At some point of time in our life we all wish to have a dream house of our choice, or to sell our existing property to embrace a new one, or even to gift a property to our daughter who just got married. But however as we all know the Real estate transaction often comes with a bundle of legal challenges and in today’s world the transaction may require the involvement of a wide range of professionals including brokers, inspectors, bankers & supervisors. Among them the role of Real estate Attorney is the most crucial and at the same time the least understood.
Real estate Attorneys are legal practitioners who are specialized in legal matters relating to property .They apply their specialized skills along with their enriched knowledge and experience of law in all aspects ranging from day to day transaction of property, purchase agreements, transfer and tile documents and closing. They help to ensure that the real estate transaction you do fulfils the condition specified by the law of the state to make it legally binding. There are there to protect the best interest of the client & helps to prevent any loopholes or costly mistakes which might seep in during a commercial or real estate transaction.
Negotiating the deal
With a better understanding of the legal formalities involved, Attorneys are light bearers who guide the client by helping to negotiate the deal in the best possible interest for the client. This helps to close many legal pot holes or fraud which might happen if the client is unaware. Deal negotiation often involves working along with other professionals such as real estate brokers, bankers, developers and builders.
Documentation and Title Work
Drafting of legal documents relating to commercial transaction is another key work done by the Real estate Attorney. The drafting will be done aptly to ensure that all the legal formalities are fulfilled and terms and condition of the deal will be in accordance with the verbal agreement between the parties who are involved in the commercial transaction. Only licensed lawyers can draft and revise the documents. The Title Work will be a responsibility of the buyer’s real estate attorney to provide evidence which proves the legal right to the ownership of a property. Title work involves a thorough search of each and every minute detail with respect to the particular piece of property involved in the commercial transaction both at the federal and state records for a period dating back to a minimum of 30 years to ensure that no type of property restrictions, easements or unfulfilled mortgages exist. The attorney also serves as a representative for the client with the bank to ensure that the fees charged by the bank are nominal as established by the banking laws and reviews the terms and conditions of the loan agreement along with other bank documents
At certain times the clients themselves will negotiate the deals and sign a contract. Here since the attorney was not involved in the initial deal negotiation, his prime responsibility will to duly examine all the legal documents, verify the title and any other documents which are involved in the particular transaction.
Active involvement in real estate litigation
As we know when a commercial or real estate transaction didn’t occur in the expected way chances are high that it might end in the court as a legal dispute. The clients are represented by their respective lawyer in court for settlement. This is accompanied by variety of other works such as drafting the legal pleading, filing, participating in hearings and trial with the judge, involving in bargaining with opposing counsel etc.
On the day of closing the real estate attorney reviews all bank documents with the client and supervises the signing process. Once the signing is done the real estate attorney ensures that the necessary documents and details of the transaction and properly recorded at the Registry of Deeds. Once the signing has been done funds will be released with reference to the agreement.
Why to choose an Attorney?
There are many things a real estate attorney can do which a real estate broker cannot. A competent attorney can easily handle any legal issues that might delay or prevent closings, or conditions in the terms of agreement which might have loopholes .They helps to potentially identify and avoid problems that might question the original ownership after closing the deal. Due care must be taken while choosing the attorney.
Through a free, no-obligation consultation, you can discuss your legal concerns with a partner of our firm. We look forward to answering your questions and seeing how we can meet your legal needs.
Call 954-476-2680 or contact us online today.