There are many different circumstances in which hiring a real estate attorney is advisable. A handful of states require the presence of a real estate attorney during closings. In states where a lawyer is not required, there are circumstances in which it is in your best interest to hire someone for legal representation. Whether buying or selling a property, a lawyer can ensure your legal rights are protected. Commercial real estate transactions and overly complex situations require real estate lawyers to guarantee a party’s best interests are upheld. If you are deciding whether to hire a real estate lawyer, keep reading for guidance in your decision-making process.
Except in states where it’s mandated, an ordinary real estate transaction doesn’t require an attorney’s help. By now, real estate transactions are so standardized that most people in your state will use the exact same purchase contract, just filling in a few blanks.
However, legal issues may arise that your real estate agent can’t answer. In that case, you’ll need an attorney’s help. Although good agents know a lot about the negotiating and contracting part of the process, they can’t make judgments on legal questions.
For example, what if your prospective new home has an illegal in-law unit with an existing tenant whom you want to evict in order to rent the place to a friend? Only a lawyer can tell you with any certainty whether your plans are feasible. Or what if you’d like to rent the home for an extended period, such as a year, before you’re obligated to buy it? That will require drawing up an unusual lease. Or, if you’re drafting any unusual language for the purchase contract, or are concerned about some language in your mortgage, you may want to have an attorney look the documents over.
Real estate lawyers are educated and experienced in the legal aspects of real estate transactions. Sometimes they will be hired at the beginning of a transaction, advising, and guiding the process from the start. Other times, real estate lawyers are only hired to act as litigators if a dispute arises in the process of a transaction. There are two subsets of real estate law: commercial and residential. Commercial real estate lawyers work with businesses to buy, sell, lease, and develop properties. Residential lawyers can prepare and manage mortgage, title, and closing documents associated with buying a home.
