Legal Insurance
A real estate attorney specializes in the legal transfer of real property — or real estate — from buyer to seller, and is trained in real estate law. Real estate attorneys may be responsible for a variety of tasks, ranging from preparing documents to resolving conflicts between the buyer and the seller or property owner.
Most importantly, a real estate attorney helps the property-buying process move smoothly. In this guide, we’ll take a closer look at why you may need legal representation on real estate matters, the role of a real estate attorney and when and how to hire a lawyer.
Real estate attorneys offer legal advice and manage aspects of the property buying and selling process during a real estate transaction, such as:
A real estate attorney may also ensure that the terms of the agreement actually align with their client’s expectations. Finally, your attorney will identify any issues that could stall the sale and work to resolve them as quickly as possible.
Real estate attorneys may represent the buyer, seller, mortgage provider, or the title company. As a result, you may encounter several attorneys during the buying or selling process. But remember: One attorney can’t represent multiple parties, so plan to hire your own real estate lawyer.
Real estate attorneys can charge hundreds of dollars per hour. However, your actual costs may vary based on several factors, including:
Typically, attorney fees are worked into your closing costs. Keep in mind that the estimate included on your loan forms may change based on the amount of work involved in your transaction and the lawyer you hire.
Deciding whether or not to hire a real estate attorney often comes down to the state in which you’re buying property. For example:
Check your state laws to see if they mandate a closing attorney’s supervision at any point of the process.
If you don’t live in a state that requires you to retain a lawyer for a home purchase, you can decide for yourself if you want to hire one to manage your transaction. Making the decision to do so comes down to your understanding of real estate law and your confidence in the pending transaction. If you’re new to the process or suspect you may run into roadblocks, it may be a good idea to hire an attorney.
To find a property attorney, start by asking family members, friends, or colleagues for recommendations. If you live in a state that requires a residential real estate attorney, your real estate agent may be able to recommend a lawyer who knows real estate law.
Visiting your state bar association website can provide more information on how to find a licensed attorney. The website may also include a listing of real estate lawyers in your area in its lawyer directory.
But even before you seek out a lawyer, contact your human resources representative at work to ask about a legal insurance benefit. Legal insurance connects you with a network of experienced attorneys for a low monthly fee. There, you may be able to find a knowledgeable real estate attorney — and potentially save on attorney fees.
A real estate attorney can be an invaluable resource during the home-buying process, but their legal services come at a cost. With that in mind, take some time to learn more about your employee benefits and determine if you have access to a legal insurance plan. That way, you can avoid costly missteps, mitigate issues quickly, and have a trusted legal counsel each step of the way.