Hiring the Right Real Estate Attorney

Investing in property is a very important decision in one’s life. You are going to invest all your savings, in some cases a hefty loan, into buying a property that you will cherish for the rest of your life. You won’t want to spend that money buying something that’s not worthwhile. Getting cheated is often possible especially when you are involved with investments. Even if you are not really cheated with the property, you can always be cheated while signing an agreement or making that buying decision. You could be asked to agree to clauses that are not legal or, something like that. It is always good to hire a real estate law firm who would give you the perfect legal advice in such cases. After all when you are investing a lot of money buying a property, investing a small amount in an attorney is good idea to protect the legal issues. When hiring a law firm or its attorney, there are some aspects that you should not ignore. Here’s how you select the right real estate attorney for your property related investment.

Referrals or Relationships

A good real estate attorney could be realized with good relations. Probably when you dealt with a law firm in your last dealing, you made good relations with them. This would help you in your current dealing as well. But, if not then try to get some good references. Your neighbour, your relative or, your best friend could have hired a real estate law firm in the past when selling or buying a property. You can ask them about it and, get a real good deal. Hiring a real estate law firm from references or past deals makes sense as you get the right attorney. Remember, its about your property and the legalities of that property. So, you need to make the right choice in here.

From the Bar Association

If you have none of the above mentioned sources, you could probably contact the bar association in your state for help in the same. They can provide you with a list of attorneys who deal with real estate on a daily basis. In fact, you can even come up with listings of law firm dealing in real estate. Both of these together make up for a good research and comparison. You can ask people around you and, do some research before choosing the right attorney.

Consult your List

Once you have come up with a list of attorneys, you can probably consult a few of them personally. These personal meetings can help you understand if they have the right experience and talent to get you through your property dealing. You can even seek some legal advice during these consultations. If you feel the attorney suits you, you can close the deal with him and hire him straight away.

Legal part in property matters is very important. So, make sure you spend enough time and money in hiring the right attorney.

What You Need to Know to Pick the Right Real Estate Attorney

If you are a first-time or new investor, you might be intimidated when gurus, teachers, and other Investors start throwing around the phrase “your team.” I know I was. They are referring to the team of servicers who are going to be your right hand men when you orchestrate a real estate transaction. They are your real estate attorney, contractor, title and/or closing agent, mortgage broker, accountant, insurance agent, and your herd of real estate agents. For someone who has never bought and sold an investment property, trying to assemble the right team members is a daunting task.

In order to help you avoid some costly mistakes, here is some advice and some questions to ask when you are interviewing perhaps the most important member of your team – your real estate attorney…

Dealing with an inexperienced or uninformed real estate attorney could cost you hundreds of thousands of dollars and many nights’ sleep. You need to be sure that your attorney is up to speed on all of the latest laws and regulations that are being enacted. If not, you could end up paying for their mistakes.

A great way to find real estate attorneys who are knowledgeable of the creative real estate niche is to ask other Investors in your area. Go to a local REIA meeting and ask which attorney people are using. You can also ask local real estate brokers and agents for referrals. A last resort should be looking in the Yellow Pages for real estate attorneys. This should be a last resort because any lawyer can place an ad in the yellow pages. You are looking for ones who are recommended by people in the business.

Another good idea is to go to your local library and check out a copy of the Martindale Hubbell legal directory. It lists attorneys by location, tells you where they went to school, and rates them. It is a good idea to also look up the attorneys that come with a personal recommendation in this directory

Do not settle on the first attorney you call. You need to interview a number of them and pick the one that you are most comfortable with, who has the best referrals, and who seems the most knowledgeable about what you are doing. There are a lot of attorneys out there who will shoot down your ideas just because they don’t understand the law.

Here are some questions to ask when you are interviewing a prospective real estate attorney.

