A real estate lawyer can represent buyer, seller or both parties; In Mexico there are other parties involved such as: Notario Publico; Trustee (Bank trusts, pertaining acquisition of properties in the coast or in the borders), appraisal, agents, etc. Real Estate Lawyers do not work on commissions, as real estate agents do. This means a lawyer will have no interest in pushing a commercial property that may not be in your best interests. The lawyer will work on all legal aspects of the transaction to make sure the property is represented accurately and is in your best interest to purchase. If discrepancies arise during the process, the lawyer will have much more legal persuasion with the selling party than would a real estate agent.
The Real Estate Attorney is the only one qualified and licensed to give legal advice; unlike other parties to the transaction such as agents, who are not licensed to provide legal advice. This means they cannot answer a legal question, even if they know the answer, without breaking the law.
Example is can I cancel this purchase contract and get my deposit back? Again, a legal question, not a real estate question. An experienced agent might point to the paragraph in the purchase contract pertaining to the return of earnest money deposit and they might disclose what usually happens with regards to them experiences, but they can’t advise a buyer to sue the seller nor guarantee the deposit will be returned. If they know the buyer’s deposit is at risk, they might share a few situations about the way they clients handled these matters, but in the end, they will be forced to suggest a buyer obtain legal advice.
A Real Estate Attorney will coordinate the transaction from beginning to end; It will review and draft any legal documents required to transfer title and put in place a binding agreement. Assure the property is free and clear so as to conduct the transaction to the end, where the recording of the new title holder takes place. It will also verify the fiscal aspect of the transaction, verify if there is any encumbrances and the way of removing them, etc. In summary: To assure maximum protection and compliance with the real estate local laws, it is highly suggested to have an experienced real estate lawyer on your side.
