A real estate attorney is an essential member of a home buyer’s team. Especially in today’s low inventory real estate market, having the best legal representation helps a buyer move from accepted offer to closing.
All good agents and attorneys say the same thing – hire a lawyer who specializes in real estate law. Some agents and builders may recommend NON-LAWYERS to do your closing such as a notary signing agents(NSA). When a non lawyer conducts the closing your questions regarding the paperwork CANNOT be answered nor can anyone give you legal advice in case of a problem.
You have a right to an attorney at closing, do not let builders or agents convinces you of taking a short cut in the home buying process. You are not required to accept anyone’s recommendations.
Most good Realtors and loan companies have attorneys they recommend. I always ask my buyers if they have an attorney, especially if they are not first time buyers, if they don’t I always refer several attorneys to the buyers.
When you hire a real estate attorney it is best to hire someone who is familiar with the local ordinance. An attorney can confirm the true owner of the home and can also check to see if their are liens on the property. Real Estate attorney’s also confirm that your home is transferred into your name properly.
It is a good idea to hire a full-time practicing attorney with staff on hand in case they attorney is busy. As the market continues to heat up and more closings are preformed attorneys are becoming busy. To ensure that you can buy or sell your home in a reasonable time, make sure that your attorney has paralegals and assistants on staff to make sure that your closing happens in a timely fashion. As a buyer or seller, attorneys should be able to answer your calls in a reasonable amount of time. If you have to wait weeks to get an answer then your attorney may be overwhelmed and not properly handling your home closing.
Typically, the cost of a real estate attorney is between $750-$950. Attorneys may also charge for additional services that are separate from their labor rates, including title searches and insurance. As a buy or seller, you can request that the attorney send over a written estimate for their services including any secondary services they may provide such as surveys.
If you have any questions regarding the process or need any assistance, please feel free to contact Executive Sellers Realty, for a free home buyers consultation.