If you’re planning to buy or sell a house, you’ll have a real estate agent representing you. In some cases, you might want to hire a real estate attorney, as well. Depending on your state, you might be required to have a lawyer involved.
When You’ll Have to Hire a Real Estate Attorney
Laws related to real estate transactions differ from state to state. In some locations, an attorney must perform certain parts of the process, such as drafting a contract and conducting a closing, because those functions are considered practicing law. If you want to buy or sell a home in one of those states, you’ll be required to hire an attorney.
Why You Might Choose to Hire an Attorney
Even if you don’t have to hire a lawyer, it might be in your best interest to do so. Some real estate transactions are simple and straightforward, while other deals are more complex. A lien on the property, a house in foreclosure, or a question about ownership or a short sale can create confusing legal issues that can be costly if they aren’t handled properly.
If you’re worried that a legal matter might delay the transaction, cause it to fall through or lead to a problem in the future, you should hire a real estate attorney. A professional can explain the issue, help you understand your rights and responsibilities, answer any questions you might have, guide you through the process and protect your interests.
You might just want to hire a real estate attorney for peace of mind. Buying or selling a home is a major financial transaction and a legal transfer of what will probably be your largest asset. You want to have someone with relevant knowledge and experience looking out for you. That can be particularly important if the deal is complex or if this will be your first time buying or selling a house. An attorney can help you negotiate the terms, draft or review legal documents, answer questions and resolve a dispute if one arises.
Cost of a Real Estate Attorney
Real estate lawyers’ fees can vary widely based on location. Some attorneys charge an hourly rate, while others charge a flat fee for a specific service. You might decide to hire an attorney at the beginning of the process so you can have someone guide you every step of the way, or you might only hire a lawyer if a problem arises or if you need legal advice about a specific issue.
