5 Roles of a Real Estate Attorney
Real estate attorneys perform critical roles when you buy or sell a home or handle title issues. Discover the tasks of a real estate attorney below.
1. Prepare Documents
Real estate deals involve many documents that need meticulous preparation and filing with the proper authorities. While real estate agents help you fill documents, you often need a real estate attorney to draft and revise real estate documents. These documents include mortgage contracts, rental agreements, purchase agreements, transfer of title documents, and lease contracts.
2. Arrange Title Searches
A title search certifies that the seller has the legal right to sell the property and uncovers any liens against the property. When you buy property, a title search is necessary to check any zoning ordinances or restrictive covenants.
Also, the search confirms if pending taxes and any other issues prevent the property's sale. A real estate attorney conducts the title search so you can proceed with the transaction.
3. Handle Negotiations
A real estate attorney's expertise is invaluable in getting a good deal, whether you buy or sell property. The attorney acts as an intermediary between you and other attorneys, investors, brokers, developers, buyers, agents, lenders and other parties in the transaction.
Your attorney protects your interests and prioritizes your concerns during real estate negotiations. For instance, you may want certain repairs or a lower asking price before buying a house.
4. Clarify Technical Terms
A real estate attorney explains the purpose of all documents and describes your responsibilities during the transaction. Real estate deals feature many complex terms, and you can make a costly error if you misunderstand technicalities. Tax liabilities are especially complicated, but a real estate attorney determines your current and future obligations.
5. Oversee the Closing Process
The presence of a real estate attorney is usually necessary during the closing to oversee the transfer of funds and title. The attorney also ensures the closing proceedings are legal and binding and that closing documents like the deed are filed correctly to prevent future disputes. The attorney's fees are typically part of the buyer's closing costs.
Today's real estate deals have many steps, and you risk making costly mistakes or getting a bad deal if you don't consult an attorney. At Peet Law Group, we work with you on every real estate phase and clarify all your concerns. Call us today to attain your real estate goals.
