Find A Real Estate Lawyer – Role Of A Lawyer In Property Sale

If you are selling your property, you must find a real estate lawyer to be equipped with precise legal support to handle legal issues involved in the sale. Buyers appoint their own lawyer, so make sure that you have reinforced your legal position with an experienced and proficient real estate lawyer or attorney. When you are searching for a lawyer, you must check out his profile, cases handled and resolved by him, his credentials, profile of the law firm in which he is practicing and many more factors. The easiest way to look for a best real estate lawyer would be to go through online real estate lawyer sites, rather than looking around in your vicinity. Checking track records and credentials of a lawyer becomes easy task through websites of the law firms and individual legal consultants.

Job Of A Property Seller’s Lawyer

Although there is no distinctive function or job defined for a lawyer taking care of legal issues in the sale of a property, such a lawyer usually performs the following tasks to help you in property sales –

1. He/She will draft and review sales contract

2. Ensure title of the property and the documents pertaining to the property are properly included in the sales

3. Revise mortgage information and re-calculate transaction to ensure that those are correct

4. Revise tax bills related to the property

5. Adjustment of dates for utility costs, condominium costs or municipality costs

6. Assessment of the amount of due refunds, if any

7. Drafting statement for adjustment

8. Drafting transfer deeds

9. Taking care whether their clients are able to deliver title to the buyer, when the sale is closed.

Documentation Asked By A Real Estate Lawyer From His Clients

As a seller, you are required to keep ready some essential documents if are about to find a real estate lawyer. Following are the documents your lawyer would require –

Latest tax bill issued on your property
Last year’s utility bills on property
Mortgage details
One copy of the offer accepted by buyers
Transfer documents on the property since when the property was purchased
Additional relevant records which prove that you are the owner of the relevant property.

Fees Charged By Real Estate Lawyer

As you close a property sale deal, be prepared with some payments. Find a real estate lawyer to take care of these payments, including real estate attorney fees. You must keep aside a portion of your profit for insurance, taxes, liens and assessment, escrow charges or charges for title insurance, inspection fees etc. Your real estate lawyer may charge you commission and transaction fees.

Don’t Select a Lawyer Based on Price! It Could Cost You – Choosing a Real Estate Lawyer

You will need a lawyer to close your real estate transaction. Choosing the right lawyer is not something that should be taken lightly. Clients often ask me to recommend a lawyer and one of their criteria is “Who is the cheapest?” Do not automatically go for the cheapest lawyer! One of the best ways to find a good lawyer is to ask friends or relatives for a recommendation. That way you will not think that the recommendation is tainted by an agent’s opinion. They may not remember all the good things about their lawyer but will most definitely let you know about the bad things! If you ask a Realtor for a recommendation they should give you three names with no personal bias.

Yes, definitely call the lawyer and ask for prices but also pay attention to how the lawyer treats and talks to you. First impressions count and you want to deal with someone who makes you feel comfortable.

Do he/she ask you questions about your situation or just spit out a price because they figure you are a price shopper? How you are treated on your first phone call can be an indicator of how you will be treated if you decide to become a client.

Do you talk to the actual lawyer or an assistant? In some of the larger firms you may deal with law clerks a lot of the time. Nothing wrong with that, just be aware of who you will be talking to in the future.

Be sure to ask what is included in the fee. Some lawyers bundle their fees to be all inclusive and some charge a fee plus disbursements. Ask about any additional or potential surprise costs.

Be sure to ask about title insurance. It should be a no-brainer for a lawyer to recommend it.

You also want a lawyer who is experienced and specializes in real estate. Someone who does most of their business with the type of real estate you are dealing with.

When I was dealing with my last real estate lawyer, who unfortunately recently retired, I did not bother to ask him his costs until I saw it on his closing costs statement. What was more important to me was he was a good lawyer and took care of me. He probably wasn’t the cheapest but he was fair with his prices.

I’m not trying to give you all the answers here, I am just trying to bring your attention to some topics to consider when choosing a lawyer for your next real estate purchase or sale.

