It never hurts to get industry expertise when making a substantial financial decision, like buying or selling a home. With intel from an experienced real estate attorney, you can better navigate all the legal complexities of buying or selling a home and maintain peace of mind the whole way through.
At KeyVest Real Estate, our team of experienced agents can help you make informed decisions about your real estate transactions. If you’re considering hiring a real estate attorney to buy or sell a home, our team can offer you valuable insight on vetting the best professionals. Read below for our comprehensive guide of questions to ask before hiring a real estate attorney.
Everything to Know About Real Estate Attorneys
What Does a Real Estate Attorney Do?
A real estate attorney is a licensed legal professional who advises parties involved in a real estate transaction, such as buyers, sellers, or lenders. Generally, real estate lawyers manage vital documents and contracts related to the sale or purchase of a home and oversee the closing process.
Some states legally require a real estate attorney to be present at real estate closings; in those that don’t, it’s still highly recommended. Buyers and sellers can each hire their own legal representatives during a real estate transaction. In sales where a home is purchased with a mortgage loan, an attorney will also need to represent the mortgage lender or title company.
What Credentials Should My Real Estate Attorney Have?
Credentials should be a huge focus when hiring a real estate attorney. The ideal attorney will have years of experience in real estate, a law degree from an accredited institution, and a background in handling cases similar to yours. On top of that, you’ll also want a real estate lawyer who is attentive, communicative, and eager to guide you through every legal complexity of the selling or buying process.
How Much Does a Real Estate Attorney Cost?
The cost of a real estate attorney depends on the services you specifically request and how you divvy up costs with your seller or buyer. For example, if your mortgage lender wants a real estate lawyer to oversee you, your contract will outline whether the buyer or seller takes care of this cost. Real estate attorneys used outside of the closing process typically charge a fixed hourly rate. This rate will typically depend on how experienced your attorney is and where they practice. Real estate lawyers might also charge fixed rates for specific services.
Why Should I Hire a Real Estate Attorney?
There are several advantages to hiring a real estate attorney for your selling or buying needs. The first of which is saving money. While real estate layers come with fees, they are worthwhile investments. Contractual issues with real estate transactions can lead to substantial financial losses. With help from a real estate attorney, you mitigate the risk of running into costly contractual problems down the line.
