What does a real estate attorney do ?
The complexities of the law can be challenging to those outside the legal profession . An attorney on one ’ s side can help individuals ensure their assets and livelihoods are protected , and even help people avoid costly mistakes .
Investing in real estate is a wise but often expensive endeavor . According to the National Association of Realtors , the median home price of existing ( not new ) homes was $ 410,200 in June 2023 . On average , a Canadian home costs 40 percent more than one in the United States . As of August 2023 , Canada ’ s MLS Benchmark Price , which measures the price of a “ typical ” home in Canada in Canadian dollars , was $ 750,100 .
With so much money riding on real estate transactions , having a professional real estate attorney in one ’ s corner is wise . Recognition of what these professionals can do underscores how valuable they can be .
Roles of a real estate attorney
The main job of a real estate attorney is to ensure the legal transfer of property from a seller to a buyer . Real estate attorneys will prepare and review documents , ensure that a home title is clear , and facilitate the transfer of funds between parties , according to the online financial resource NerdWallet . Real estate attorneys will identify any unpaid loans , liens , litigation or other claims against the property , uncover deed restrictions and covenants , and any breaks in the chain of title .
In addition to these services , attorneys guide their clients
Photo by Tim Gouw on Unsplash through searches for obligations like taxes , utility charges and homeowners association fees , according to Bankrate . Real estate attorneys also will prepare settlement statements showing the charges to all parties and how the funds will be allocated , including commissions , attorney ’ s fees , underwriting fee , title search fee , taxes , and more .
A real estate attorney can work for those looking to buy or sell a private home , an investment property , a commercial business , or even guide grief-stricken relatives through the process of selling a deceased loved one ’ s home to settle estate obligations .
Who do real estate attorneys work for ?
If the real estate attorney is representing a client ’ s interests only , that lawyer will be an advocate to the client and work in his
or her best interests . Various attorneys tend to be involved in real estate transactions . One will represent the buyer and another the seller . A lawyer may represent the mortgage lender if financing is involved . Another could potentially represent the title company .
Cost of real estate representation
Certain real estate attorneys will charge a flat fee that encompasses a specific series of jobs , including the preparation of closing documents . Others may charge an hourly rate , particularly if the issue is more complex and involves litigation .
When individuals are selling or investing in property , real estate attorneys can ensure the process goes smoothly and protect their clients if complications arise . n
34 January 2024 | Thomasville Scene