How Do I Find A Real Estate Attorney? Why Do I Need One? How Much Should He Or She Charge Me?
If you’re in the process of buying a home and looking at properties, you should know that a real estate attorney can be a great asset during the transaction.
It’s important to understand if buying a home isn’t just a simple purchase; rather it is a transfer of property from one legal entity to another and is beholden to a number of laws. Because of this, real estate attorneys have the know-how and legal authorization to prepare/review documents such as a contract related to the sale of the property.
For these reasons and others, having a real estate attorney to overlook the process helps avoid potential conflicts and looks out for the best interests of the buyer or seller. This article will deal with how to find a real estate attorney, reasons you should hire them, and the cost of retaining a legal professional during a real estate transaction.
Why Do I Need A Real Estate Attorney?
You should be stated that a real estate attorney isn’t always a necessary part of a real estate transaction. However, depending on your state’s and locality’s laws, as well as the nature of the real estate transaction, you may be required to have an attorney present to oversee the process up until closing.
Real estate attorneys provide assistance during different parts of the home-buying process including:
- Drafting purchase contracts
- Finalizing purchase contracts
- Writing amendments to a standard contract used by your real estate agent
- Completing a title search
- Conducting the closing
The following are some of the main reasons why you would need a real estate attorney to be part of your next real estate transaction:
- State requirements: It’s important to know that every state has different laws regarding real estate transactions. These laws and regulations are intended to prevent real estate agents from acting in a legal capacity that they do not have licensing or training for. Other states may also consider performing a home closing to be a practice of law and therefore requiring a legal professional to be present during the closing.
- Lender requirements: depending on the type of mortgage and other factors, a lender may require a real estate attorney to be present to ensure that a property transaction is performed in accordance with the law.
- Contractual issues: For some real estate transactions, there may be some out of the ordinary elements that could potentially complicate the process, requiring a real estate attorney to verify the legality of the contract and execution of the closing.
- Peace of mind: Having a legal professional who’s looking out for your best interest and providing their expert oversight can provide peace of mind during a typically stressful transaction. This enables you to focus more clearly on other elements, such as having a legal professional who’s looking out for your best interest and providing their expert oversight can provide peace of mind during a typically stressful transaction. This enables you to focus more clearly on other elements, such as securIng funding or negotiating the deal.
How Much Does It Cost to Hire a Real Estate Attorney?
There is no absolute cost of hiring a real estate attorney. Instead, the cost depends on what type of services they are providing and who is responsible for closing costs in the transaction. In general, a real estate attorney that you retain for your own purposes may charge a fee if it is not negotiated in closing costs
Real estate attorneys generally charge the types of rates for real estate transactions:
- Fixed hourly rate: Expect hourly rates to vary between $150 – $350 per hour, but this can vary depending on what area you’re located and their expertise.
- Fixed rates for specific services: Real estate attorneys may offer á la carte services with fixed rates. As an example, a home closing may charge $500 and upwards for a home closing, or may increase the price for complex higher-value transactions
How to Find A Real Estate Attorney Near Me?
Because real estate transactions generally include substantial amounts of money and assets being transferred, it’s important to work with qualified professionals that are experienced in real estate law in your area.
To find a reputable real estate attorney, the following are the most common ways to find a qualified real estate attorney:
- Ask your network of friends and family: Word of mouth tends to give a clear picture of what to expect from a real estate attorney’s services. Be sure to ask about your experience, including what services they provided, what they liked and didn’t like, and how much they charged.
- Suggestions from your real estate agent: If you are working with a real estate agent, they can recommend their choice of real estate attorney for your particular purchase. Because of their working relationship, you can benefit from a streamlined process the professionals regularly use in their business dealings.
- Your state’s Bar Association directory: Every state has a bar association that features a directory of attorneys. While the information is generally basic information and contact deals of each agent, you can cross reference these attorneys by looking up online reviews to gain a clearer picture of their qualifications and experience.
- Online legal review websites: There are plenty of online review websites that provide information on real estate attorneys in your area. These websites are very useful, as they provide information about the attorney’s fees, specialties, reviews by former clients, and more.