Purchasing a home is one of the biggest decisions in your life, and should be done with care and precision. This includes real estate lawyers, brokers, real estate agents, etc. What does a real estate lawyer actually do though? When and why do you need to hire one? Keep reading to learn more about real estate attorneys and their function in your real estate process. 

 

Qualifications 

 

So, what exactly makes a real estate attorney…a real estate attorney? Besides passing the LSAT exam and attending law school, real estate attorneys are required to earn their law degree; taking real-estate specific classes and then passing the BAR exam to begin practicing law legally. 

 

Property-Related Laws

 

There are tons of laws in place regarding purchasing a home; from practices that lenders are not allowed to engage in, the laws are numerous; and quite frankly, difficult for an average person to navigate. How will you know if your lender is following the law if you don’t actually know what it is? That’s where your real estate attorney comes in. 

 

A real estate lawyer will be well-versed in federal and state guidelines (which can often be unique to the state) and can help you navigate the complex legal process of purchasing a home. With an expert by your side, you can be sure you’re not getting cheated by your lender or missing important legal information during the sale. 

 

Chances are you don’t know all of the property laws in your state. Taxation and other property-related laws are nothing to take a chance on, as they can have serious repercussions should you violate them. Keep your new home safe from backlash by hiring an attorney who is well-versed in state and federal law to ensure you’re staying in compliance. 

 

Review of Important Documents 

 

With so much documentation during the buying process it can be incredibly difficult to keep track of it all; let alone meticulously review every document for accuracy. A real estate lawyer will review and complete documents such as title searches, title insurance policies, purchase agreements, and more. The value of an attorney in this process cannot be understated. 

 

If you want the home-buying process to proceed as quickly and accurately as possible, an attorney is your best bet. The attorney and their team will prepare your documents and even handle the transfer of funds once the sale is ready for completion. Should any issues arise during the sale, the attorney will negotiate to get them resolved as quickly as possible; putting your sale and your dream home back on track to becoming yours permanently. 

 

Might be Required by Your State 

 

Some states actually require a real estate lawyer to be present during home-purchasing transactions. This is a precaution to help consumers avoid predatory lending practices (remember the housing bubble of 2008?) 

 

While an attorney is optional in those states that don’t require the buyer to have representation. Let’s be honest; not having an attorney to help review your documents is nothing short of a risk. Why take more risk than necessary when purchasing your first home? Falling into a bad loan or even missing one important document can spell disaster for your entire process. 

 

While a real estate lawyer will charge a fee that adds to the overall cost of the transaction, it’s well worth the money when the documents are completed and filed accordingly. 

 

When You May Need One 

 

So when should you hire a real estate attorney? The ideal answer is anytime you’re purchasing property, but most seasoned real estate purchasers already know this. If you’re buying your first home, having an attorney should be a requirement if you notice anything suspicious about your lender. 

 

Let’s say you don’t understand your loan, or something seems off about the interest rate/repayment terms. An attorney can review your documents and ensure authenticity and accuracy, and isolate any illegal practices or wording. While there are very specific laws pertaining to what lenders can and cannot do or say, this doesn’t stop those select few from violating the law and trapping consumers in predatory lending practices. 

 

You can never underestimate the value of having an attorney in your corner. Title searches are something that real estate attorneys can do for you, which will save you a lot of trouble later on. A title search is necessary to determine whether or not the property has any outstanding liens or holds on it, which could complicate the buying process.

 

Conclusion 

 

A real estate attorney is a truly priceless addition to your team during the buying process. Though hiring this kind of professional will increase the overall cost of the buying process, it’s always better to spend some extra money to be safe and ensure that your property and the lender you’re utilizing to purchase the home is in good standing. Real estate lawyers can help prevent fraud and scam.