Purchasing a home in Littleton, Colorado, or any nearby area is more than simply a straightforward transaction. It involves the lawful transfer of property from one party to another. Whether you’re a home seller or buyer, it only makes sense or even necessary to get the services of an attorney who can represent your best interest because the legal aspects of this transaction can be so complicated. So, what does a real estate attorney do?
Knowing what does a real estate attorney do on your side can be an invaluable asset, even though you’ll probably be juggling a lot of costs as you prepare to close on your home purchasing process. In this article, we’ll discuss when you need a real estate attorney and how to find one to help you make the process smooth and headache-free
What is a Real Estate Attorney?
The legal transfer of real property, or real estate, from buyer to seller is the area of expertise for a real estate lawyer. A real estate attorney’s duties could include anything from paperwork preparation to mediating disputes between the buyer and the seller.
While some real estate attorneys specialize in property development and purchasing, they offer various services, including handling transactions pertaining to commercial buildings. Others have more general knowledge of all kinds of property. A real estate lawyer makes the process of purchasing a home go smoothly and legally binding.
What Does a Real Estate Attorney Do
Real estate attorneys ensure the right processes are followed when buying or selling a property. Knowing what does a real estate attorney do can also help review and examine the way a property is zoned for use. Zoning, title, estate planning, property taxes, and deeds are all covered by a professional practice of real estate law.
In addition to having a license to practice law in the state and local governments in which the transaction is being conducted, lawyers are required to keep up with any changes in the law that may have an effect on property-buying transactions.
Here are a few common real estate attorney services
- Preparing and checking the mortgage, disclosures, deeds, and contract.
- Verifying the seller’s legitimacy as the property’s owner/seller.
- Investigating and locating allegations such as liens and encumbrances on the property.
- Resolving disputes and making sure all parties have complied with the contractual duties. Directing and presiding over the close.
- Ensures the provisions of the contract truly meet the expectations of the client.
- Find any problems or incorrectness that can cause the sale to be delayed.
When Do You Need a Real Estate Attorney
If you need legal counsel, either because you have made the decision to do so or because your state or lender requires it, there are several opportunities for a real estate lawyer to offer support during the home-buying process. This can involve performing a title search, handling the closing, completing purchase contracts, or making changes to a standard contract that your real estate agent uses.
What does a real estate attorney do for sellers?
- An attorney should be utilized to create the documentation if the seller financing is involved.
- Writes the real estate contract or examines it.
- Negotiates the terms of the contract on the seller’s behalf.
- Provides the seller with general guidance on the agreement and sale.
- Handles title problems for the seller.
- Writes the added or examines it
What does a real estate attorney do for buyers?
- Perform a title search to make sure the seller has a clear title.
- Drafts a purchase agreement on the buyer’s behalf.
- Examines and counsels the buyer on the mortgage contract.
- Settles issues or disagreements pertaining to the deed.
- Gets insurance on titles.
- Writes changes to a typical contract that real estate brokers use.
How Much Does a Real Estate Lawyer Cost
Your location, the services your real estate attorney offers, and whether they charge by the hour or flat fee will all affect how much you are paying them. You will also pay when hiring a legal counsel just for the real estate closing. If your lender demands that an attorney be present at closing, you will be responsible for the cost involved in the closing process.
Although more specialized services may cost up to $1000 per hour, real estate attorney rates around $100 to $400 per hour. The location, expertise level, and the services rendered are all factors that affect how much you pay a lawyer.
How to Find a Real Estate Attorney
Considering how big and significant a transaction is when purchasing a home, you want to be sure the experts you engage with are knowledgeable and skilled in their field. If you want to find a real estate attorney to consult and represent you, reach out to your friends, family, and colleagues for recommendations. You can also ask your real estate agent for one. You can also do a quick Google search, get in touch with your state bar organization, or visit a nearby land title and survey business.
Here are a few questions to help you get started when looking for a real estate lawyer.
- Have you completed a real estate transaction of this kind before?
- How many real estate transactions have you closed last year?
- Are you registered o your local bar association’s real estate section?
- Which title insurance provider are you permitted to act on behalf of?
- Are you listed as an authorized attorney with many major banks for closing loans?
- What is your pricing structure, and is it an hourly or fixed fee?
- Do you charge differently for transactions that are financed or that are paid for in full?
- When are you available? Are weekends open for you?
Hopefully, this article “What does a real estate attorney do” has given you invaluable insights.
Whether you are buying or selling your property, it’s important to safeguard your rights and manage the complexities of the process. If you need help looking for a property in Littleton, Colorado, don’t hesitate to contact our professional broker.