When you’re looking to purchase or sell off home, a lot goes into the process. From selecting the right agent to working out the terms of the sale, there are many factors to consider. One important part of any real estate transaction is working with a real estate lawyer. But what do they do? And why do you need one? Here’s everything you, as a seeker, might need to know about properties lawyers and why you should work with one when buying or selling your home.
What are real estate lawyers?
As the name suggests, real estate lawyers are lawyers who specialise in real estate law. They understand the complete ins and outs of the law as it relates to buying, selling, and leasing property. In addition to their legal expertise, properties lawyer also has a thorough knowledge of the real estate market. This allows them to provide their clients with well-rounded advice when it comes to buying or selling a home.
What does a real estate lawyer do?
Real estate lawyers provide a variety of services to their clients. When you’re buying a home, your lawyer will help to negotiate the purchase price and terms of the sale with the seller’s lawyer. They’ll also review and explain all the documents you’ll need to sign, such as the sales contract, mortgage agreement, and title insurance policy.
If you’re selling your home, your lawyer will again review and explain all of the documents related to the sale. They’ll also work with the buyer’s lawyer to ensure everything is in order and the deal goes smoothly.
In addition to their role in home sales, real estate lawyers can help with other matters related to property ownership, such as leases, easements, and zoning issues.
When should you hire a real estate lawyer?
There are a few situations where you might need to work with a real estate lawyer apart from the general buying and selling. For example, if you’re selling your home and the buyer is requesting that certain repairs be made before the sale is finalised, you’ll need to have a lawyer look over the contract to ensure you’re not being taken advantage of.
Another time you might need a lawyer is if you’re buying a home and the seller is including personal property in the sale, like appliances or furniture. In this case, you’ll want to have a lawyer draw up an agreement, so there’s no confusion about what’s included in the sale.
Finally, if you’re having trouble getting a mortgage or other financing for your home purchase, a real estate lawyer can help you navigate the process and ensure you get the best deal possible.
How much does a real estate lawyer cost?
A solicitor’s fees can vary widely, depending on the complexity of the transaction and the lawyer’s experience. Generally, you can expect to pay average £150 to £250 plus VAT at 20% an hour. However, more complex transactions, like commercial real estate deals, can cost much more.
When shopping for a real estate lawyer, ask about their fees upfront so there are no surprises later. And, if you’re working with a real estate agent, they may be able to recommend a lawyer they’ve worked with in the past who can give you a discount.
Choosing the right real estate lawyer…
When choosing a real estate lawyer, you would want someone who is experienced and knowledgeable about the laws in your state. You also want someone you feel comfortable working with and trust to look out for your best interests.
An excellent place to start your search is by asking friends or family members if they know of any good real estate lawyers. You can also check online directories for the same.
Conclusion
Whether you are a first-time homebuyer or seller or need some legal advice, it is essential to know when and how to use the services of a real estate lawyer. We hope this article has provided you with all the information you need to make an informed decision about when and how to use a real estate lawyer in your next transaction.
Get in touch with the Mishuora team before making the deal. They will ensure you have the best real estate attorney on your side.
