Depending on your local and state laws, attorneys, and their expertise, you might have to hire the services of an attorney (and get the expense included in your closing expenses) if you really like it or not. They are there for your protection and help make sure that you don’t fall prey to unscrupulous individuals or to fraudulent companies trying to take advantage of buyers and sellers who do not know enough about the laws governing the real estate market in their locale. Let’s take a look at what some of these protections and costs are.
It’s a good idea to set up a pre-closing meeting with your Real Estate Attorney Las Vegas before you commit to a specific transaction. You will want to be clear about your objectives, expectations, and, most importantly, your fees. Attorneys and their firms require to be registered, so they are required to disclose their fees upfront. While this may sound obvious, it is very seldom followed. A good closing lawyer will be able to alleviate some of the anxiety about these fees by clearly communicating them at every step of the way.
The first time you meet with your real estate broker, make sure you get a clear explanation of how he or she is paid. Brokers receive commissions from the sales of homes under their clients’ contracts. You should ask for an itemized list of all fees and, if possible, negotiate with your attorney about whether the commissions on the sale of your home will be reduced if you enter into a contract with a lessor that doesn’t charge as high a rate. While the best policies are always the ones with the highest commissions, some lessors who try to offer policies with lower rates are just as eager to pass the savings along to their clients, so it is never a bad idea to shop around for a good real estate broker. After all, it is the law, and your interests are best served by working with someone who is actively committed to protecting your interests during the transaction.
After the initial transaction is complete, there will inevitably be additional expenditures that must be met. Unless the buyer and real estate attorney have already agreed upon a financing plan, these additional costs will have to be met. Your attorney can help with this by either working with the buyer or the seller to establish a plan that both of them can agree on. In the case of sellers, the real estate attorney may also be able to negotiate a better interest rate, a longer mortgage term, or lower down payments for the buyer.
If there is a problem with one of the real estate transactions, it is important for the client to know where the law stands regarding the retaining of legal counsel. South Carolina is a no-fault state so the responsibilities of the lawyer will be limited to those that were agreed upon in the purchase agreement. Some states allow the attorney to submit an opinion concerning the purchase to the buyer and others require that this responsibility is spelled out in the contract. Regardless, the lawyer will not be paid unless the malpractice is discovered or the client is otherwise unpleasantly surprised by the results of the investigation.
There are certain real estate transactions that cannot be handled without the involvement of a lawyer. For example, if the home purchase involves a contract that binds the buyer to purchase the home for a specific price for a specified period of time, unless modified, it will need the services of a lawyer. Contracts for personal property are subject to change without prior notice and a lawyer must be aware of changes that could affect the sale. Contracts for business transfers are even more complicated and if there is a binding contract that the lawyer develops an analysis to be used to determine what would happen if the contract is modified. A similar analysis is necessary when it comes to deeds of trust and land contracts. Unless the lawyer is involved in all aspects of the transfer, he or she must make sure that the necessary paperwork has been completed and that the deal is legally binding.
Because buying can be an expensive venture, you want to make sure that you have as many options available to you as possible when you buy your home. This can mean hiring an attorney to mediate the discussions between the buyers and sellers so that both sides get what they want. A real estate agent will negotiate the best deal for the seller, but without an attorney to protect the buyer’s rights, the negotiations could result in a purchase that does not go through. If an offer is made, the buyer may be required to hire a real estate attorney to help with some of the paper work involved in the purchase, such as obtaining title insurance.
There are certain legal issues for which a real estate attorney can help you. However, before you decide that it is worth the expense to hire one, take the time to consider the benefits, and weigh the costs versus the benefit. In some cases, the attorney may be unnecessary, and in others, they can make the difference between a successful real estate transaction and one that fail. No matter what the case, make sure you consult with a professional attorney well before you sign any documents relating to your real estate transaction.