1. How often do you handle residential real estate deals?
2. Do you work with other investors?
3. How long have you been practicing in this particular area?
4. Do you have any investor references?
5. Do you normally represent buyers? Sellers? Banks?
6. Do you understand the scope of what I will be doing and the services I will be needing? Do you do subject-to transactions? Short sales? Back to back closings?
7. Who will be working on my cases?
8. How do you charge for your services?
9. Do you have malpractice or errors and omissions insurance?
a. They must hold at least enough insurance to cover the home you are going to buy.
10. Have you ever been disciplined by the Bar Association?

Keep in mind while you are dealing with the attorney that YOU are the customer. You should be suspicious of any attorney who is stand-offish, aloof, or says things like “Don’t worry about it, I know what’s best,” without addressing your needs or concerns. If they make you uncomfortable, move on to the next one.

Remember, it is better to pay more for an experienced real estate attorney than to find the cheapest guy in the phone book and hope nothing goes wrong. One small mistake on your attorney’s part could end up costing you thousands and destroying your reputation. Don’t be cheap, but don’t get hosed.

There are tons of ways to make money in real estate, but all of them are useless unless you have a steady flow of motivated sellers and qualified buyers coming into your business. When you have a solid pipeline of prospects, you pick and choose the best of the best and finally take control of your financial future. Find out the most effective ways to turn your real estate investing business roaring and turn it into an absolute cash engine.

Real Estate Attorneys and Landlords

The landlords are definitely the most important members of the real estate team. However you cannot neglect the real estate attorneys as well. They too are definitely equally important just like real estate agents. Why are they so important? Well this question must be striking your mind. This article is about them only and you will come to know that why are they so important?

The landlords definitely prove to be the king in the field of the real estate and the attorney is the president. You can say that the real estate agents are the prime minister and the tenants are the citizens. Overall think that the real estate is a country.

Well, who helps in maintaining the law and order? He is nobody else but the attorneys. They are the one who helps in maintaining the law and order. They are the one who prepares all the papers. Either it is the lease agreement or the landlord form; all of them are being maintained by the real estate attorneys.

Each landlord hires an attorney and the attorney looks after the various deals being signed by the landlord. The attorneys represent the landlord in the court. If the tenant files a petition against the landlord then the tenant will get the answer from the attorney who looks after the cases of the landlord. The landlord pays a fixed amount to the attorneys regularly and sometimes the attorney even gets the commission from the landlord for making the landlord forms or preparing the lease agreements.

The attorneys are everywhere. Whether it is the court or the landlord house, in fact anything related to the law and order is being solved by the attorney. The attorney looks after the property and makes sure that nobody is able to take possession of the property.

Many times it does happen that the tenant as well as their agents tries to cheat the landlord. Do you know what the landlord do? Well the landlords just call the attorney. The lawyer gives him the clear idea that what can be done by the landlord in order to get out of the trouble. This is definitely not a small trouble. The tenant definitely has to be checked and this is being done by the lawyer. In fact if he will not be there then there will be no kind of law and order and the tenant will never behave properly.

Important Factors To Consider Before Hiring a Real Estate Attorney

Real Estate Attorneys work for those that are selling and buying homes. They do all the legal paper work because they understand all the legal formalities that need to be met before a house is sold or bought. There are many factors that one should consider before hiring a real estate attorney. In order to choose the right real estate attorney you should follow some of the factors that are explained in detail below. This will help you understand what you need to look for you and what you need to consider before you hire anyone to start working for you.

The Qualifications of the Real Estate Attorney

You should always keep in mind that not every real estate attorney knows how to do the job properly. Some of them are amateurs and they do not know how to read into the paper work. You should hire someone that has a good name and has all the qualifications that an estate attorney should have. In order to find out this information you will have to start doing some research. You can start by asking your friends, family members, and acquaintances if they know any attorney in the area that is reliable. This will help you compile a list of attorneys that you could possibly hire. After that you will have to make appointments with the different estate attorney’s in order to understand their professional background and how many clients they have dealt with in the past. This will make it easier for you to make your decision and you will be able to find someone to do the job right.

The Price is Not Always Right!

