Real estate transactions may seem straightforward, but involved parties may face complex issues along the road. Hiring a reputable real estate lawyer is crucial, whether you’re selling or buying a home, relocating to a new place, or investing in a commercial property. Below is a list of questions to ask a real estate attorney.
What Experience Do You Have?
Working with a reputable trial lawyer will not yield the required outcomes in the real estate business. Most lawyers often specialize in one or two areas of the law. If your lawyer handles divorce mediation, they may not know real estate law. A reputable attorney who doesn’t deal with real estate may lack the passion for assisting you. Seek help from an experienced real estate lawyer to assist you with issues with your title, contract, and loan underwriting.
Request the number of years the real estate firm has been practicing real estate law. You’ll want a legal professional with solid experience working on multiple real estate cases and one who stays up to date with local and state real estate laws. Consider it a red flag if the firm fails to provide the information or acts offended when you request the details. Reputable real estate lawyers will answer your questions promptly, which makes clients comfortable from the word go.
What Puts You Ahead in the Competition?
After settling for a lawyer specializing in real estate law, it’s crucial to establish whether the legal professional fits your primary goals. It would help if you asked this question when you have an abundance of options and aren’t sure about an ideal way to move forward. Asking this question allows you to establish whether the real estate attorney is well-versed in the specifics of the business.
Assess whether a potential real estate attorney has a background in property management or any other added advantage that makes them stand out from the competition. Assessing this helps you gain a sense of understanding and trust in what you might expect going forward. Ask all the hard questions you may have, as real estate lawyers play an essential role in the success of an investment.
Have You Dealt With Real Estate Investors in the Past?
Real estate investment deals are different from traditional purchases. Between foreclosures and short sales, most investment deals are challenging to deal with and are time-consuming. You need to hire a real estate lawyer who knows how real estate investors work. Hiring a seasoned real estate attorney allows you to hit the ground running as you’ll know what to expect, which makes the process go on smoothly.
It’s crucial to note that the specialty of a real estate attorney is more important than the number of years the legal professional has practiced. Aside from identifying whether they’ve worked with investors in the past, you should also assess the percentage of real estate cases the real estate firm deals with. The approach is crucial as it helps you secure a real estate lawyer with experience and understanding of what you need.
What Are Your Fees?
To most novice investors, this is the most crucial question. In most cases, the real estate lawyer’s fees will fall within 10% of other legal professionals in the business. Hire a lawyer who is knowledgeable about real estate transactions and is there when you need help. Working with a reputable real estate attorney means you’re paying money upfront to cushion yourself from future financial and legal issues. Assess whether the real estate attorney works on a time-based or fixed-rate fee. Additionally, specify the nature of services in the contract, make a note of the services your business warrants, and hire a real estate lawyer accordingly.
A reputable real estate attorney facilitates a smooth transaction anytime you purchase or sell a property, aside from offering legal protection. Remember the questions to ask the legal professionals and keep searching until you secure a reliable lawyer.