For most people, the purchase and/or sale of their home will likely be the largest financial transaction they will make. Likewise, as a real estate investor, you will be involved with numerous and large financial transactions. The amount and risk of such transactions merits the use of a real estate professional. Additionally, several states require the use of a real estate attorney in the sales transaction.
From the time you make your decision to buy a home or investment property, there are a number of important decisions that must be made and which have legal consequences. There are several aspects of the sale and different ways your attorney will assist you in evaluating, assessing and closing the real estate transaction.
Prior to closing, instructions from the lender are sent to the real estate agent and/or attorney. The attorney is responsible for evaluating the details of the sale, preparing necessary closing documents, assisting in scheduling the closing, explaining the necessary closing documents and then ensuring the title company has properly executed and recorded all the documents.
A real estate lawyer’s primary focus is to ensure that the real estate transactions are executed according to all local (state) laws and the process of document preparation and review follows correct procedures. This includes the review of sales documents, the negotiation, assessment of the terms and conditions, and finally, the transfer of titles.
Real estate attorneys may also be consulted to ensure that real estate laws and regulations are followed when buying or selling real estate. When a breach of contract or a real estate fraud occurs, real estate lawyers assist to correct the problem and represent their clients to resolve any actions or issues.
Overall, real estate lawyers serve two major primary functions in the real estate world. They either act as litigators and oversee the legal aspects of real estate transactions or they defend the rights of their clients as they try to protect their interest. Real estate attorneys focus on real property and mediate real estate transactions that have legal issues.
If you are investigating a property and have questions concerning the legal meaning of any portion of the real estate purchase contract, you should consult your attorney before engaging in the legal transaction and signing the contract. This contract is a legal document and is binding for both the seller and the buyer.
Various real estate lawyers are skilled at consulting a specific aspect of real estate law. Some attorneys focus on litigating fraud cases and others might specialize in mortgage fraud, while some concentrate on land use (including zoning laws). Their expertise can also be focused on residential or commercial real estate.
Thus, an attorney’s role in real estate is broad, but they ensure that real estate transactions are done according to the law. This work is done in coordination with the buyers, sellers, realtors (agents), and/or lenders. The attorney’s main purpose is to assure that this complex procedure is legal and assists all involved in fulling their wishes to buy and sell the property. Therefore, choosing to work with an experienced real estate attorney is essential to safely handling purchases and closing real estate transactions.