When you hire a real estate attorney, you have to make sure that you are not overpaying for the services. Some attorneys overcharge people and you should make sure that you do not pay over your budget or get fooled. Make a budget and then hire someone that fits into your budget. It is a good idea if look at your budget and the qualifications of the attorney together. If you look at one without the other, then it is likely that you may incur some problems. If you find someone that is highly qualified and is charging a bit over your budget, then you should go for it because it is hard to find both of these qualities together.

It is advised that you look for the attorney that fits into the mentioned criteria. These two points will great help you to choose a right real estate lawyer. The attorney should be confident and possess a vast amount of knowledge. You should always look at the attitude of the attorney and how willing he is to complete the task. You should ask questions and learn about the attorney before you hire someone to start working on your case. So remember these factors because they can really help you in acquiring the right person to check out the legal formalities in any property transaction.

Why You Need a Real Estate Attorney

Real estate attorneys are fully licensed attorneys who focus their practices on real estate law. Real estate law is the sale, purchase, or transfer of buildings, businesses, and properties. There are strict laws that surround these types of transactions and a real estate attorney is required.

Purchasing a home is one of the largest purchases you will ever make. The consequences from mistakes during the buying process can cause you many headaches and a lot of frustration. It is always a wise idea to hire an attorney before you purchase any kind of property. If you’re involved in a law suit, you should find a litigator or real estate attorney who handles lawsuits. Alternatively, an attorney who handles real estate transactions may be your best bet.

These type of attorneys prepare contracts, review agreements, and appear in court for their clients. A purchase agreement includes details of the item being purchased and the conditions that surround the building or property. This type of agreement includes details of repairs that need to be done, date of possession, down payment amounts, and the dates of the transfer. Real estate attorneys must check these agreements to ensure that laws are not violated and to protect their clients.

Many individuals have their contracts of sale written up by real attorneys. This type of contract includes the specific stipulations and terms and it defines the rules surrounding a sale. People who need to disclose specific facts about a house or building do so in this contract. They also use it to protect themselves against legal action.

A real estate attorney also acts as an intermediary. For instance, he may hold the deposit until a deal is closed. He can also negotiate on behalf of his clients. If the attorney appears in court to work on a lawsuit that involves a real estate transaction, he is responsible for researching case law, preparing a strategy, and attempting to negotiate a settlement. If an agreement cannot be reached, the attorney will question witnesses, present the case to a jury, and make legal arguments.

The costs for hiring a real estate attorney varies across the country. You can expect to pay about $2,000 for hiring an attorney. Some lawyers charge an hourly rate and others charge a flat fee. Before you hire an attorney, you should request a retainer agreement that outlines the fees and the attorney’s responsibilities.

Before you choose a lawyer, make sure you do a lot of research. Make sure the attorney you hire has expertise in the area of law that you need. Hire a professional who has at least five years of experience. Contact your state bar association to find out if an attorney is in good standing.

Check to see if the attorney is affiliated with any associations that cater to your legal issues. Ask for the attorney’s references if you need to. Talk to the people who can comment on his trustworthiness and skills. Be sure to choose an attorney who is informative, friendly, and helpful. Make sure you understand what you’re signing up for before you sign an agreement.

Whether you’re buying a new house, selling an old house, being sued, or bringing a lawsuit against another person or business, you should find the best attorney that you can afford.

Finding The Right Real Estate Attorney

After weeks or months of searching, you have finally found your dream house. Though the hunting may seem like a lot of work, the work is just beginning. Your next step is to find a good real estate attorney.

You will want to find an attorney who has experience in real estate and who provides high-quality service. You will want to ask around for recommendations as well as do your own research in order to choose your attorney.

Don’t hire the first attorney you talk to. You will want to do your research and find one that has experience in the real estate market that you are looking at.

Once you have chosen a potential attorney, be sure to ask about his or her experience in the real estate market in which you are looking at homes. You will also want to ask your attorney to explain the entire process of your real estate transaction.

Having your prospective attorney explain the process to you is an excellent way of seeing if you like his approach and how he deals with you. This can be an important step in establishing the relationship you will need if you hire him.

It is also important to note that an attorney cannot have any relationship or be representing anyone on either side of the transaction so make sure you are upfront about who you are dealing with. An attorney having any relationship with a party involved is considered a conflict of interest and is forbidden.

