What is real estate law?
Real estate law is the area of law that governs buying, using and selling a piece of land or a house. In short, it’s the law that governs how people acquire property and what they can do with the property that they own.
The process of buying a house is complex, and most people find it’s easier to get through with an agent by their side. It can be helpful to have someone familiar with the property selling or buying process to properly deal with it.
Other parts of the transaction will be happening quickly too – hiring inspectors, negotiating over who pays for needed repairs, keeping up good relations with the sellers (through their agent) and more. What’s more, experienced real estate agents usually have contacts with good inspectors, mortgage loan brokers, and others who can make your buying process easier. And they know what’s considered appropriate behavior and practice in your geographical area.
On top of that, the legal part of selling or buying property is sort of a second nature to an experienced real estate lawyer. His knowledge comes in handy when it comes to legal terms, legal paperwork and legal compliance, plus, as the most experienced real estate lawyers offer as an included service, your due taxes are being calculated along during the process.
In today’s environment, a real estate law firm should be able to offer expertise in the following areas:
Legal assistance for development and real estate planning;
Legal assistance for selling/purchase apartments;
Consultancy about FIDIC contracts;
Legal assistance for rental contracts for commercial premises including concession contracts;
Drawing up of selling/purchasing, rental or mortgage contracts;
Legal assistance for signing the contracts in front of a notary;
Legal assistance regarding various authorizations and approvals for the development of real estate projects;
Legal assistance for the national or international real estate transactions;
What do real estate attorneys do?
Real estate attorneys are educated and experienced in the legal aspects of real estate transactions. The real estate lawyer will be hired at the beginning of a transaction to advise the client and guide the process from the start. Other times, real estate lawyers are only hired to act as litigators if a dispute arises in the process of a transaction.
There are two subsets of real estate law: commercial and residential. Commercial real estate lawyers work with businesses to buy, sell, lease, and develop properties. Residential lawyers can prepare and manage mortgage, title, and closing documents associated with buying a home.
When to Hire a Real Estate Attorney
Sometimes, though, homebuyers face contractual issues that are best handled by legal professionals. If you and your agent are concerned about a specific legal issue, it’s best to hire a real estate attorney.
For example, there may be a tenant on part of the property, or you may want to rent the property out for a certain period of time, or maybe a tax lien has been imposed on the property and you’re unsure of its implications. The bottom line? In the face of complex legal issues or legal counseling, real estate attorneys can provide invaluable help. When deciding whether to hire a real estate lawyer, do your own research.
How to find a real estate attorney
Real estate lawyers are experts at navigating the complex world of real estate law. They can help you understand all the legal documents and they are able to resolve disputes so that you can make sure your transaction is alright. After all, buying a home is one of the most important, expensive, and life-changing decisions, and you’ll have more peace of mind with a professional by your side. You want to select someone with whom you are comfortable and someone who is experienced with your specific type of transaction.
Consider asking:
• How long have you been a real estate lawyer?
• How many similar cases have you dealt with before?
• How would you handle my case?
• Can you tell me your overall strategy?
• Will you specifically work on my case and attend my closing or will your paralegal or someone else in your office handle it?
• Does your fee include due diligence?
You’ve hired an attorney—now what?
Once you’ve hired a real estate attorney, your attorney may return to you with questions about certain decisions, but if all goes well the home buying process will proceed without complication. Your attorney will make sure the transaction is legal, binding and in your best interest, and you can rest assured that you’ve covered all your bases as you prepare to move into your new home.
