What Do Real Estate Lawyers Do?
A real estate lawyer is someone who has the knowledge and authorization to practice real estate law.
They offer legal advice and help people involved in real estate transactions, that is, the buying and selling of landed properties. The real estate lawyer also serves as the legal representative of their client.
You can't walk into real estate on your own; you need someone with adequate knowledge of the system. There are numerous benefits of hiring a real estate lawyer to help you acquire or sell your property.
Here are some things a real estate lawyer can do for you.
Deal with transactions.
A real estate lawyer is familiar with all the rules and regulations of conducting a real estate transaction. Your real estate lawyer will help you understand the contracts, documents, and other legalities involved in obtaining a landed property.
A real estate lawyer also interprets and reviews purchase documents and makes necessary adjustments.
Arrange for title insurance.
Title insurance is an issuance plan that protects the buyer from any financial losses caused by a bad title.
For instance, if there was an issue with the property with the previous owner, title insurance will save you from any incurred or outstanding cost.
A real estate lawyer can draw up the papers and arrange for title insurance on the property you just purchased. Title insurance covers damages or issues that might have happened before you purchased the property.
Plays the role of a guardian.
Before purchasing any property, your real estate lawyer will review all legal documents, including the title documents, reports, environmental documents, legal documents, contracts, and necessary documents.
The goal is to go through each document and identify issues that you won’t identify, to help you work towards rectifying them. This saves you from walking into legal traps or signing a bad contract. This process of reviewing the transaction is termed ‘due diligence.’
Takes care of foreclosure proceedings.
Handling foreclosure can be tricky, and a seasoned real estate lawyer can handle different aspects of a foreclosure.
Real estate lawyers help the lender through the process of pursuing a foreclosure including filing a lawsuit and other legal approaches.
They also help the borrower by capitalizing on errors in the process of foreclosure by the lender, hence making the process difficult for the lender.
Prepares title documents.
The title refers to the rights and privileges that a property owner obtains when a new property is purchased.
It also refers to the formal handover documents given to the buyer by the seller that acknowledges the sale of the property.
The title highlights various aspects, including the rights to easy access to the property, exclusive ownership, partitioning, and use of the property, among many others. Simply put, the title is the proof of ownership of a property.
Need professional assistance with buying and selling a property or other real estate transactions? Talk to us at McNickle and Bonner today!