Real estate lawyers have the responsibility of helping families, individuals and small businesses with legal issues related to property. A real estate attorney also works with landlords and tenants on matters relating to eviction proceedings, resolving landlord-tenant disputes and drafting and reviewing lease agreements. Buyers and sellers of residential and commercial property need to work with real estate attorneys for various reasons like helping them negotiate contractual terms, helping in drafting and reviewing contracts, reviewing related paperwork like loan agreements, attend the closing and clear existing liens on property.
Real estate attorneys handle various laws and practice fields associated with land ownership. For instance, a commercial lawyer knows the laws to apply to commercial transactions for development projects, land zoning projects like dividing a parcel of land for development or real property issues such as financing large land purchase. A residential real estate attorney helps people to buy homes or protect clients from home foreclosure. They have knowledge on residential tenancy laws and advise on tenant rights. With various types of real estate lawyers, you need to find an expert who will assist you accordingly.
For most people, purchase and sale of their homes is one of the largest financial transactions they will ever make. That explains why buyers and sellers need to protect the investment by hiring a real estate lawyer to guide them through the transaction and ensure that all procedures have been followed.
Role of real estate lawyers to buyers
Preparation and registration of all legal documents
Clarifying mortgage terms and modifying them if necessary
Scrutinizing adjustments including utility costs and taxes owing before closing the transaction
Checking for any covenants, liens or easements registered against the home or property on sale
Helping the buyer to understand purchase agreement
Property sellers also require services of real estate lawyers. If you are selling your property, your lawyer should help you in the following aspects:
Preparation of dead and power of attorney where necessary
Arrange for the transfer of security deposits
Deal with any issues that may arise concerning the property
Be present at the closing and review all the necessary papers a seller is required to sign.
Review the binder and prepare sale agreement and negotiate the terms
The fees charged by these advocates vary. However, beware of lawyers who have hidden charges then surprise you with such fees. If you want good representation, you must hire a reliable, experienced and reputable attorney.