A good rule of thumb when finding an attorney to hire is to go with one that is responsive to your questions from the beginning. An attorney who doesn’t return your calls immediately can be indicating that the relationship will not develop in a positive manner.

It isn’t a bad idea to find your attorney before you have found your dream house. Having an attorney early in your house hunt can give you a professional to ask questions of and that can help you avoid any potential issues or hassles during your home buying adventure.

Dave Manner has been blogging about real estate attorneys for the previous 3 years. Furthermore, he takes pleasure in contributing information with respect to NYC neighborhoods, including Bensonhurst apartments as well as Ditmas Park real estate.

Realtors – Why Your Client Needs A Real Estate Attorney

In an effort to save money your clients may choose to forgo legal representation in their sale or purchase of real property. However, the lack of competent legal representation in the sale or purchase of real estate could not only cost your client more money in the long run, it could also jeopardize the entire transaction. An experienced real estate attorney helps facilitate the closing, working with all the parties involved- mortgage brokers, realtors, buyers and sellers- to ensure the smooth closing of the transaction. In my experience, there are four main reasons why your clients should hire a real estate attorney to assist with their transactions:

1. To Review the Contract Before Execution

Simply put, your client should not sign the contract until his/her lawyer has reviewed it. If the parties are in a time crunch- simply put the words “Contract subject to review by [party]’s attorney” and include a reasonable time frame. The other party will see that your client is serious about the sale/purchase and it will allow extra time for the attorney to review the contract. You may find that your clients are comfortable signing the contract if it is printed on a standard form.

However, I have seen standard form contracts where the costs of title insurance were incorrectly allocated, financing contingencies unknowingly waived, and inspection periods extending beyond the date of closing. Mistakes happen. At a minimum, the attorney serves as a second pair of eyes, trained to catch errors and potential issues that may arise from the contract terms.

2. To Review and Clear Title

Having an attorney on board early in the deal will also assist with any title issues that may later arise. Even a small issue, such as an unreleased prior mortgage, appearing at the last minute can delay the closing for the transaction. Your client’s attorney will be on the look-out for any possible title issues, and plan ahead, obtaining satisfactions, releases, corrective deeds, probate approval, powers of attorney, etc. in a timely fashion.

Also, a real estate attorney is trained to review and understand the title commitment, which is prepared by the Buyer’s attorney or title company. In transactions where I have represented sellers I have seen (and corrected) inaccurate title requirements that were unnecessary and would have caused the seller an undue burden and increased expenses. In such an instance it is essential to have a real estate attorney to communicate with the title company, the title insurance underwriter, and/or the buyer’s attorney to clarify and amend the commitment. When your client is the buyer, having an experienced real estate attorney prepare your title commitment is both cost and time efficient- a correct title commitment needs to be prepared only once.

3. To Monitor Contract Dates and Requirements

The experienced real estate attorney will monitor the contract critical dates for the buyer’s deposits, as well as all contract contingencies such as the inspections and financing. Missing a deadline can result in financial losses for the parties, including a potential loss of deposit or loss of the whole transaction. Simple matters such as calculating calendar days versus business days may make all the difference in some transactions. A party may try to use a missed deadline in order to avoid the contract or to make unreasonable demands on the other party.

Further, if the other party defaults, the attorney will address it properly, both representing your client’s interest and working to salvage the deal. An experienced real estate attorney will keep your client’s interest paramount, and will focus on meeting critical dates and requirements per the terms of the contract.

4. To Verify Property is Deeded Correctly

When most people purchase property they are not thinking about when they will be selling it. However, the experienced real estate attorney looks at the buyer’s specific objectives when purchasing the property, making sure that the property is deeded correctly so when the property is sold in the future there will be no surprises. Your client’s attorney will review and/or prepare the warranty deed and legal description, checking it for accuracy.