James Myers is a Realtor with Royal LePage First Contact Realty and has been helping home sellers and buyers in Barrie, Innisfil, Springwater, Essa and Oro/Medonte in the Province of Ontario, Canada with their home ownership dreams since 1998.

Top 4 Reasons To Hire A Real Estate Lawyer When Buying or Selling Your Home

Purchasing property is not a typical, standard transaction, although it is easy to acquire. Because assets such as land and homes are regulated by law, there are specific processes and rules that you must abide by.

Since these kinds of transactions involve real estate law and contracts, it is advisable to hire a knowledgeable, thorough, and trusted real estate lawyer to ensure a safe and timely closing.

Here are the top reasons why you should hire a real estate lawyer when you are planning to purchase a property.

Agreement of Purchase and Sale – This is the most important piece of the buying and selling process. A lawyer is necessary in order to help both parties understand issues presented in this document. There are elements that might be confusing or unclear. Without a thorough understanding, they could potentially create problems for either party. A lawyer will explain the nature of the agreement thoroughly and will also make any necessary changes to ensure equality and satisfaction for the buyer and seller.

Signing with an agent – When you are planning to sell a property, it is important to have the advice of a lawyer to make sure you are protected from any potential liabilities. For example, some agreements with agents containing clauses that the agent’s commission is to be paid even if the transaction does not close. With the proper legal advice, your interests will be protected and your lawyer will advise on any necessary revisions.

Title Insurance Requirement – Real estate lawyers discuss with you the advantages of title insurance. When a survey is not available, it may be worthwhile obtaining title insurance to protect the purchaser should there be any title defects. For example, title insurance can provide coverage if the new owner finds out after the purchase that a deck or other structure is non-compliant with building codes or other municipal laws. Your lawyer will ensure you are properly protected.

Closing the deal – This process can be confusing for both the seller and the buyer. Since this is final step of the transaction, a real estate lawyer will assure all the necessary documents are properly signed and executed. Disputes sometimes can occur during any transaction. However, your lawyer experienced with real estate transaction can help to resolve the disputes and close the transaction as scheduled.

Buying or selling a property may appear like a simple process. However, with the amount of money involved in the process, you want to make sure that your financial interests are safe.

Online Real Estate Lawyer – Keep Your Property Related Disputes at Bay

An online real estate lawyer firm is the best place to address your real estate related issues. Whether it is a dispute between you and your landowner or you are in the process of purchasing a property – any type of real estate issues can be resolved through a lawyer. You may search a public prosecutor depending on your case or area. So get acquainted with a suitable and capable land lawyer to come off with flying colors in critical situations such as searching for a title, damages caused to a rental property, accidents in a property etc.

When Do You Need A Lawyer?

A legal representative will lend you a helping hand in getting you to release a lien, when your mortgage company has been sold to another entity. Imagine a situation where your land owner is charging you lease payments more than the amount he has agreed upon for a predefined period or pressing you to either hike the lease amount before the expiry of the existing lease period or vacate the property. Here you would require a lawyer to help you reinforce the existing contract terms by sending the landowner a legal notice to remind him of the terms to which he is obligated to stick during the predetermined lease period. The legal representative may also get you free from the contractual obligations if you want to.

Functions Of A Real Estate Lawyer In Divorce Cases

You may consult an online lawyer while filing a divorce or for handling property related matters during your divorce settlement. To get the share of the property in which you have rights, you will need to look for a legal representative, along with a divorce case lawyer. These representatives prepare terms and clauses to ensure their client will get due compensation, if the other party intends to keep hold of the property. Though appointing a real estate lawyer along with a divorce attorney may put an additional strain on you, nonetheless, appointing them can assure that you will get your share with minimum amount of tension and hassles. Of course, different firms may charge you differently, hence you must be familiar with the attorney fees so that you cab choose the one who does not put much strain on your pockets.

