When you buy a home, you are not just closing a big investment. Purchasing a home also means needing to legally transfer the property title from the seller to the buyer-a process that can be very complex and laborious. Fortunately, real estate attorneys are well-versed in matters related to property, ensuring a smooth transaction.
A real estate lawyer's exact duties vary depending on whether it is the seller or lender hiring them, the laws in the state, and what is needed for the transaction to proceed smoothly. We'll go over those in this guide.
What Is a Real Estate Attorney?
A real estate attorney, or a real estate lawyer, is a professional licensed to practice real estate laws and give advice to parties involved in transactions related to property. For the purpose of most homebuyers, real estate attorneys are hired to prepare or review all of the documents related to a home purchase or sale. These documents include the contract, mortgage and title documents, and transfer papers.
In addition to reviewing the fine print, real estate lawyers may oversee title searches and title insurance to ensure there are no outstanding claims or liens against the property. They may also provide advice to help resolve any real estate dispute.
When Do I Need a Real Estate Attorney?
Depending on your locality, state laws, and the nature of the transaction, you may be required to hire a real estate attorney to supervise the transaction. In several states, real estate attorneys are required to be present at closing. These states include Connecticut, Delaware, Georgia, Massachusetts, North Carolina, Rhode Island, South Carolina, and West Virginia.
In other states-namely Alabama, Louisiana, Mississippi, North Dakota, Oklahoma, South Dakota, and Wyoming-real estate lawyers are required to certify title documents.
Real estate lawyers are not required in every state, but it is still recommended to hire one, especially for assistance in trickier transactions such as a short sale (also called a pre-foreclosure or distressed sale). Hiring a real estate attorney can also help you deal with real estate-related issues, such as a neighboring structure crossing property lines.
How Much Does a Real Estate Attorney Cost?
How much you'll spend on a real estate lawyer depends on the service you need. A real estate attorney may charge an hourly rate of $150 to $350, but they may also charge a flat fee for the services they provide.
Prospective home buyers visit a home for sale during an Open House in a neighborhood in Clarksburg, Maryland on September 3, 2023. Homeownership feels increasingly out of reach for younger generations of Americans, who are squeezed by student debt and childcare costs in an era of slower economic growth. The pressures come as President Joe Biden struggles to tackle negative sentiment about his handling of the economy, as he campaigns for re-election.
