Real estate lawyers
The most expensive investment you will ever have to make is purchasing a home. In doing so, you will want to consider hiring a real estate agent and a real estate lawyer to guide you with the best course of action during the negotiation process as well as the legal process.
Real estate lawyers are specialized in handling legal property matters ranging from sale transactions to disputes between parties.
Unless mandated by the state, you may or may not have a real estate lawyer during the closing. Failing to meet with a real estate attorney could leave you susceptible to various pitfalls and lawsuits and it is helpful that you have one with you during the process.
The paperwork will be ready on your behalf in advance of the closing which will be done by your lawyer. This is to advise you of problems or omissions with regard to the documentation. At closing, your best interests will be presented by your lawyer.
Some lawyers will charge for a flat fee for their services while others will charge by the hour—ranging from $150-$350 per hour and from $500-$1,500 for a flat fee. This should be discussed upfront by your lawyer.
As real estate law is a matter for the state and local jurisdictions, a real estate lawyer will:
- prepare or review all documents signed at the closing; and
- be present during the closing to represent your best interests.
In the UK
The legal process for buying a home works slightly differently in the UK. Lawyers are referred to as property conveyancing solicitors.
Real estate law
Real estate law deals with the purchase and sale of a property. Like all other laws, it may vary from place to place. A variation of this law is dependent on every state—and it’s important to know this law especially during property-related transactions such as:
- buying and selling of property;
- leasing office space; and
- constructing permanent high-rise buildings.
Trust that real estate laws explain inclusive rules and regulations of these functions regarding your real estate property.
A property deed is a written and signed legal instrument that is used to transfer ownership of real estate property from an old owner (the seller) to the new owner (the buyer). An essential property deed’s elements are:
- It must be a legally written statement.
- The grantor (seller) should be capable of transferring the property.
- The grantee (buyer) should be capable of receiving the property.
- The grantor and the grantee must be both identified ascertainable.
- The property must be described in an effective manner.
- Operative words of conveyance must be present.
- The deed must be signed by the grantor.
- The deed must be delivered to the grantee.
- The deed must be accepted by the grantee.