There are many branches of the law that people should know about to understand which local attorney to turn to when they have a problem. According to Statista, as many as 1.3 million lawyers were practicing in the United States in 2022, and choosing the right one is very important. A vital aspect of the legal field is real estate law. Whether you own or sell property, an attorney can assist you. Here are some five components of what they do.

1. Ownership Rights

The last thing you want to deal with is a land dispute. If such an issue comes up, you should contact a real estate lawyer immediately. This area covers the legal rights to use. It can include both residential and commercial property. A professional lawyer can help to secure your rights.

2. Financing

Whether you're buying a home for the first time or are already a pro at buying and selling, you should contact a real estate lawyer to assist you. A local attorney can speed up the relevant transactions regarding mortgages, loans, and refinancing. They ensure paperwork is signed and processed to avoid mishaps. These lawyers may be able to negotiate a better price on either end for you.

3. Tax Regulations

Property taxes are part of any property ownership. They can be complicated when you own more than one piece of property. For example, if you inherited property, you may have to deal with transfer tax. A real estate lawyer can walk you through all the details of the types of taxes associated with your property and can help reduce your liability.

4. Sales

Are you thinking of selling your property? A real estate law professional can ensure a smooth transfer. The type of compliance needed may vary depending on the state, but your attorney will be up-to-date on all regulations.

5. Tenants and Landlords

Dealing with rentals can be a difficult process. A landlord or renter may need to seek legal assistance, so real estate lawyers remain up-to-date on tenant rights and leasing agreements. They can protect a landlord’s rights from a tenant avoiding rent payments or causing destruction.

These are some of the main components of real estate law you should know about as a buyer, seller, renter, or owner. When you need a local attorney, look no further than the team at Coleman & MacDonald Law Office. In addition to real estate, we help with personal injury cases, bankruptcy, and more. Contact us any time for a consultation.