“For most people, engaging in a real estate transaction will be a once-in-a-lifetime occurrence. Therefore, adopting best practices such as hiring a realtor attorney near me is highly recommended. And while this should also be a preferred choice of frequent real estate buyers, sellers, and investors, this isn’t always the case. Many people remain confused and unsure about the need for and importance of consulting a realtor attorney for realty needs.”
Engaging in a real estate transaction in many ways reflects a person’s financial stability. And as much as this happens to be true in most cases, it is also important that you exercise due care during the entire process. This especially involves making sure that no unforeseen circumstances arise which could impair your interest or financial security. One way of ensuring this is by seeking the professional competence of a realtor attorney during a real estate transaction.
A realtor attorney or real estate attorney, as it is commonly known, can help keep your interests intact throughout the entire process. In simple words, a realtor attorney near me can add an extra layer of certainty to erase and smooth out any complexities in a real estate transaction.
But as discussed in the very beginning, an ambiguity exists on whether a realtor attorney should be hired or not.
In this article, we address this ambiguity through a comprehensive approach on this matter. After reading this article, you will most likely form a different opinion on this issue. You will understand the significance of and value that an expert realtor attorney has to offer in a real estate transaction, in a much better manner.
So, let’s begin.
What is a realtor attorney or real estate attorney?
A realtor attorney in general is an individual that holds a professional degree and license to practice law. But since the law itself is wide and extensively covers several different subjects, being competent in everything is simply an impossible endeavor.
Therefore, and as the name suggests, a realtor attorney in specific, is a lawyer that specializes and focuses primarily on different aspects of the real estate law.
Being an expert in real estate law, a realtor attorney near me can advise as well as assist at various stages of a real estate transaction.
Is hiring a realtor attorney a must in every real estate transaction?
The answer to this question revolves around two different aspects of a real estate transaction. While one aspect discusses the legality or legal requirement to hire a realtor attorney, the other merely depends on your individual need and preference.
Realtor attorney required or not as per your state’s real estate law
As far as the legal aspect is concerned, real estate laws in each state govern this issue. Each state’s real estate laws instruct on whether hiring a realtor attorney is legally required or not. However, variations exist in each state’s real estate laws. Therefore, if you aren’t aware of what your state’s real estate law suggests, consider discussing this with a realtor attorney.
A realtor attorney can help you precisely understand whether hiring a real estate attorney applies in your case or not. If yes, he can further explain the extent and mode of such applicability as per your needs.
Nevertheless, states which require hiring a real estate attorney, do not require them for the entire real estate transaction. In most cases as per the real estate laws in these states, realtor attorneys are required on certain specific instances. This means that the services of a realtor attorney are required for part of the transaction and not whole.
For example, a realtor attorney can help in drafting and/or reviewing a real estate agreement or contract, preparing loan or mortgage documents, conducting title search, and most importantly, closing the real estate transaction.
Realtor attorney hired on a need basis or because of personal choice
This aspect of hiring a realtor attorney depends on a case-to-case need basis and individual preferences. If you know or anticipate the presence of any complication in an undergoing real estate transaction, it is better to seek professional help. Resolving such issues promptly will help in avoiding any unexpected delays in closing a real estate transaction.
Besides this, there can be certain type of properties that require hiring a realtor attorney on each subsequent transaction.
Likewise, and although it isn’t mandatory, hiring a realtor attorney can be a personal preference for many people. This, apart from signifying due care, is also a preventive strategy to eliminate the risks of any unforeseen event.
Difference between a real estate agent and a realtor attorney – Who will serve you and your interest best?
A real estate agent is normally the most obvious person in most real estate transactions. And since they charge massive amounts as sales commissions, most people expect them to have a considerable level of expertise in the field of real estate.
There is no denial of the fact that real estate agents also have a pivotal role to play in real estate transactions. Just like realtor attorneys, real estate agents too are professionals with a state-granted license to assist in the buying, selling, and/or renting of real estate. Additionally, there are also agents whose knowledge of real estate laws happens to be quite impressive.
Still, despite all this, there are real estate matters that fall outside the scope or professional acceptability of a real estate agent.
Irrespective of how much knowledge and experience a real estate agent holds, they have a limitation. Legal matters in a real estate transaction can only be accurately handled by a realtor attorney.
Reasons to hire a realtor attorney
There are several good reasons which may compel you to hire a realtor attorney even for a straightforward transaction. Among these reasons, we discuss a few of the important ones here.
1. They do not hold any kind of personal interest
Only in rare cases and exceptional circumstances, would a realtor attorney have any kind of personal interest in a client’s real estate transaction. For example, a realtor attorney’s fees being contingent on the outcome of a real estate transaction.
