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Factors to consider before hiring a real estate lawyer

Purchasing or selling property is a big deal and requires careful consideration. A lot of paperwork is involved, which may require the expertise of a professional. Any property-based transaction goes smoother when a real estate lawyer is involved. Having a legal counsel helps deal with the fine print and other bureaucracies that the process entails. Here are a few points to account for when it comes to lawyers who specialize in real estate:

The role they play
Real estate lawyers deal with several factors related to property. The job profile includes ownership, buying and selling homes, resolving disputes, title issues, management of property, and compliance. Examples of the services real estate lawyers need to carry out include,

Identifying unpaid loans, litigation, liens, or other claims on a property. The legal counsel further works toward clearing these factors, uncovering deed restrictions or any discrepancies in the chain of title.
Writing up disclosures, deeds, the mortgage, or preparing the note to secure the mortgage after the mortgage lender’s instructions. The lawyer is also responsible for explaining mortgage terms to clients.
Preparing settlement statements that indicate funds from the buyer and the charges to all parties involved. These charges include agent commissions, lawyer fees, taxes, title search fees, loan discount points, and underwriting fees.
Reviewing and negotiating real estate contracts to determine the amount of money that needs to be allocated.
Ensuring all parties involved have fulfilled the terms of the contract and offer assistance if there is conflict.

The need for their services
You can benefit from hiring a real estate lawyer regardless of whether you are a buyer or seller. Some states deem hiring and retaining a real estate lawyer mandatory for handling legal areas of the transaction. In other states, the decision to hire a lawyer lies with you; however, hiring one is advisable for purchases like a short sale. A real estate lawyer can also help when discrepancies over other objects crossing over property lines arise.

The fees they charge
The billing hours of a real estate lawyer differ on the basis of factors like the work they need to complete, their experience, and office location. Some lawyers charge by the hour, while others provide a flat rate if the role is limited. Average costs to review and edit a contract could amount to $500. The lawyer may also charge a flat hourly fee between $150 to $350 for the same work. A complete representation of small home purchases where transactions are carried out without a real estate agent may amount to $2,500 to $3,500. Therefore, you must discuss the rate with the legal professional before hiring one.

Finding the right lawyer
These tips can help you find a suitable legal advisor for a property deal:

Check their level of experience and for deals closed successfully in the recent past.

Check if the person is a member of the real estate section of the region’s bar association.
When it comes to lawyer fees, check whether they charge hourly or flat rates to file paperwork and carry out other legal proceedings.
Identify the title insurance company they are authorized to represent.
Ensure they are on the approved lawyer list for closing loans for multiple reputable banks.
Confirm the hours of availability to ensure easy communication.

Keeping these factors in mind will help you find the right real estate lawyer for the property you wish to buy or sell.

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