What To Look For in a Real Estate Lawyer and Why It is Important to Have One
Hiring a real estate lawyer will ensure that the steps in the buying and selling process are smooth sailing. You may not think you will need one, but there is quite a bit that can go wrong when you transfer ownership of the property. In some cases, a homeowner doesn’t have the right to sell the property, so it is good to have a lawyer on your side. Some lawyers are better than others at their jobs.
In this article, we will take a close look at what a real estate lawyer does, what you will want to look for in a real estate lawyer, and why it is important to have one when buying a home.
What is the Role of the Real Estate Lawyer?
There are many services a lawyer can perform when it comes to the transfer of ownership of the property from one party to the other. Tasks of theirs that are common include:
- Overlooking the history of the property to determine if the current homeowner owns the title and can sell it.
- Looking for liens that might prevent the owner from selling the property.
- Overlooking contracts to ensure you understand all aspects of the deal.
- Representing you if a homeowner doesn’t follow through with a signed contract.
What Happens if I Opt Out of Hiring a Lawyer?
Assuming the lawyer’s involvement isn’t needed, nothing will happen negatively if you opt out of hiring the services of a lawyer. Having an attorney in your corner, however, can make the process smoother and can offer protection from bad situations. Oftentimes, a homeowner doesn’t have the right to legally sell you the house, as an existing title shows the name of someone else as the rightful owner. Title insurance can help to protect you from losing ownership of the real estate you purchase. However, we recommend avoiding the situation altogether and letting the current homeowner sort through the problem in court. You can redirect your attention to a home that won’t require too much effort to purchase.
Does a Lawyer Cost a Lot of Money?
There is never a fixed price when hiring a real estate lawyer, as you can expect to pay anywhere from $150 to $200 an hour. If the deal is finished quickly, the lawyer may only spend a few hours looking over your documents. A complicated situation means you are going to spend more money on legal services. The cost of hiring a lawyer is added to your closing costs. Different closing costs to consider include the following:
- Title Insurance
- Appraisal Fees
- Home Inspections
- Private Mortgage Insurance (PMI) and other insurance
- Broker Fees
- Application Fees
- Prepaid Interest
The buyer pays typically the most during the process of closing costs. If you opt to, closing costs can be transferred to the seller via the contract.
Conclusion
When it comes to hiring lawyers to represent you in the world of real estate, you have plenty of options. You won’t want to hire someone who doesn’t take their job seriously. Talk with a real estate agent to get recommendations, and hopefully, when it comes time to use your agent, their services will only be required for reviewing documents. Looking for more advice? Trust the real estate professionals at Palm Beach Coastal Realty to guide you in finding and settling down in the home of your dreams in the many beautiful, thriving luxury communities that make up Palm Beach Gardens, FL, today.