What Help Can a Real Estate Attorney Provide?
Real estate contracts are legally binding, and often, complex documents. Whether you are selling by owner, with an agent, or are preparing to sign a contract to purchase, hiring a lawyer can prevent disputes or surprises later on.
What will an Attorney Charge?
- The typical fee for reviewing a real estate contract is $250.00 for an average residential sale.
- Attorney’s can also perform a title search, procure title insurance and close the sale, for as little as $500, or as much as $1500, if the sale is more complicated.
What Legal Services Should Be Included?
- An attorney will review the contact and terms to ensure that they are clear, legal and enforceable.
- They will explain all technical terms and may suggest improvements, if necessary.
- An attorney will look for clauses that are problematic and will make suggestions to correct the situation, before a problem occurs.
- A lawyer will outline the rights and responsiblities of all parties to the contract.
- They will explain who pays for what, and what will happen if something goes wrong.
- In most states, your attorney can hold escrow monies and disburse funds at closing.
Tip: Whether buying or selling, you should have a lawyer review any legally binding documents BEFORE you sign them. If you find yourself in a situation where you must sign a contract before you consult an attorney, write the following phrase into the special provision section. Have all parties initial the change, then, see a lawyer as soon as possible.
“Contract is subject to approval by buyer’s/seller’s attorney.”
In conclusion, a lawyer can be an invaluable asset when buying or selling a home. Their expertise can go a long way to ensure a legal, smooth sales transaction.
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Tags: attorney, buy a home, legal advice, Real Estate, sell a home