When buying or selling a home you may find yourself experiencing real estate issues that can range from simple to very complex, plus a whole new vocabulary of unfamiliar terms to deal with. With such a large investment at stake, many people choose to hire a real estate attorney to assist them with their real estate proceedings. Use the below information to help you decide if you need to use a real estate attorney for your transaction.
What services to real estate attorneys offer?
A real estate attorney can offer many different services and some may specialize in certain areas but some general services that are typically offered are:
• Reviewing and outlining the real estate transaction process
• Reviewing any listing or agency agreements
• Drafting and reviewing real estate condition reports
• Drafting and reviewing residential offers to purchase and counter offers
• Assisting buyers and sellers through the property inspection and financing contingencies
• Working with title insurance companies and reviewing title insurance commitments
• Checking the settlement statement figures with you prior to closing
• Advising you at closing
Keep in mind you will likely have questions throughout the purchase process, having an attorney available to answer all of your questions that arise during the course of your sale will be an added benefit.
How much are attorney fees?
The actual cost for an attorney varies by state and by amount of work required. Fee structures also vary (some lawyers charge by the hour, others by flat fee, some by both depending on the task.) but the typical range is $350-$1500. Keep in mind that your personal attorney’s fee is not part of your closing costs and must be paid for separately. However, most people who have used a real estate attorney indicate it was worth the money. When you are buying or selling a home, it is most likely your biggest investment and you want to do everything to protect it.
How to locate a reputable attorney
Check with your from your local bar association, for referrals in your area. Also ask your real estate agent or your mortgage broker for referrals as well. Don’t underestimate the power that word of mouth has; ask friends, colleagues and family whom they’ve had a good experience working with. There are also many places online that you can use to research to locate an attorney in your area.
A real estate attorney’s job to protect your interests and resolve complex matters in an efficient manner. Throughout the process your attorney will check every detail, helping you protect your investment and your financial security. Having your real estate lawyer in your corner can bring peace of mind and relieve a lot of the stress associated with that sale.