Have you ever wondered who the real estate attorney is and what he does? Well, if you are confused about whether you should have your real estate attorney, then you are in the right place. In this blog, we will have a look at the role of a real estate attorney and how important his role is. A lawyer specialising in real estate ensures the legality of property transactions, draws up contracts, explains and reviews the documents, and resolves conflicts. Let’s discuss more about the real estate attorney’s role and how to find one.
What does a Real Estate Attorney Do?
A real estate attorney or lawyer specialises in matters related to property, including selling and buying homes, ownership, compliance, management, disputes and title issues. In property transactions, they also ensure that the agreement for their clients reflects a clear understanding of the deal.
A real estate attorney provides many services to fulfil their responsibilities. He confirms that ownership is vested accurately in the seller of the home. He finds out about unpaid loans, litigation, or claims against the property and clears them.
The attorney also arranges for title insurance and negotiates, as well as reviews the real estate contract to know how money is allocated. He prepares a settlement statement showing the funds from the buyer and charges to all parties involved, such as attorney fees, taxes, agent commissions, title search fees, loan discount points and more.
A real estate attorney will ensure all the parties have fulfilled their obligations under the legal contract and assist the clients at every stage of the transaction. Moreover, they can provide valuable advice to a seller and buyer engaged in a for-sale-by-owner transaction. Real estate attorneys can draft and review the purchase contract and help in closing the transaction.
Who Does a Real Estate Attorney Represent?
There are mostly a few attorneys involved in a real estate transaction: one representing the seller, one representing the buyer, one the mortgage lender and one representing the title company.
A real estate attorney cannot represent both the seller and the buyer at the same time. Sometimes in home purchases, it is common for at least the buyer to have a real estate attorney. However, an attorney must be involved in at least real estate transactions, usually for deed issues and titles.
Should you Hire a Real Estate Attorney?
You are going to buy a new property but still nervous about it? Or are you going to sell a property but still nervous about the process? Well, both buyers and sellers can now benefit from a real estate attorney. Whether it is about the transaction of a home or an investment property, a real estate attorney guides you through the process.
If your transaction is big and complex, it is not a good idea to engage in this deal on your own because the risk of loss is high. Once, there was a case story where a buyer didn’t receive all the condominium documents from the seller according to the state law and the attorney identified the issue and requested the additional documents. When he reviewed the documents, it was revealed that the association was underfunded and fees would increase soon. The buyer negotiated the waiver in the purchase price by stating that he didn’t know that information earlier.
Benefits of Hiring a Real Estate Attorney
There are many reasons you should consider hiring a real estate attorney. Here are some of them:
Expertise
A real estate attorney can provide you with the core expertise to efficiently bring your real estate transaction to a successful closing.
Experience
If you hire a real estate attorney with years of relevant experience, then it can protect your interests during the negotiations and when sealing the deal.
Knowledge
They understand the legalities of real estate problems, such as amendments to contracts or sorting out complex contracts.
Real estate attorneys with informed experience and in-depth knowledge can offer alternative solutions to the issues you may face during the process.
Guidance
Attorneys will provide the guidance you need to understand and complete complicated and big transactions with confidence.
Representation
A real estate attorney can represent you when you feel unable to handle an important transaction on your own. This can mean less effort, less stress from mistakes and more confidence for you.
Attention: A real estate attorney can represent a buyer or a seller for different cases but not both at the same time due to the conflict of interest that would be represented.
What is the Cost of the Real Estate Attorney?
The cost of a real estate attorney depends on the amount of work needed and also their level of expertise, location and experience. Most attorneys have lower flat rates if their role is limited during the transactions, but some attorneys can be costly.
It is difficult to give an absolute number for the charges of real estate attorneys in Pakistan. It is difficult because real estate firms that provide attorneys or individuals have their own rates. Some might do your work of documentation starting from 2500 PKR but some might charge you 25000 PKR. It depends on the work and the experience and proven track record of the attorneys.
You can ask for referrals from family, coworkers, or friends, or ask your real estate agent for recommendations. You might also contact real estate developers or some state bar associations for the services.
Wrapping Up
Real estate attorneys play a vital role in ensuring secure property transactions for sellers and buyers alike. They offer experience, expertise, and legal support in sorting out complex real estate matters, including drafting contracts and clearing disputes. Whether you are selling property, buying your dream home, or managing title issues, a real estate attorney ensures every matter is handled with care. By hiring an experienced real estate attorney, you can protect your interests, gain confidence in the process and avoid costly mistakes. You can contact the best real estate developers to get the attorneys’ recommendations.