Fees Of Lawyers

Though there are no fixed rules pertaining to fees, legal fees can be categorized into five basic types. Fixed fee or prearranged fees is charged by taking into account experiences, skills or efforts of a public prosecutor and paid after the case is closed. Time-based fees are generated on the basis of hours spent on solving a case. Contingency fees indicate a percentage of the money recovered through legal negotiation. There are also asset-based fees, which are charged as per the price of the property. Finally, basic legal fees, which are most reasonable in all types of situations and are fixed through written contract.

How to Find and Select a Real Estate Lawyer to Handle Your Real Estate Problem

Choosing an attorney is never a pleasant endeavor. This is especially true when your residential or commercial real estate, which may represent the most significant asset you or your business owns, is involved. When it comes to choosing an Arizona real estate lawyer, keep the following considerations in mind and you’ll have a much better chance being pleased with your ultimate choice.

First, you should understand that the practice of law is something like practicing medicine. There are general practice attorneys (somewhat like your primary care physician) who may perform a wide variety of simple legal services. There are also attorneys who focus on narrow legal issues, such as real estate law.

When you have a serious problem involving a specific area of law, you will probably want to find an Arizona attorney who focuses on and has significant experience in that area of law. This is particularly true when you are facing a real estate-related dispute that is headed for, or already embroiled in, litigation.

If you already have an Arizona attorney who doesn’t practice real estate law, they can be an excellent source of referrals. You may also want to contact the Maricopa County Bar Association, which runs an excellent referral service. Of course, an internet search may also help you to find the Arizona real estate lawyer you are looking for.

I recommend that you identify and meet with at least three attorneys before making your decision. Don’t feel pressured to hire the first lawyer you speak with. You’re facing a serious choice and you are certainly entitled to obtain a “second opinion.” The lawyer you do choose should have experience handling the type of case you’re facing, and should be willing to provide an honest evaluation of the claims and defenses you’re facing.

After meeting with a few attorneys you should carefully consider things such as cost, experience, location and other quantifiable factors. You also, however, should make sure that you are comfortable on a personal level with the Arizona real estate attorney you select, because your ability to communicate with each other will be vital to your case.

Of course, no lawyer can guarantee success, because Courts and juries can be fickle things. The right Arizona real estate attorney, however, can ensure that your claims and defenses are articulated to the Court in manner that will maximize your chance of success.

Kevin R. Harper is an Arizona real estate and business litigation attorney, representing individuals and small businesses throughout the state of Arizona from his centrally-located office at 1 N. Central Ave., Suite 1130, in downtown Phoenix.

The Benefits Of Using A Real Estate Lawyer When Selling A Home

Real estate transactions usually entail a lot of documentation, negotiation, inspection, deals and others which can be overwhelming to a common person, especially if it is your first time to sell your home. Real agents can be of great help when it comes to some of these concerns.

However, when it comes to legalities and documentation of agreements, it is best to hire a knowledgeable lawyer to oversee these items thoroughly. They can protect your rights as a seller and they can legally represent you in any engagements with prospective buyers should you be unavailable.

These such lawyers can also ensure that home titles are clean and that there are no liens on the property. This will save you on future problems that may arise should these matters not properly reviewed and addressed otherwise. In the case that issues arise on the home, you can be held financially responsible for the details that you missed. Where as if you hire a lawyer, the burden is then placed on him to ensure that everything on the property checks out to be clean.

They will also be responsible in preparing purchase agreements, terms of contract and other legal forms that will need your signature and the buyer’s. Rest assured, all bases will be covered since a legal mind has handled the document.

Chances of getting the favor on negotiations for terms of agreement are also higher when you have a real estate lawyer on your side. He can provide you with sound legal advice on cases such as counter offers that may have tax implications.

These lawyers also play an important role when closing deals, since they will handle transfer of security deposits and insurance certificates. In fact, most closing occurs inside a lawyers’ office. Most people aren’t fully knowledgeable on each of the laws associated with closing a transaction. This is why it is essential to hire a lawyer so that you are protected from all the potential threats that are faced during real estate transactions.

