Just What Does A Real Estate Attorney Do

Nowadays, it's difficult to buy or sell a home without the expert assistance of a real estate attorney. There are several duties only a lawyer can perform.

It's imperative you have him look over any possible offers made or received by you. This ensures your rights will be protected. It will also clearly define your duties as homebuyer or seller.

Be careful about seeking other law advisers either through the phone directory or online in order to save money. You get what you pay for is an old adage but true. Reputable lawyers must meet certain standards. Also, they must be insured in order to protect themselves and others from possible damaging lawsuits.

Mortgage lenders and title insurance companies are fussy about rules. They will most likely request you hire a real estate attorney who will be familiar with your state's legal forms. Other items they will look for is a good, clear title to the home and that there are no liens, or monies owed, by anyone on the property. Remember, every one wants the whole process to go as smoothly as possible. Hiring a good lawyer will go a long way to ensure it does.

Some duties of the lawyer when you're buying a home:

- Explain the contract.
- Research for any liens, easements, etc. on the property.
- Make sure all legal documents are registered.
- Work along with your bank on mortgage issues.
- Inform you if there are any unpaid tax or utility bills.
- Go to the closing and check on papers you are to sign.

Some duties of the lawyer when you're selling a home:

- Review the sales agreement and binder.
- Prepare the power of attorney and deed if needed.
- Make sure the title is a clean one with no issues.
- Go to the closing and check over all papers you must sign.
- Obtain any insurance certificates if necessary.

You may be wondering how expensive this vital help is. A good lawyer's fees are generally higher when buying a home than selling one. The reason for this is simply more work is required of the real estate attorney. Statistically, "fees range from $500 to $1,500 for an average home whether you're the buyer or the seller."

Lawyers usually charge in one of two ways: Either a flat fee for services rendered or, by the hour. Both of these ways have pros and cons. The flat fee will most likely be based on previous service experience, and they can stay pretty true to their estimate unless something goes wrong in the process.

Paying by the hour can possibly be more expensive. It's imperative you make the lawyer give you a detailed account of the time he's spent.

Do remember though, that even if the unforeseeable happens and your deal doesn't close, you will still need to pay your lawyer for his service and time, which is a small price to pay for expert help in your hour of need.

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