Hiring the Right Real Estate Attorney

Investing in property is a very important decision in one’s life. You are going to invest all your savings, in some cases a hefty loan, into buying a property that you will cherish for the rest of your life. You won’t want to spend that money buying something that’s not worthwhile. Getting cheated is often possible especially when you are involved with investments. Even if you are not really cheated with the property, you can always be cheated while signing an agreement or making that buying decision. You could be asked to agree to clauses that are not legal or, something like that. It is always good to hire a real estate law firm who would give you the perfect legal advice in such cases. After all when you are investing a lot of money buying a property, investing a small amount in an attorney is good idea to protect the legal issues. When hiring a law firm or its attorney, there are some aspects that you should not ignore. Here’s how you select the right real estate attorney for your property related investment.

Referrals or Relationships

A good real estate attorney could be realized with good relations. Probably when you dealt with a law firm in your last dealing, you made good relations with them. This would help you in your current dealing as well. But, if not then try to get some good references. Your neighbour, your relative or, your best friend could have hired a real estate law firm in the past when selling or buying a property. You can ask them about it and, get a real good deal. Hiring a real estate law firm from references or past deals makes sense as you get the right attorney. Remember, its about your property and the legalities of that property. So, you need to make the right choice in here.

From the Bar Association

If you have none of the above mentioned sources, you could probably contact the bar association in your state for help in the same. They can provide you with a list of attorneys who deal with real estate on a daily basis. In fact, you can even come up with listings of law firm dealing in real estate. Both of these together make up for a good research and comparison. You can ask people around you and, do some research before choosing the right attorney.

Consult your List

Once you have come up with a list of attorneys, you can probably consult a few of them personally. These personal meetings can help you understand if they have the right experience and talent to get you through your property dealing. You can even seek some legal advice during these consultations. If you feel the attorney suits you, you can close the deal with him and hire him straight away.

Legal part in property matters is very important. So, make sure you spend enough time and money in hiring the right attorney.

Real Estate Attorney – Is He Worth the Money?

A real estate attorney can be a very valuable investment, regardless if you are the seller or the buyer. As experts in their field they will ensure that the whole transaction goes smoothly, while not overlooking any of the small but important details of the deal. Here are some good reasons for hiring a real estate attorney as well as a few words on what to expect from this kind of legal professional.

If You Are The Seller

When selling your property, the real estate attorney will assist you in preparing the purchase and sale agreement. If you so wish, he or she will also negotiate the sales terms on your behalf. After that the deed will be prepared and your lawyer should promptly deal with any issues, if there are any, as they arise.

Before you sign the final papers your attorney should also review them first. Finally, your lawyer can also oversee the matter of insurance certificates if they are needed as well as take care of the due security deposits.

If You Are The Buyer

Buying a home is one of the biggest investments ever in most people’s lives, so one of the benefits of having a real estate attorney by your side is that he or she will be able to walk you through the entire process. There are many things to consider when investing in real estate, such as checking that there are no liens, easements or covenants registered against the property.

Discovering this only after the deal has gone through would be a very unwelcome surprise indeed. You could also hire an attorney who specialize in real estate tax, if the property owes taxes. But for the average purchase that will most often not be necessary.

There are many documents to take care of in the average real estate deal, and your attorney will see to it that they are all prepared and filed in good order. The mortgage is also something that your real estate attorney can assist with, working directly with the bank and making modifications as needed.

Your attorney will naturally also be present at the closing, making sure that all papers are in good order, that proper insurance is in place and that a valid registration of ownership exists.

In short, a competent real estate closing attorney will be worth their weight in gold, whenever problems arise – and many times they will also prevent issues from arising to begin with.

What You Need to Know to Pick the Right Real Estate Attorney

If you are a first-time or new investor, you might be intimidated when gurus, teachers, and other Investors start throwing around the phrase “your team.” I know I was. They are referring to the team of servicers who are going to be your right hand men when you orchestrate a real estate transaction. They are your real estate attorney, contractor, title and/or closing agent, mortgage broker, accountant, insurance agent, and your herd of real estate agents. For someone who has never bought and sold an investment property, trying to assemble the right team members is a daunting task.

In order to help you avoid some costly mistakes, here is some advice and some questions to ask when you are interviewing perhaps the most important member of your team – your real estate attorney…

Dealing with an inexperienced or uninformed real estate attorney could cost you hundreds of thousands of dollars and many nights’ sleep. You need to be sure that your attorney is up to speed on all of the latest laws and regulations that are being enacted. If not, you could end up paying for their mistakes.

A great way to find real estate attorneys who are knowledgeable of the creative real estate niche is to ask other Investors in your area. Go to a local REIA meeting and ask which attorney people are using. You can also ask local real estate brokers and agents for referrals. A last resort should be looking in the Yellow Pages for real estate attorneys. This should be a last resort because any lawyer can place an ad in the yellow pages. You are looking for ones who are recommended by people in the business.

Another good idea is to go to your local library and check out a copy of the Martindale Hubbell legal directory. It lists attorneys by location, tells you where they went to school, and rates them. It is a good idea to also look up the attorneys that come with a personal recommendation in this directory

Do not settle on the first attorney you call. You need to interview a number of them and pick the one that you are most comfortable with, who has the best referrals, and who seems the most knowledgeable about what you are doing. There are a lot of attorneys out there who will shoot down your ideas just because they don’t understand the law.

Here are some questions to ask when you are interviewing a prospective real estate attorney.

1. How often do you handle residential real estate deals?
2. Do you work with other investors?
3. How long have you been practicing in this particular area?
4. Do you have any investor references?
5. Do you normally represent buyers? Sellers? Banks?
6. Do you understand the scope of what I will be doing and the services I will be needing? Do you do subject-to transactions? Short sales? Back to back closings?
7. Who will be working on my cases?
8. How do you charge for your services?
9. Do you have malpractice or errors and omissions insurance?
a. They must hold at least enough insurance to cover the home you are going to buy.
10. Have you ever been disciplined by the Bar Association?

Keep in mind while you are dealing with the attorney that YOU are the customer. You should be suspicious of any attorney who is stand-offish, aloof, or says things like “Don’t worry about it, I know what’s best,” without addressing your needs or concerns. If they make you uncomfortable, move on to the next one.

Remember, it is better to pay more for an experienced real estate attorney than to find the cheapest guy in the phone book and hope nothing goes wrong. One small mistake on your attorney’s part could end up costing you thousands and destroying your reputation. Don’t be cheap, but don’t get hosed.