CHOOSING A REAL ESTATE ATTORNEY

     Since real estate transactions and contracts can be extremely complex, having an attorney on your side can be helpful. While they won’t get involved with the actual pricing of the property, attorneys do assist in the negotiation of terms and ease the process. Some think attorneys clog up the purchase/sale process but, in reality, your real estate attorney is often the only person who is completely on your side during the settlement.

     Whether you really need one depends on how familiar you are with the purchase/sale process and how difficult the deal is. Your goal as a seller is to sell your property for the most profit possible. Your goal as a purchaser is to purchase the property for the least possible price. Your goal as either seller or purchaser is to reduce the hassle and minimize liabilities or complications after the sale or purchase.

How Attorneys Help.

• They act as another layer to remove emotion from the deal
• They can negotiate the finer details in your contract which can have huge impacts later in the process
• They can protect you from getting a bad deal should negotiations get nasty
• They work with brokers to organize and finalize details and terms that you may not fully understand
• They can explain all the legal ramifications of a deal and often help you negotiate a better deal
• They may be able to act in the same capacity as a title company
• They track all the details of the deal to ensure a smooth closing
• They normally provide copies of all the necessary paperwork and documents involved in the closing
• They keep the deal together, making sure nothing is overlooked or missed

Is Your Own Intuition Enough?

     You are going to be asked to pay a lot of money during the settlement process. There are fees for appraisals, surveys, inspections, points, down payments and the mortgage. You need to review your budget and be prepared to make some tough financial decisions. Do you forgo the additional expense to hire an attorney and a home inspector or do you just take a chance on your own intuitions and experience. Buying and selling property is a complicated business. For most people it is the single largest purchase they will ever make. The ability to look out for your interests and insure that you are getting what you have bargained for, as either the buyer or seller, often takes more than your own personal experience or intuitions.

Protect Your Legal Rights

     It is important to remember that real estate attorneys can't do everything. While they can prepare the contract (in your favor) and perform title searches and settlement work, they can't get involved in the price of the property. They can help you negotiate, but they won't suggest a purchase price. They can review language and refine agreements though, which could save you money in the long run. In short, they keep you as their first priority and work to protect your legal rights.

Choosing A Real Estate Attorney

     When selecting an attorney, you should ask for referrals from friends, business acquaintances and your real estate agent. Talk to one or more attorneys and select one whose fees and manner make you feel most comfortable. The attorney you select should be able to clearly and patiently explain the confusing aspects of the real estate buying process. It is a secure feeling knowing that you have done everything possible to protect your financial interests and your family’s future.

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