In addition, the different ways to title the property, affecting your client’s real estate taxes and estate planning must be considered. Whether the parties want to be tenants in common or joint tenants with rights of survivorship, consequences of deeding the property individually, versus in the name of a company or trust, are all matters that should be determined well in advance of the closing. Incorrectly deeding the property at closing will cost your client more money later when the deed is corrected, including additional attorney fees, documentary stamps and county recording fees.

Fearing the cost of a hiring an attorney, many clients may try to handle their real estate transactions without one. However, your client may not realize that many real estate attorneys work on a flat fee, and are able to provide them both a fee and cost estimate before beginning any work. Advise your clients to hire an experienced real estate attorney, and let them know that they can request the fees and costs up front.

Real Estate Attorney – Role and Responsibilities

Many of us may not realize how a simple looking business of real estate may become complicated at times. As a matter of fact, in some particular situations, it really becomes as complicated as one may find hard to believe. Employing or hiring a real estate attorney thus becomes the need of the day whenever, we plan buying or selling a property. Now,

• Who is a real estate attorney?
• What is his role?
• What are his responsibilities?
• How or why should we consider it a smart move to hire an attorney’s services?

The answer to the question, who is a real estate attorney, is that he is supposed to be a person with:

• Complete knowledge of the industry
• Complete understanding of the related law(s)
• Has a pre-defined approach to real estate laws, rules and regulations.
• Is a proven expert in his field

It is also the fact that a real estate agent and a real estate attorney may never be a specialist in the industry, though both may be good sources to be considered for good profits.

When one would require the services of a Real Estate Attorney?

There are no hard and fast rules that one must hire an attorney in every situation, but there are certain transaction situations, where the same may play a vital role. While purchasing a property in some townhouse or condominiums i.e. common interest development for instance, to ensure that the buyers’ interests are not being surrendered to the common interest entirely; seeking an attorney’s advice is highly advisable.

If one does not have a good understanding in any of the following:

• Complicated paperwork
• CC&R i.e. Conditions, Covenants & Restrictions documentation
• Appropriate law(s) or rule(s) involved in a certain situation
• Lengthy procedure(s) involved, etc.

Then an attorney’s assistance is unavoidable, since he is supposed to have complete knowledge of all the things noted above. He is also expected to know whether, how to read the CC&R and also what to look for.

The Role and Responsibilities of a Real Estate Attorney:

• After going through the papers, client has provided to him, the attorney will prepare the other necessary document(s) too. Following a detailed consultation once a contract is signed between the client and attorney, its attorney’s responsibility to supervise the closing of a transaction.
• Determining the clients’ (the seller) title condition of the property under the transaction is one of the attorney’s prime most responsibilities.
• An attorney must thoroughly review the clients’ purchase contract and the same is done before the contract is signed.
• Dealing and working with the clients’ mortgage loan officer(s), is also the attorney’s responsibility.
• He will also fix meetings with the sellers’ attorney as well as their agents; this is done in order to ensure on what dates the following will be done:
o Attorney approval
o Mortgage commitment
o Home/property inspection
o Contingencies, if any

What an attorney does next?

If the attorney is a specialist in residential real estate, he will guide, especially the first-time home or property buyers, whether why it is important to study the entire deed, legal descriptions, bills, loan and mortgage documents, plat of survey, title insurance policy as well as title etc. Ideally, an attorney should also be capable of changing legal languages in the ongoing purchase contract, and also negotiate the unpaid expenses the seller owes you. Such expenses may include condominium assessments, property taxes or utilities etc. Catching problems or mistakes, if any, is not difficult for an experienced professional thus it will save the client future expenses needed for corrections thereof.

Importance of Hiring a Real Estate Attorney and Useful Tips When Hiring One

Foreclosure cases, real estate frauds and land disputes have reached new heights in the past few years and thus, to be on the safe side from the beginning and avoid situations which could lead to huge losses in the future, it is a wise decision to hire a real estate attorney so that when the problem arises, you have a lawyer who will handle your legal issues and you won’t have to run around looking for one, right after you got involved in the legal hassle. Even if you already are in a problem that involves your property, you need someone who can get you out of the problem and thus, finding the right real estate attorney isn’t an easy job.

