The Role of a Real Estate Attorney
How Real Estate Attorneys Assist Buyers & Sellers During a Transaction
Real estate attorneys provide essential legal counsel for home buyers, landlords, sellers, and real estate developers. A skilled real estate attorney will be well versed in local laws, have experience with things like drafting & reviewing contracts, leases, and mortgage documents to name a few. A real estate attorney can assist buyers in the purchase of a piece of land, a residential home or even a commercial building.
One of the most important services a real estate attorney can offer buyers is preparing or reviewing the contract of sale. Contracts are detailed legal documents outlining the specifics of a real estate transaction and require legal knowledge to be accurately and effectively drafted so that the client is always protected. In some states like New Jersey, standard form real estate contracts may be used, but in all instances buyers should have an attorney review and negotiate the terms on their behalf. Much of the language, contingencies and conditions that must be satisfied are often times written in a confusing and hard to understand manner; it is important to have an attorney by your side that can break down each of your questions so that you can make an informed decision and know that you are protected.
A real estate attorney will also counsel you on potential title and zoning issues that can arise in the process of a purchase. An attorney can conduct title research to ensure the legal status of a home and ensure there are no disputes between past owners. Zoning restrictions and regulations vary from county to county and an attorney can provide advice to buyers and sellers to ensure the property complies with local codes and regulations.
Finally, a real estate attorney can also ensure that all parties to the purchase meet all legal requirements, so the transaction can go through smoothly and quickly. Nearly all real estate contracts have several contingencies that must be met before a deal can close, some of which include inspections, surveys, certificates of occupancy, and mortgage commitments. By being knowledgeable about all of the legal issues, the attorney can reduce the chances of delays or last-minute surprises during the purchase.
Overall, hiring a real estate attorney is the best way for buyers to protect themselves and get the most out of the purchase of a residential home. An experienced real estate attorney will provide buyers and sellers with knowledgeable advice, assurance of meeting legal requirements, and comfort of knowing that their rights are secure.