What do real estate lawyers do?
Lawyers play a major role in the field of real estate. They are involved in issues related to land and property, such as land ownership and management, construction, remodeling, and sometimes they work with tenants, too. As an agent representing a client in real estate transactions, the lawyer ensures that all legalities are met and all documentation is properly executed and managed. The major part of the attorney’s job is to protect the interests of his/her client. Lawyers also deal with foreclosure proceedings and negotiating contracts in cases such as rental properties, commercial real estate properties, and the sale and purchase of residential properties.
The role of real estate lawyers in this industry has been prevalent since the beginning of the field. Historically, real estate lawyers played a vital role in the evolution of the real estate market. They were instrumental in the formulation of the law and implemented it to safeguard the interest of their clients. Today, the importance of real estate lawyers in the industry has diminished to a great extent.
It is not uncommon for real estate agents to have conflicts of interest while representing their clients. Real estate lawyers play an important role in such conflicts by intervening between the client and the seller or the lender. They ensure that the interest of the client is safeguarded and maintained in every respect. For instance, they might suggest a particular deal between two properties and prevent a transaction that would have the client losing an important piece of property. Also, they can conduct negotiations with the lender and fix a repayment plan with affordable installments.
In many developing countries, there is a dearth of qualified real estate lawyers who specialize in real estate matters. Most of these lawyers hold only a master’s degree in real estate and thus find it difficult to get an appointment with any court. They also have to travel a lot from one place to another to give their services in different parts of the country.
The role of real estate lawyers is therefore not as easy as it may sound. However, they play a very important role in the construction of commercial real estate projects. Without their expertise, these projects would not get built. They would be unable to handle the complex financial matters at stake and thus, the project could either get delayed or cancelled altogether.
The role of real estate lawyers in this context is thus vital. One has to remember though that there are many fly by night operators who are only interested in making money quickly. There are even some who have no intention of conducting successful negotiations. Such brokers should be avoided.
Before getting into deals with any company, it is advisable to check their credentials. This can be done by searching the internet and finding out whether or not they are members of trade organizations. Trade organizations are governed by the local and national laws. Only accredited and recognized attorneys can be admitted to them. Once they are admitted, these lawyers will then be allowed to participate actively in the discussions. The role of real estate lawyers therefore becomes very important here.
It would also be advisable to hire only licensed real estate agents. The agents should therefore pass an ethical code before becoming agents. Only then will you be able to get the best possible deal from your real estate agent.
On the other hand, if you make a deal on your own, it is advisable to seek help from experienced real estate lawyers. The need for such lawyers arises when a party wants to save money by bypassing the process of legal negotiations. For instance, you want to buy a house but do not have the required money. You then go ahead to search for a suitable real estate lawyer who can help you out. However, you must make sure that he is well versed in real estate law and has sufficient experience so that he can guide you properly.
It is also advisable to find out whether or not such lawyers work on a contingency fee basis or not. If they work on a contingency fee basis, then they will get a certain percentage of the final amount without actually having to fight a case. Such lawyers can also help you save money as they get to take care of all the legalities. However, the final decision must be made based on the fees charged.
If you are willing to save some money, then it would be beneficial for you to get real estate lawyers who work on a retainer basis. This means that they charge a specific amount from their clients and that their final fees will never exceed this. This way, their services are fully paid for in case there are no disputes. Another advantage is that they have a team of assistants who assist them in their work. They include research assistants, contract lawyers, property appraisers and inspectors. You should therefore consider getting real estate lawyers with a retainer as their fees are lower than those of other lawyers.