Importance of a Real Estate Attorney

A good real estate lawyer can be a very useful tool in dealing with the case of property disputes and foreclosures. He can be of help in borrowing more time if the case involves time limits and deadlines and also, would facilitate better communication. Thus, professional expert advice will be of great importance when dealing with real estate cases and disputes. The attorney that you hire will also help you in doing risk assessment before-hand, so that such high risk and crisis situations do not arise and you are saved from future trouble.

Here are a few factors that you should keep in mind while hiring a commercial real estate attorney.

Field of Expertise

As mentioned above, the attorney you hire must understand the foreclosures, land and property laws, litigations and mortgages well so that he/she handles your case more efficiently and thus you need to look for someone who has experience in handling suits that have been similar to your case. Most people make the mistake of hiring a lawyer with a general knowledge and experience in commercial cases, which later backfires as you might just end up losing your home, office or other important property in the whole process.

Research

Before you finally hire the attorney you have short-listed, it’s a wise decision to do your homework so that you are sure you are in for a good deal. You should never settle for the first attorney you find and should consult and consider a number of other options, before you shortlist one. Also, a lot of attorneys charge very high fee and do not deliver. To avoid this you should look at the experience of the lawyer, his / her previous cases, success rate etc. You should also compare the fee he or she charges for the services provided. You can even follow-up with the attorney’s previous clients as well as other investors to know what exactly the real picture is.

Time Commitment

When hiring an attorney, it is important to decide the time commitments as no matter how much you are paying the lawyer for the services, he / she needs to be available for discussing your real estate matters and problems that you are facing. It is a wise move to sign a legal document specifying the time commitments as legal matters cannot be delayed.

Now you know the importance of a real estate attorney in handling your property matters and how it can save you a lot of resources and time if you have the right lawyer with you. Thus, follow the above mentioned tips when you look for the lawyer and you will definitely end up with the right attorney, suitable for your real estate legal matters.

Conclusion

Why Should You Hire A Real Estate Attorney?

Buying or selling property could be tricky. You might not have the adequate knowledge to get into such transactions. You might end up incurring heavy losses if you do not consult a professional. This is when you require a real estate attorney. He can help you throughout the process of your property transactions. You will not end up making mistakes resulting in losses. Before hiring an attorney, it is important that you understand what his job is.

Say, for example you want to buy a property. Your lawyer will help you understand the purchase contract completely. He will also guide you through the process of taking the title of your property. The attorney will also do the job of checking if there are any easements or liens against the property. The attorney will also help in processing the registration of all the legal documents required for purchasing the property. The attorney will also help in the understanding of the mortgage terms. He will also tell you if there is any need of any adjustment. The attorney will review the papers that you need to sign. He will also work on the insurance of the property you are purchasing. The attorney will make sure that you get a valid registered ownership.

What is the role of a lawyer if you wish to sell a property? The attorney will review the binder and explain it to you. He will also prepare the buy-sell agreement. At the same time he will prepare all the terms of negotiation. The attorney will also arrange for the transfer of the security deposits. He will arrange for the deposition of the money to the landlord. The attorney will also make sure that all the responsibilities regarding the lease have been performed. He will arrange for official documents such as security certificates. He will also prepare a deed and the power of attorney. Various kinds of issues can arise during buying or selling of property. An attorney will always address those issues and sort them out. He will review the documents that need to be signed. And he will represent you during the time of the closing.

So, how to choose the right attorney for you? Make sure your real estate attorney performs all the roles that have been mentioned above, when faced with either of the two situations. The real estate firm you go to should be equally competent in dealing with residential as well as commercial property disputes. Under the category of real estate disputes, we have general real estate issues as well as real estate frauds. Landlord or tenant issues also fall under this category. So, if you are faced with any of these problems, consult a professional right away.

Look online if you wish to come across a good law firm that handles real estate issues. Any good firm will definitely have its own website. Browse through the website and see the kind of facilities they are offering. Also consider the rate at which they are providing their services. Visit more than one website before selecting a particular firm. Always go for a firm that is reputed in handling real estate issues. You can look for testimonies on the net too.