It’s in your best interest to hire a lawyer when buying or selling real estate. These are large, often complicated transactions, and they’re not situations where you want to be making mistakes.
However, if you’ve never done a real estate transaction before or you’ve never worked with a real estate lawyer, the process of hiring one can seem overwhelming or confusing. To make it simpler, here are all the things you need to know.
What a Real Estate Lawyer Does
One of the most common questions we hear is “what does a real estate lawyer do?” And that’s understandable. The reality is that real estate lawyers do quite a lot. One of their most important roles is reviewing all documents involved in the transaction and ensuring that it is executed properly and in accordance with the law.
For instance, the lawyer will review the purchase or sale contract to ensure all terms are legal and that both the buyer and seller adhere to what has been agreed upon.
The lawyer will also do a title search on the property. This will let the seller know if there are any outstanding claims or liens registered against the property. The lawyers involved in the transaction will ensure that any claims are handled before the seller receives the balance of the payment.
A real estate lawyer will also ensure that all property taxes are up to date and that any required adjustments are made before the sale closes.
How to Find the Right Lawyer for You
Finding the right real estate lawyer is important. You’ll want to not only choose someone who is experienced and knowledgeable, but also a person who you are able to work with. Most lawyers will talk with you and answer any questions you may have before you enter into any professional relationship. This is a good time to inquire about their fees and get a deeper understanding their personality and the process that is involved.
What to Expect During the Process
The process of working with a real estate lawyer will differ depending on whether you are the buyer of the property or the seller.
However, in general, there are certain steps that will be followed in both circumstances. The lawyer will review the purchase agreement and any other relevant legal documents associated with the transaction. They will ensure there are no claims against the property and work to remedy any that may exist. They will then prepare or compile any documents that are required for the transaction (mortgage documents, the deed to the property, etc.).
A lawyer also ensures that any legal or financial conditions that have been placed on the transaction are met before closing the transaction.
They will then exchange documents with the lawyer of the other party and make sure the keys are ready for the buyer to receive.
During the process, if you have any questions about the transaction or are unsure of anything, your lawyer will be able to help.
How to Stay Organized and On Track
There is a lot to do in a real estate transaction, whether you are the seller or the buyer. Your lawyer will let you know what is expected of you and make sure that you are aware of any deadlines. As mentioned, part of their role is to ensure that the transaction goes through smoothly.
Tips for Working with your Lawyer
It’s important to be open and honest with your lawyer and ask any questions you may have. This will help you understand the next steps and make the process of buying or selling a property less stressful.
Real estate can be confusing, and the process can often feel quite rushed. Working with the right lawyer will give you peace of mind in knowing that everything is unfolding as it should and that all details are being taken care of.
If you’re looking for a real estate lawyer or have any questions about the process of finding the right legal representative, please give us a call at (780) 963-4867 or
contact us online.
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