Almost 5.6 million existing homes were bought/sold in the US in 2017 alone. Add to that number roughly 615,000 new properties bought/sold, and it becomes clear that for many, being a homeowner is still very much a part of people's idea of the quintessential American dream.
Home buying, however, can be an arduous process.
Inspections. Contracts. Deadlines.
All of that and more can make it so both seasoned and first-time real estate buyers/sellers feel like they're in over their head.
This is where areal estate lawyer services can be extremely helpful. When working with a real estate attorney, the most complicated aspects of properties changing hands will get handled by legal professionals.
To better answer the question of what does a real estate lawyer do, below are some benefits they can bring to you.
1) Professional Legal Document Drafting
There are a lot of documents that surround real estate whether you're buying, selling, or even renting. Ensuring that your documents are legally binding can mean the difference between a smooth transaction and a lifetime worth of regret.
Real estate lawyer services include high-quality drafted documents aimed at protecting you. A good attorney can prepare deeds, lease and rental agreements, financing agreements, purchase contracts, and more.
Many feel that their real estate agent suffices during the buying/selling process of a home when it comes to contractual matters.
The issue here is that your real estate agent is not a trained legal professional. Everything they offer you to sign is boilerplate and prepared by a third party lawyer responsible for drafting generic contacts that pay no mind to your specific situation.
Only your personal real estate lawyer can draft unique papers on your behalf and revise documents in a fashion that is legally binding.
2) Review of Real Estate Transactions
If you're handling most of the dealings of a real estate transaction on your own, you'll at least want an attorney to review all of the details of your transaction prior to putting your signature on a paper.
Real estate attorneys get trained to identify issues you may not see on your own. They can spot title issues, problems with inspections, environmental problems, and reports that seem off.
Doing your diligence by having a lawyer review your property deal is an integral part of the estate exchange process. It ensures you're getting exactly what you expect from a deal.
One of the most daunting aspects of real estate sales is negotiating. For many, this isn't something that comes easily.
Whether it concerns the price, conditions, or terms surrounding a purchase, negotiating will make sure you're getting all of the value you can from a deal. Given that real estate lawyers are specially trained when it comes to property transactions, they can look for opportunities to increase the value of your offer.
They can also identify where you're getting taken advantage of, and fight to make those instances more favorable.
4) Representation during Closing
Many people employ real estate attorneys to represent them during closing.
The closing of a real estate transaction is where all of the final, most important documents are presented to both buying and selling parties and are signed.
It's important to have a qualified legal professional with you during this process to make sure all of the informal components of your deal are represented in final documents. Remember, agents have a vested interest in your closing a deal, so trusting them to be diligent during closing on your behalf may create a conflict of interest.
With a qualified attorney can you be sure that your interests will be adequately upheld during the final stages of the buying/selling process.
Note that in some states, including South Carolina, you may need to have an attorney present during closing proceedings.
5) Litigation for Deals Gone Wrong
If certain aspects of your real estate deal are not upheld by the opposing party, you may find yourself in a position where you need to take legal action. While this is never a situation someone wants to face, when it becomes necessary, you'll be glad you have a relationship with an attorney.
A good attorney may even be able to negotiate with opposition to try and keep cases that seem to be headed towards court out of the courtroom.
6) Assistance with Foreclosure
During hard times, many homeowners end up in foreclosure. This can represent a high-stress situation for both those residing in the home getting foreclosed on and lenders.
With a real estate lawyer, no matter which side of foreclosure you're on, the process will go more smoothly.
If you're the lender, lawyers can guide you through how to initiate foreclosure. They can also file any relevant lawsuits on your behalf.
As a borrower, an attorney can ensure that you are aware of your rights under foreclosure law. They can even help you avoid foreclosure by negotiating a settlement with lenders.
Get More Information about What Does a Real Estate Lawyer Do
A real estate lawyer can be valuable to both buyers and sellers during the process of properties switching hands. They can assess all paperwork surrounding a property's sale, draft custom contracts, and represent you at closing.
Bottom line, if you're acquiring or selling a property, make sure you're represented. Hire a qualified real estate attorney today.
Are you looking for the best legal team in the Greenville, South Carolina area to represent your real estate interests?
If so, look no further than DeBruin Law Firm. We specialize in providing our clients with a wide variety of services related to real estate and beyond.
Let us take our years of expertise and help you get the best deal on your home possible.
Contact our team of legal professionals to learn more about what does a real estate lawyer do, or to get your consultation today!