In all the other cases, a realtor attorney will usually charge a flat fee, or an hourly rate for providing legal services. Because of this, a realtor attorney prioritises safeguarding his client’s personal interests to the best of his capabilities.
2. Provides qualified advise and strategy on legal technicalities
As discussed earlier, no person except a realtor attorney can tackle legal matters. Not only does a realtor attorney qualify as a legal advisor but also as a legal strategy planner in a real estate transaction.
3. Offer much more than just routine and normal paperwork
There are standardized real estate agreements and contract templates that just require filling in a few details to become valid. However, using such general agreement and contracts with pre-formatted terms may not suit your best interest.
Therefore, a realtor attorney can do much more by drafting real estate documents with special terms that best suit your interests.
4. Hiring a real estate lawyer for help in title search
A title search is an essential and preliminary component of a real estate transaction. Even if your state’s real estate law does not require you to hire a realtor attorney, you should hire one to perform a title search.
A thorough title search performed by a realtor attorney will save you from much trouble in the future. It confirms that the seller in fact is the real owner of the property that you intend to buy.
Besides this, it also confirms the legal description of the property and ensures that no liens exist on it. The existence of a lien on a property can challenge a person’s right of ownership claim on a property.
5. Including terms to safeguard against potentially unpleasant and hazardous events
There is a possibility that a property that you intend to buy may have been subject to any unpleasant and/or hazardous circumstances. So, what would happen if you ended up buying such a defective property.
Due to the existence of such conditions, your investment could suffer a loss. Such as a probable devaluation, total loss if the defect cannot be fixed, or a necessary but expensive expenditure to get relief from such hazardous risks.
A realtor attorney can help insert clauses in the real estate agreement to minimize or eliminate your liability against such issues.
6. Real estate attorneys can be excellent negotiators and deal closers
Because realtor attorneys understand the complexities in a real estate transaction, they can be excellent negotiators as well. This becomes especially useful during the sale-purchase of commercial real estate properties.
A realtor attorney can identify loopholes and complexities in a property transaction and use it to negotiate the best price.
7. He can review and understand legal language
It often happens that what you as a layman construe a legal term’s meaning to be, it isn’t true. Thus, a realtor attorney can help review legal documents and the technical legal language contained therein. In case of an agreement, this ensures that the legal meaning of the terms therein depict your intentions and wishes.
8. Help is defending your rights during a dispute or litigation
It is also possible that during a real estate transaction, disputes may arise leading to litigation between the parties.
A realtor attorney can examine such issues and evaluate your chances of winning such disputes in a court of law. He could advise on whether to continue with such a legal battle or not, or simply resolve to an out-of-court settlement.
Why hire a realtor attorney near me?
Remember that real estate transactions tend to have complex and quite technical nature in most cases.
Therefore, an attempt to deal with such complexities alone could be a disaster. This is because most people lack the basic knowledge and skills essentially required to conduct an entire real estate transaction.
Similarly, relying on a seller’s agent if you are a buyer, or the attorney representing the buyer’s lender, is also not a reliable option. Besides having adverse consequences, it is also often considered to be a mistake. This is because any piece of advice you receive through these sources is likely to lack sufficiency and appropriateness.
This is because a seller’s agent, as experience shows, will most likely provide advice that inclines more towards benefitting the seller. Naturally, an agent is expected to act in a way that favors his/her principal first and then the opposing side.
Likewise, an attorney representing a buyer’s lender will most likely provide a quick and general advice. Remember that real estate transactions involve financial stakes. Thus, relying on an advice that lacks any regard to your personal interest isn’t suitable under any circumstances.
Therefore, what you actually need is to have a realtor attorney on your side during every step of a real estate transaction. Besides providing legal advice and assistance, a realtor attorney that you hire will exclusively have your interests at heart.
Realtor attorneys at Attorneys Real Estate Group
Attorneys Real Estate Group prides itself on having the best team of realtor attorneys. Our realtor attorneys are experts in real estate laws and can provide specialized nature real estate counseling.
Over the years, we have had the privilege of assisting numerous clients like you with their real estate transactions. Based on this experience, we can help you navigate through various aspects of real estate laws as per your specific needs.
Whether you are a buyer, seller, and/or an investor engaged in residential, commercial, and/or industrial real estate, you can consult our realtor attorneys for all your realty matters.
Simply, give us a call at 916-545-3198 or visit our website at Attorneysre.com. You can also get free legal consultation by filling in the form at this link. One of our attorneys will get back to you as quickly as possible and will be glad to assist you. We look forward to welcoming you soon.