Real Estate and Oh The Laws
Wondering what are some laws regarding real estate? Also referred to as property law, real estate law is the aspect of law that deals with the buying, using and selling of land. The law governs how clients buy properties and what they can use the property for. It is called real estate law because it deals with real properties such as lands and buildings, as opposed to personal properties. This law has several aspects including titles, deeds, zoning, purchase financing, taxes and estate planning.
Laws Regarding Real Estate
The concept of this law includes various legal disciplines. First, real estate may be commercial or residential. It can be acquired and owned by a single person but used by another through rental agreements. Land can be bought and sold to individuals or to professional companies. Because of its high value, there are several laws to ensure the transactions are done properly and keenly recorded. Additionally, Stephen at Why Buy Houses says that through buying homes and real estate planning, land can be passed between different members of a family or owned by more than one person. Lastly, local and state governments have rules governing what lands may be used for.
Real Estate and State Law
Law practitioners who practice real estate law must be familiar with the state law that is applicable to their case. Such laws primarily apply to real estate. Although laws such as the Interstate Land Sales Full Disclosure Act is a federal law that applies to real estate universally, most laws regarding real estate comes from state laws. Such laws can vary from state to state; attorneys must therefore know how to identify the law specific to their case.
What is a Deed?
This is a document that gives an individual legal right to a property. Almost all states have laws governing the creation, execution and recording of a deed. A deed must be carefully drafted with a concise explanation of the property and the type of ownership involved in the property. In some cases, a deed comes with a promise that the person acquiring the property has a valid title. Such a deed is known as warranty deed. Other times, the owner is only interested in releasing any interest that a deed might contain. Such deed is called a quitclaim deed. It is important to pick the right deed for any property you acquire. As a real estate attorney, you must know how to advise clients on the right transaction to consider.
Real Estate Taxes
All real estate owners are subject to pay tax. The amount of tax levied by the government can be legally issued to the real estate owner. A real estate attorney can help clients on tax exemption through tax appeal boards and other legal proceedings. Tax on real estate can vary as well, depending on when you purchase and how long until you purchase. If you’re planning on buying a house in a year, reach out to a someone who knows what the tax situation will be then.
Leasing and Tenancy
Not every occupant of a property owns that property. Leasing and tenancy are important in real estate law. The terms of a lease are important to both the owner of the property and the tenant, whether the tenant is commercial or residential. Real estate lawyers assist clients draft and negotiate lease agreements.
The Bottom Line
Above are some laws regarding real estate. Keep in mind that this article gives only an overview of real estate. Real estate has a plethora of definitions and processes that agents are legally required to know and understand.
5 Common Situations When You’d Need a Real Estate Attorney
Sales of existing homes in the US have been trending upwards since 2008 when they hit a low of 4.12 million. In 2018 there were 5.34 existing home sales. That means more work for real estate attorneys.
What exactly does a real estate attorney do? Read on to learn when you would actually need to enlist their services?
A Common Misconception About a Real Estate Attorney
If you think you only need a lawyer if something goes wrong, think again. It’s a misconception that you only engage a lawyer to get you out of trouble.
A real estate attorney is not only for when things go wrong. They help you ensure that you don’t get into trouble before it happens.
Sometimes, navigating through the complex legal world that surrounds real estate needs professional knowledge and skills. It may not be a legal requirement to use an attorney but it’s often wise to engage one anyway. They can help you to avoid pitfalls and future difficulties.
1. Buying Your Home
Before you start the process of buying real estate, engage a real estate attorney. Whether the real estate is for investment purposes or for your home, engaging an attorney means they can help you with the purchase decision. A fundamental issue they can help resolve is to identify that the seller has the right to sell the property.
Some of the terminologies in real estate documents are obscure and complex. A real estate lawyer is trained to understand these documents and advise you if there are implications that you should be concerned about. They can explain legal terms in everyday language and warn you about risks.
2. Selling Your Home
If you are selling your home a real estate attorney can help by protecting your interests. There may be tax implications, fees or other costs that a real estate lawyer can help minimize.
If you are selling real estate you will want to ensure that once you have sold it the matter is over. You will want no further liability in connection with the property. A lawyer providing this service can help minimize the likelihood of lawsuits against you after the sale.
