Thursday, 15 August 2019

What Does a Real Estate Attorney Do?

What Does a Real Estate Attorney Do?

Today's article is about the real estate attorney and what exactly do they do, so the first things to point out is that some state will have real estate attorneys, some state will have title companies, so you will need to find out which one you are in and in this particular article. I am going to be talking about a real estate attorney.


Their main work in a real estate transaction falls into Three categories. 


1. The Contract or The PNS (Purchase and Sale Agreement)

The real estate attorney will be going through drafting the contract, negotiating the contract with other attorney and then reviewing the contract with you as their client, so that you will be aware of all the terms there, they've covered all their bases and that you have a contract that you, their client are satisfied with.


2. Title

When we talk about the title, we're looking back in time to who else has owned this property and to make sure that all the documentation was there from the first owner and to the current owner and that there wasn't any fraud transfer or missing information along that chain of title

The attorney is going to be doing the research on the title to make sure that everything is there if there's an issue or something that they call a cloud on title, it's that attorney job to go ahead and clear the title error or clear the cloud on title

The attorney will also draft the deed to be recorded that will convey the property from one person to another.


3. Closing

The closing attorney will be drafting the HUD which is the final accounting of all every single penny in a real estate transaction, it's like a big Excel spreadsheet over 2 or 3 or 4 pages that the attorney will draft up and make sure that all the pennies are accounted for and where they go and secondly, they will prepare all the documentation for closing

Every state will have different kinds of documentation required by that state and that attorney will prepare all the docks for everybody to be signing at closing.

Lastly, once the closing is done, they will make sure that all the docks that are required go on record,

Bonus


Check the Fees

Make sure to check the fees when you are talking to an attorney because most of them will do flat rate and you should always negotiate to get the best rate that you can, avoid paying by the hour even if it seems like it's low because that will add up fast. Get an attorney that does it flat rate for you.



Conclusion

Those are the 3 areas of expertise that a real estate attorney will bring to the table and what they will be doing throughout the transaction. In order to find one, the best way is going to be by referral, you can get it from somebody who has recently done a real estate transaction or probably best from your real estate agent, 

Your local realtor who will be able to recommend an attorney for you because they've worked with them flawlessly and seamlessly in the past and they should have resounding recommendations for you concerning the attorney that they are supporting.

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