Benefits of having Real estate attorney Boston MA

Most people think of hiring a lawyer when something bad is in the works. Maybe you’re getting a divorce or you face a criminal charge.

Most people don’t think about hiring a lawyer when something good is about to happen. For example, say you’re one of the 84% of Americans who aspire to own a home. If you’re on the cusp of making that dream come true, hiring a real estate attorney probably isn’t top of mind.

Yet, there are many benefits to bringing in real estate attorneys early in your property buying journey. Keep reading for seven of the biggest advantages. The vast majority of people don’t spend much time negotiating. Maybe you negotiated the price of your last car or negotiated for a better salary, but that’s the extent of most people’s negotiation experience.

Real estate attorneys spent a lot of time negotiating. That means they’re far better positioned to get you a deal that is at least equitable, if not in your favor. Working with real estate attorneys – Most people think of hiring a lawyer when something bad is in the works. Maybe you’re getting a divorce or you face a criminal charge.

Most people don’t think about hiring a lawyer when something good is about to happen. For example, say you’re one of the 84% of Americans who aspire to own a home. If you’re on the cusp of making that dream come true, hiring a real estate attorney probably isn’t top of mind. Yet, there are many benefits to bringing in real estate attorneys early in your property buying journey. Keep reading for seven of the biggest advantages.

Negotiation – The vast majority of people don’t spend much time negotiating. Maybe you negotiated the price of your last car or negotiated for a better salary, but that’s the extent of most people’s negotiation experience. Real estate attorneys spent a lot of time negotiating. That means they’re far better positioned to get you a deal that is at least equitable, if not in your favor.

Drafting and Reviewing Contracts – There is a lot of paperwork involved in any real estate purchase or sale. A few of the common documents include:

  1. Sales contracts
  2. Appraisals
  3. HOA documents
  4. Disclosures
  5. Home inspection Reports
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While your mortgage lender or real estate agent can prove helpful in setting the terms of the deal, they aren’t experts in real estate law or contract law. Most of them will suggest a basic, pre-written contract with a few deal-specific fill-in-the-blank spots.

A real estate lawyer can draft a deal-specific contract that covers all aspects of the sale. Just as importantly, they can do it without including boilerplate clauses that may not benefit anyone.

Real estate purchases between individuals aren’t a simple affair but generally follow a predictable pattern. Real estate sales that involve a corporation, trust, or other large legal entity often prove dramatically more complex. That means the contract will prove much more complex.

You want a real estate lawyer who can interpret or draft a contract that deals with those legal stumbling blocks. That protects everyone involved and helps ensure that the purchase goes through.

Some countries have specific laws that mandate the presence of an attorney at specific points in the purchase process, to help the buyers to understand the legalities and avoid future litigation. There is a clear mandate against conflict of interest and the real estate attorney can only represent the buyer or the seller.

Buying a home is probably the biggest investment you’ll ever make. In addition to hiring a real estate agent to help negotiate the transaction, you might consider a real estate lawyer to guide you through the legal process. Real estate attorneys specialize in matters related to property, from transactions to handling disputes between parties.

A real estate attorney prepares or reviews all of the documents that are signed at the closing of a real estate purchase.The attorney is then present at the closing to represent the buyer’s (or the seller’s) interests. Real estate law is a matter for state and local jurisdictions.

As noted, some states require a real estate attorney to supervise real estate transactions and be present at closing. These “attorney closing states” are Connecticut, Delaware, Georgia, Massachusetts, North Carolina, Rhode Island, South Carolina, and West Virginia. Other states are considered “attorney title opinion states,” meaning a lawyer is required to certify title.

These states are: Alabama, Louisiana, Mississippi, North Dakota, Oklahoma, South Dakota, and Wyoming. Four states – Illinois, New Jersey, New York, and Ohio—do not require real estate lawyers, however they are typically involved in transactions according to local custom and practice.

If you don’t live in one of these states, it’s up to you whether you want to hire an attorney. It may depend on your confidence in your own knowledge of the ins and outs of real estate law. Hiring one is certainly worth considering if you’re trying to navigate a particularly murky or complex situation like a foreclosure or a short sale.

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Comments

  • Shammy Peterson says:

    It was nice that you said that a real estate attorney could help you negotiate since they can get the best deal possible. This is something that I will share with my parents because they are planning to find a house to purchase before the month ends. This is their first time buying a luxury house, so they want everything to be done legally without breaking their bank.

  • Anna Collins says:

    Because of my job relocation, I’m planning to sell the house I’m currently residing in as soon as possible. It certainly helped when you mentioned that a real estate attorney can help you review the necessary documents needed for the transaction of the home purchase and will serve as the representative of the seller’s interests during the closing. I’ll keep this in mind while I look for residential real estate closing services that can help me with my home selling.

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