Because of the complicated paper works and transaction involved in these complicated engagements, sellers are often at risk for lawsuits. Having a lawyer will ensure you that these will be handled properly, eliminating all of that risk and removing the burden off your shoulders.

Real estate agents can help you market your home and find the perfect buyer, while lawyers help make your transaction with buyer hassle and worry free.

Learn About the Ideal Job Description of Commercial Real Estate Lawyers

Money becomes an imperative figure when it is about considering any sort of investment or dealing in estate property. Most of the times and for the majority of us, we do not have the true resources and all the necessary information that is required in estate transactions. Therefore, in such situations the best choice is to consult a professional and experienced commercial real estate lawyer who will have all the necessary and precise information during the process.

You may need to approach a lawyer when you are selling or buying commercial property or when you want to make sure that the sale you are getting is fair and legitimately priced. Well, whatsoever is the reason, a lawyer is always the most advisable and sensible option when it comes to dealings in the realty industry. Before we go through the crucial details of commercial real estate lawyers, let us briefly read about real estate law.

What is Commercial Real Estate?

This term loosely refers to any piece of land purchased with the full intent of making substantial money on the overall property. Commercial estate can also be used for apartment complexes and industrial production. However, most commonly it is used for restaurants, hotels, shopping malls, office buildings and any other similar property on which the owner of the land expects to mint some money.

What Does a Commercial Real Estate Lawyer Do?

Real estate is basically the sale, purchase, and transfer of homes, buildings or any other commercial property and very strict laws are alleviated for real estate transactions. Thus, a lawyer is typically required for such types of commercial transactions. A lawyer has focused and practiced the real estate law and thus is entitled as a fully licensed attorney. The lawyers handle estate transactions encumbering commercial properties. They also title opinions.

The clients can be property owners, lenders, or developers and can be involved in issues related to property litigation, zoning problems or contract disputes. A lawyer has to render advice to his clients regarding all the paperwork and property transactions. This is one of the most important roles as a commercial lawyer.

Many of the times, established commercial firms hire dedicated lawyers to work for their corporations. Sometimes, these lawyers attain good opportunities and act as general counsel for large scale developers too. However, the job of such attorneys is to sell and buy properties, review the financial documents, file paperwork for corporations, partnerships, documentation for taxes, and communicate with investors regarding the property.

Nevertheless, other attorneys in this domain are also in charge of reviewing the deeds and ensuring the titles are appropriately filed with the right governing policies. They also manage the negotiating leases for various commercial office buildings and shopping centers.

Why You Should Use a Real Estate Lawyer When Selling Your Home

Selling your home is tough both emotionally and physically. Many people usually make the mistake and hire their own real estate agent. Instead, you should make a serious effort and consideration to hire a real estate lawyer.

Having a real estate lawyer is much more effective than having an agent simply because they know your seller rights and will protect them at all costs.

The lawyer will be able to review all the legal forms and documents throughout the selling process. This becomes extremely helpful when you are required to sign something. This may include the title, and ensuring it is clean. With a lawyer, it is much easier to correct any errors or issues.

The lawyer will have other duties as well. He will oversee the contract, binder, and he will create the purchase agreement. All of these tasks are things you should avoid doing yourself, and let a proper professional handle them.

Another great benefit that is often overlooked when it comes to having a lawyer is the fact that negotiations are handled by him. He will be able to sway the buyer effectively, and will ensure no tax implications occur.

The lawyer will take care of security deposits and insurance certificates, and will also close the sale. The closing usually takes place in the real estate lawyer’s office.

Perhaps you may feel as though hiring a lawyer is too expensive. You need to realize that it is worth the fee you pay. Without one, you have a significantly higher chance of ending up in a lawsuit.

In the end, the seller is at an extremely large amount of risk when it comes to real estate. A lawsuit can prevent the seller from reselling or refinancing the house. Avoid this at all costs. Make the right decision and hire a lawyer.

