Do I Need a Real Estate Attorney When Buying or Selling a House
This one guy is a tricky case. Some people are in favor of hiring real estate attorneys, while others are not. When my clients ask me if they should have an attorney, I always say YES. Real estate attorneys ensure that the real estate deal gets done by:
– Having a smooth transaction.
– Proper legal documentation.
– Protecting clients’ interests.
Even though having a real estate attorney is not a legal requirement, it is advisable to hire one when buying or selling a house. A real estate attorney can provide peace of mind and handle any complexities around the deal. When I was in the market for a home, I had my friend David as the real estate attorney. He handled things that went over my head, and after a while, I just let him take care of all the legals. I stopped asking questions and trusted what he was doing. And the result – A SMOOTH TRANSACTION.
God bless David!
What is A Real Estate Attorney?
Real estate attorneys are legal professionals who specialize in the legalities of buying and selling real estate. This could range from land parcels to large commercial complexes. They ensure that all legal aspects are addressed adequately. To me, a real estate attorney is an invaluable asset. As a homebuying company in Philly, we always use real estate attorneys, and to be honest, it’s quite fun working with them.
What Does a Real Estate Attorney Do?
In my initial years, I didn’t know what real estate attorneys were. My mentor introduced me to an attorney friend of his who was consulting on one of our deals. We reached a point in the transaction where issues related to a lien were getting out of hand. This attorney came in with his expertise, legal documents associated with the property, and the matter was resolved within a matter of hours.
Now, my mentor was great, but could he have resolved this? Probably not. But that’s not because he was incapable; it was a matter of legal expertise in real estate. This was my introduction to real estate attorneys and the work they undertook. To simplify, real estate attorneys:
– Draft and review legal documents (purchase agreements, titles, contracts, etc.).
– Document compliance.
– Negotiating on behalf of clients.
Relevance of Hiring A Real Estate Attorney
Trust me, their significance cannot be overstated. Jon and I entirely rely on their legal expertise and knowledge when buying houses. We have avoided countless pitfalls and sailed through delicate situations because of David. Real Estate attorneys act as advisors, guiding clients through property transactions. Their legal counsel heavily protects their clients’ interests. And honestly, there is no harm in having this protective armor around you when buying or selling a property.
On several occasions, we partnered with Marble as our real estate attorneys. Those deals were as complicated as they could get, but the attorneys at Marble had all under their control. Their presence of mind, authority in the room, and legal knowledge helped us traverse some rough waters. And as such, I simply cannot emphasize the importance of real estate attorneys enough.
Do I Need a Real Estate Attorney?
Most real estate professionals strongly advise hiring a real estate attorney. It is beneficial to have legal representation during a real estate transaction as it makes the process safer and more streamlined.
In the Buying Process
Buyers need protection and advice. That’s what a real estate attorney offers during the buying process. They review and negotiate the purchase agreement, ensuring all terms are fair and favorable to the homebuyer. They conduct thorough title searches to avoid any potential issues with the property’s ownership or liens. They may even represent you at closing, especially if they are representing the lender as well. If you didn’t realize until now, this is what David does for us.
In the Selling Process
For the sellers, real estate attorneys prepare the necessary documents for the sale. They ensure that all contractual obligations are met, disclosures are made accurately, and the transaction adheres to state laws and regulations. Just FYI, this is David’s counterpart.
Some Advantages of Hiring A Real Estate Attorney
I cannot stress enough how many advantages the real estate attorneys bring with them.
– Ensuring legal compliance in contracts.
– Handling corporate or trust property transfers.
– Smooth transfer of ownership.
How to Hire A Reliable Real Estate Attorney?
So, here’s the thing with real estate attorneys: you need to find the right fit. When you’re in the market for a real estate attorney, consider the following:
– Seek recommendations.
– Research online.
– Check credentials.
– Schedule consultations.
– Evaluate communication.
Conclusion
You may not understand the value of a respectable and reliable professional until you find one. If you ask me, I will always say YES, you will need a real estate attorney at some point when buying or selling a house. Their virtuous insight may be able to pull you out of tricky situations that agents or yourselves may not be equipped to handle.
And that’s why when we are buying a house, we always seek the counsel of real estate attorneys.
