What is a Real Estate Lawyer?
All licensed professional lawyers will have gone through the required schooling to obtain a bachelors and Juris Doctor degree from an accredited institution. They will all also have passed the bar exam making them officially attorneys at law. However, some lawyers will prefer to undergo additional training and licensing in a specialized subject such as finance law, immigration law or real estate law.
A real estate lawyer is an attorney who has, through additional education and training, a more extensive and specialized base of knowledge on all legal and financial matters pertaining to real estate and real estate transactions. Utilizing the services of a real estate lawyer can help facilitate and smooth the process of buying or selling property, as well as assist in legal matters relating to property.
While a real estate lawyer may not be absolutely necessary in all home buying scenarios, many title insurance or mortgage lending companies will require their clients to hire a lawyer in order to ensure that there are no unforeseen complications with the title and that there are no liens on the property. The fee that a real estate attorney will charge can vary depending on your particular needs as a client as well as the attorney's experience and success level. On average, however, a client should expect to pay between $500 and $1500 for their service.
A real estate attorney has no set list of responsibilities written in stone. The application of their services depends on the specific needs of the particular client. In general, some common issues that a real estate lawyer will be asked to assist in can include:
- Helping to comprehend and decipher the details of a home purchasing contract including exchange of title.
- Research for any liens, easements or covenants against a prospective property for purchase.
- Prepare all related legal documents in preparation for the purchase of a home.
- Work with the mortgage lending company or bank to clarify and/or modify the mortgage terms.
- Review all official signing papers during the closing.
- Make arrangements for insurance protection.
- Prepare the seller's deed and power of attorney.
- Make arrangements for the financial exchange of security deposits.