Recommendations from people you trust, such as real estate agents and lenders, can be a good place to start when you’re looking for a real estate lawyer. You have major financial issues and are trying to sell a property that has liens on it.You’re buying or selling a property that has major issues, such as structural damage.You’re selling a home that was owned by a family member and you are in charge of the estate.You’re selling a home that is a central part of a divorce settlement.You’re purchasing a home that’s in another state.You’re buying a home that is part of a special type of sale, such as an estate sale, short sale, auction or purchase from a bank.Here are some situations that are unusual and might require an attorney’s advice and negotiating skills: “At closing, we explain all the mortgage documents to buyers.” Less Typical Scenarios “We negotiate the repairs, monitor the financing and review the title when representing the buyer,” says Michelle Chase, a real estate attorney in Naperville, Illinois. A lawyer can help both the seller and buyer navigate the review, which can be especially intimidating and confusing to a first-time homebuyer. The moment you’ve been waiting for- closing on a home sale or purchase-often involves dozens of pages of legal documents to review. A lawyer also could help ensure the title insurance on your new home adequately protects you from potential issues. A title search is routine before a purchase, and might turn up a lien on the property you’re selling or buying, which a lawyer can help investigate. In some cases the buyer-if the contract allows it-could withdraw from the contract without penalty. A home inspection can uncover many problems, and a seller and buyer could end up negotiating on who will pay for repairs. Your timeline for closing on the property could be affected by the sale of your own home or issues largely outside of your control, such as unexpected lender delays. Some of the most important issues in the purchase contract involve: The contract is the most important document in the home sale process, and it includes several negotiable issues. It can help you avoid potential problems down the line by making the contingencies as favorable to you as possible. If you’re going to involve a lawyer at this stage, it’s important to provide a few days, if possible, for legal review of the contract before it is finalized. For that reason, more complex contracts may need to be drafted by an attorney. What’s more, real estate agents are generally limited to filling out contract templates, rather than drafting them from scratch. Purchase ContractĪlthough real estate agents usually play a central role in preparing purchase contracts, a lawyer could provide a review of the purchase contract terms. There are several situations in which a real estate attorney can be helpful in the home-buying and selling process, from reviewing the purchase contract in a typical sale to dealing with a uniquely complicated one. The cost for a lawyer could be around $200 to $300 an hour, or just a flat fee of several hundred dollars that you pay at closing. Some people hire an attorney early in the process, to handle such matters as reviewing the brokerage contract with a real estate agent, while others wait until the purchase contract is drawn up, or until closing. Requirements governing the involvement of real estate attorneys vary from state to state and even within states, such as in California, where the rules differ by county. You will need to hire a lawyer yourself if you want someone to represent your interests exclusively. In states where a lawyer is required to be present at closing, it’s possible that the lawyer is there solely to represent the buyer’s lender. A real estate lawyer is familiar with all aspects of the home purchase process and can represent buyers, sellers or lenders. Buyer and seller fields contain only the first name listed on the deed.A real estate lawyer is licensed to practice law and specializes in real estate transactions. Only transactions exceeding $115,000 are listed. The following real estate transactions (latest available) were compiled by Banker & Tradesman and are published as they were received.
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