Buying and selling property comes with a laundry list of expenses — home inspections, appraisals, insurance, property taxes, real estate agent commissions, lawyer costs, and more.
These add up fast.
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Nobody likes spending more than they have to, and you may be wondering if hiring a real estate attorney is really necessary. After all, people buy and sell property every day — how hard can it be?
Turns out, it depends. There are situations where they are worth their weight in gold, and other times you can likely do without. Here’s how to decide if a real estate lawyer is right for you.
What does a real estate attorney do?
A real estate attorney makes sure the legal transfer of property goes off without a hitch.
They represent you as either the buyer or the seller, looking out for your best interests. To avoid conflicts of interest, an attorney cannot represent both the buyer and seller of the same transaction.
You can hire a real estate attorney for any number of real estate-related legal matters, and their exact duties will depend on whether you’re the buyer or the seller. They can answer your legal questions, protect your rights during the transaction, draft documents and contracts, solve problems that could delay the sale, and oversee the closing process.
Reasons to hire a real estate attorney
Real estate attorneys can come in handy, and they may even be mandatory. You should hire one if:
Your state requires it
In some states, drafting real estate documents and closing on a home is considered practicing law, so a real estate attorney is a necessity. Other states just require a lawyer to be present at closing.
These closing attorneys are neutral parties only responsible for overseeing the transaction.
Since laws vary by state, and sometimes even by county, it’s best to ask your agent how the process works in your jurisdiction.
You have a complicated transaction
If you’re not dealing with an easy vanilla transaction, an attorney helps ensure the deal is above-board and that you don’t get ripped off.
Examples of complicated transactions are short sales, foreclosures, properties in distress, transactions with zoning or property line issues, or any other situation where you suspect something could go wrong with the sale.