Real estate lawyers can be a valuable service when you are in the process of buying or selling property. While you may be familiar with the need for a real estate agent during the buying process, it can be possible to neglect to appreciate the services a real estate attorney can provide.
Your Lender May Require You To Hire A Real Estate Lawyer
If you are planning to use a mortgage or other source of financing to buy your property, it may be a requirement of this credit line to be represented by a real estate lawyer during the buying process. This may seem like an unnecessary step, but this will help to protect the interests of the lender by reducing or completely eliminating the risk of a legal problem interfering with their use of the property as collateral for the loan.
A Real Estate Attorney Can Provide You With Guidance For Potential Challenges With The Property
There may be some unique challenges that will have to be addressed with the property that you are wanting to buy. One example of this type of problem can be an easement on a portion of the property. Understanding the extent of the easement will be critical for determining the types of property upgrades that can be made. This is particularly important when the easement on the property is for a road as this could prevent you from being able to install a fence around the entire perimeter of your property. A real estate attorney can help you with understanding the easements that are in place on the property as well as potentially contesting them.
The Costs Of A Real Estate Lawyer Will Likely Be Lower Than You Assume
Some people assume that any legal services will be far too expensive for them to be able to afford. However, the costs of hiring a real estate lawyer will often be far lower than what individuals may assume, and they may offer flexible payment options. This can include some attorneys that offer a fixed fee for the various services that they offer while others may charge an hourly rate. The complexity of your real estate transaction will be a major factor in determining the option that you should choose. For those that are needing to make a fairly complex real estate transaction, an hourly lawyer may be necessary due to the amount of work that they will have to do. However, those making more basic real estate purchases may only need an attorney that charges a flat rate.
For more information, contact a real estate lawyer in your area.