Advantages of Using a Real Estate Lawyer When Selling a Home

Although most people hire a real estate agent when selling a home, many times they do not think to hire a real estate lawyer. However, hiring a lawyer is often a prudent practice, as there are many different services that they can provide that a real estate agent cannot.

A real estate lawyer will help protect your rights as a seller. They will also be able to review legal documents and forms, which can make it much easier for you to know what you should be signing.

A lawyer can also prevent any unexpected issues with the home’s title, and can be of great assistance if there happen to be any liens on the property. Finding out about any potential issues early can save a lot of time and expense later on in the selling process. You don’t want to have any regrets down the road and wish you had done things differently.

If you have any need for negotiations during the selling process, especially in regards to the terms of the purchase agreement, a lawyer can provide a lot of assistance. Having a lawyer on your side can greatly increase the chances of negotiations turning out in your favor, instead of in favor of the buyer.

It can also be helpful to consult with a lawyer if you have offers or counteroffers made on your home. There can be tax implications on these matters, so you’ll want to make sure they are handled correctly. As long as you handle these matters with care and intelligence, you’ll end up accomplishing what you originally intended to do.

A lawyer can also help make sure everything is in order when it is time to close the sale. Lawyers can also be helpful to make sure that security deposits are transferred properly, and that all necessary insurance is in place.

Lawyers often attend the closing of the sale, so that they can make sure everything goes as expected. This can provide you with the peace of mind of knowing that nothing will go wrong at the last minute, and that there won’t be any surprises.

Although you will have an extra fee to pay if you hire a real estate lawyer, most people feel that the expense is worth it. After all, their fee is usually much less than some of the fines, fees and other expenses one might encounter if a real estate sale is not handled properly.

Get a Commercial Real Estate Lawyer to Handle All Your Transactions

Lawyers usually play a very important role in broking real estate deals. By employing the services of a lawyer in your transactions, you will realize that your clients trust you more. Furthermore you will save time by letting your lawyer to handle all the transactions on your behalf. In addition to these, a commercial real estate attorney will come in handy in various stages of transactions and exchange of property to representing you on litigation matters. Therefore, regardless of your level of capitalization, whether you are a small time or big business owner; commercial property lawyers are there to take care of all players in the industry. You can always count on commercial lawyer for professional, knowledgeable and responsive services. Such lawyers cover extensively matters involving both huge sums of money as well as small investments.

Parties that can seek services of real estate lawyers

The industry is detailed and complex by virtue of the items being traded as well as different people and professionals that are involved. As a result anyone that operates in this industry that is not necessarily a buyer or seller of property can actually seek legal solutions from the estate lawyers. Such people include: Contractors, Tenants, ordinary citizens, Foremen, engineers and all players that are involved in one way or the other in building and construction have the access of commercial real estate lawyer. A lawyer will be helpful in cases where there is:

Breach of contract.

Work delay and or termination.

Injury to workers.

Issues of non-payment and collections.

Poor workmanship.

Use of poor quality materials.

Family estates and inheritance

Estate lawyers can also be very good advisors on real estate transactions and step in to resolve disputes arising from inheritance and property rights. Disagreements about property and inheritance are matters are always common. To prevent disputes that emanate from inheritance matters; the services of a commercial attorney will be very vital. Under this category, the lawyers can offer myriad services concerning family and personal property. First of all they can help in drafting wills. Estate lawyers can help you in drafting wills that determine the beneficiaries of your inheritance. This will be done with great considerations of the existing laws of inheritance as well as the desires of the property owner. Furthermore, the lawyers and their law firms can also act as custodians of such property in case of the demise of the proprietor and beneficiaries haven’t attained the age of property ownership. You can also handover the management of your property to commercial real estate lawyer so he or she operates under your instructions.

Important advice

When dealing with commercial real estate lawyers, it is always good to know the charges in advance before you commence any dealings. The firms that charge a flat fee are better than those that charge hourly. Furthermore a flat rate fees enables you to budget so that your problems solves.