate attorney to communicate with the title company, the title insurance underwriter, and/or the buyer’s attorney to clarify and amend the commitment. When your client is the buyer, having an experienced real estate attorney prepare your title commitment is both cost and time efficient- a correct title commitment needs to be prepared only once.

3. To Monitor Contract Dates and Requirements

The experienced real estate attorney will monitor the contract critical dates for the buyer’s deposits, as well as all contract contingencies such as the inspections and financing. Missing a deadline can result in financial losses for the parties, including a potential loss of deposit or loss of the whole transaction. Simple matters such as calculating calendar days versus business days may make all the difference in some transactions. A party may try to use a missed deadline in order to avoid the contract or to make unreasonable demands on the other party.

Further, if the other party defaults, the attorney will address it properly, both representing your client’s interest and working to salvage the deal. An experienced real estate attorney will keep your client’s interest paramount, and will focus on meeting critical dates and requirements per the terms of the contract.

4. To Verify Property is Deeded Correctly

When most people purchase property they are not thinking about when they will be selling it. However, the experienced real estate attorney looks at the buyer’s specific objectives when purchasing the property, making sure that the property is deeded correctly so when the property is sold in the future there will be no surprises. Your client’s attorney will review and/or prepare the warranty deed and legal description, checking it for accuracy.

In addition, the different ways to title the property, affecting your client’s real estate taxes and estate planning must be considered. Whether the parties want to be tenants in common or joint tenants with rights of survivorship, consequences of deeding the property individually, versus in the name of a company or trust, are all matters that should be determined well in advance of the closing. Incorrectly deeding the property at closing will cost your client more money later when the deed is corrected, including additional attorney fees, documentary stamps and county recording fees.

Fearing the cost of a hiring an attorney, many clients may try to handle their real estate transactions without one. However, your client may not realize that many real estate attorneys work on a flat fee, and are able to provide them both a fee and cost estimate before beginning any work. Advise your clients to hire an experienced real estate attorney, and let them know that they can request the fees and costs up front.