LEGAL GUIDE
Written by attorney Nicholas M. Carrescia | Apr 14, 2020
By Nicholas M. Carrescia
Apr 14, 2020
5 Reasons Why It Is Important to Have A Real Estate Attorney
Buying or selling a home may be the most important financial decision of a lifetime. What seems like a simple process, can quickly become a costly nightmare. A real estate attorney will save your time, ensure a fair deal, lower chances of the deal failing or post-closing litigation, and save money
Save Time
There is a lot of work that goes into buying or selling a home. Documents need to be gathered, signed, and transferred to respective parties. Phone calls need to be made and emails need to get sent. All of this takes a substantial amount of time. The real estate attorney, however, will be able to simplify and manage that time consuming process. The real estate attorney will know what will be needed and how to get everything together to complete the transaction. The real estate attorney will handle the communications and interactions between all parties involved, such as opposing counsel, HOA companies, local municipalities, and title companies. The attorney can also provide for a way to sign documents ahead of the closing, in the event that you cannot or do not have the time to attend the closing, as the ultimate time saving tool.Ensure A Fair Deal
An attorney is obligated to look out for your best interests as soon as they are retained, as opposed to some brokers, lenders, or real estate agents. If the deal is not in your bests interests, the attorney will inform you to either walk away, or can modify the contract to ensure your interests are protected, in any event. The typical real estate contract is a state form contract where not all sections are drafted to accurately protect your bests interests - some sections are inapplicable, necessary language is left out, or it gives impossible deadlines. The attorney is going to make sure that you understand what the contract says, and that your interests are protected if problems occur during negotiations, between contract drafting and closing, and post-closing.Decrease Chances Of Deal Falling Through
Many real estate transactions fall through due to missed deadlines, such as submitting paperwork on time that shows a mortgage is being applied. The real estate attorney is going to make sure deadlines are met, negotiating extensions when necessary. Unforeseen circumstances can arise, such as problems found upon inspection of the property, but the real estate attorney will work to craft a mutually acceptable solution for all parties that may otherwise delay or even cancel the transaction. The real estate attorney is going to increase the chances for a successful transaction.Decrease Chances Of Post-Closing Litigation
Even after the transaction has closed, the possibility for disputes can still arise and end up leading to costly litigation to resolve the issues. Confusion due to vague or unclear sections of the contract, issues with clear title, agreed repairs not being completed, or the discovery of a known, but not disclosed issue can turn into costly litigation. The real estate attorney will decrease the chances of post-closing litigation by carefully drafting or modifying the contract so there are no ambiguities or properly memorializing agreed repairs. If problems with the title appear, the real estate will work with the title company to clear any defects before taking clean title.Save Money
Time is money, as everyone knows, and a real estate attorney can save you a lot of time throughout the entire transaction. In addition to the time saved, a real estate attorney can save you money in other ways as well. A carefully drafted contract will protect your interests, such as allowing you to back out from a bad transaction with your earnest money intact. A real estate attorney can also negotiate items of value into a transaction, such as a home warranty to protect various property. The real estate attorney can even negotiate credits that will be applied during the closing process, saving you even more money. Typically, the cost of the attorney will be offset by the amount of money saved or value added to the transaction through skillful negotiations.
Rate this guide
About the author
Related guides
- 5 Reasons to Hire an Attorney For Your Real Estate PurchaseCody Malloy McCaughan, attorney
- Why Every Real Estate Agent Needs a Real Estate AttorneyNima Ajabshir, attorney
- 5 COMMON MISTAKES ON REAL ESTATE CONTRACTSMark Louis Stevenson, attorney
- How Easements Legally Affect Your Real Estate InvestmentNima Ajabshir, attorney
- A Landlord's Guide for Investing in NYC Real Estate. Kiritsis & Associates - Real Estate AttorneysJohn Kiritsis, attorney
Related questions
- Do I need a Real Estate Attny -El Centro, CA | 3 attorney answers
- Can an attorney act as a broker for a licensed real estate salesperson?Truro, MA | 1 attorney answer
- Is there a 3 day Grace period after you have signed a real estate contract to sell with a real estate.agent?Nuevo, CA | 3 attorney answers
- Hire power of attorney to sign real estate documents in my name?Gainesville, MO | 2 attorney answers
- For FSBO, what are the next steps in a transaction where the buyer doesn't have an agent either?Woodbridge, NJ | 3 attorney answers
Recommended articles about Real estate
- 5 Reasons Why It Is Important to Have A Real Estate AttorneyNicholas M. Carrescia, attorney
- How Should Real Estate Developers, Investors, & Agents Respond to Coronavirus.Craig Thrift, attorney
- Breach Of Real Estate Contract AttorneysRoy David Oppenheim, attorney
- Appraisal Contingencies - What Home Buyers Should KnowJohn Mark Frazier Jr., attorney
Can’t find what you’re looking for?
Post a free question on our public forum.
Ask a Question- or -
Search for lawyers by reviews and ratings.
Find a Lawyer