3. Buying or Selling Investment Property
You may be experienced at buying and selling investment real estate but an attorney can still be helpful. A real estate attorney can help check the technicalities of deeds and titles. They can also interpret and evaluate the terms of contracts.
Because they are engaged to act on your behalf they look after your best long-term interests.
4. Managing Real Estate Risk
When you buy an insurance policy you pay the money in the hope that you don’t need to make a claim. If you don’t make a claim against the policy you have at least had the peace of mind that if something had gone wrong you would have had some protection.
A real estate lawyer helps you manage the risk of something going wrong. For a modest fee, you can rest easy and have confidence that you have reduced the risk of something going wrong with your real estate transactions.
5. Difficult Partner
If you are selling a property because of a relationship breakdown, you may find you have difficulty with a partner who is not cooperating. A real estate lawyer can help. They can ensure that everything is done legally and reduce any potential for future disputes.
Take Advice
Whenever you are selling or buying real estate talk to a real estate attorney. They will have your best interest at heart. Engage them early in the process to give them the best chance to help you.
Search our blog for more tips on all things legal.
Should You Hire a Landlord Lawyer?: How to Be Sure
Becoming a landlord can be exciting, but it also breeds opportunities for problems with tenants.
Anytime someone rents out a property, they are opening themselves up to the possibility of future issues.
How can you tell when you might need some extra legal assistance?
If you want to know whether you need a landlord lawyer, keep reading to see what options may be best for you.
When Would You Need a Lawyer?
The reality is that being a landlord is difficult work, and some tenants may give you trouble from time to time.
If this happens, do you know what to do? How do you react if you have to evict a tenant but they won’t leave? What do you do if a tenant causes damage to your property?
Most people want to have a lawyer on their side because they have more experience and know the specific laws that apply to various situations.
As a landlord, it is wise to hire a lawyer before you start renting to tenants to make sure you know how to draft your leases and avoid lawsuits in the future. Lawyers give you the information you need to be proactive, but they also help you when you need their advice after the fact.
Reasons to Hire a Landlord Lawyer
As stated earlier, landlord lawyers do a lot of work for landlords and can be a great asset. Preventing problems from happening or dealing with problems after they occur is important if you want to avoid legal trouble.
Drafting Your Leases
You need to have a clear lease agreement with any tenant. Having your agreement looked over by a lawyer is a good investment for you because it can help you protect yourself in the future.
Providing your landlord lawyer with the concerns and points that you want to have covered in the lease will help them draft the perfect lease agreement. You can always revise or revisit the lease agreement when new issues come up.
Tenant Evictions
A lot of states try to make evictions easy for the landlords, but it is common for landlords to submit the wrong form. In other instances, you may date the form wrong or have a small error that you didn’t notice.
A landlord attorney is going to assist you in making sure that you have the right paperwork and that you are filling it out exactly as necessary. It will streamline the entire process and make things go much more smoothly for you as the landlord.
If this is your first eviction or the tenant has a lawyer to fight the eviction, the help of a professional in the legal arena is unprecedented.
Are You Being Sued?
Some potential tenants or current tenants may want to sue you. If this happens, it may be for a variety of reasons.
A tenant may say that they believe you are discriminating against them. While you may be righteously following the HUD guidelines for fair housing practices, you still may get tenants that don’t feel you are doing what you should be doing.
Hiring a lawyer is a great way to help resolve the issue before a judge sees the case. You want to avoid this to make sure you don’t get bad press or a bad reputation as a landlord for future tenants.
Another reason you may be sued is if someone claims they got hurt because of your negligence. Personal injury claims are generally very personal, so you need a lawyer to be sure that you are not getting taken advantage of.
Defense of Reputation
When you have a bad reputation as a landlord, you are less likely to get tenants. This is bad for your business.
There are instances where you may get some bad press and the negative public image may need to be rectified. There are landlord advocates that want to help you when this type of situation occurs.
A landlord lawyer is going to be able to give you information about what you should say and how you should say it to make sure your words are not misconstrued. They also may be able to help you figure out how to turn your negative image around.
Appearing in Court
Eventually, you may need to be the plaintiff in a case against another person regarding your rental property. You may want to sue a contractor that didn’t do a job or sue a tenant for breach of contract.
Regardless of the situation, you need to have an experienced landlord lawyer on your side.
At least getting a little bit of coaching from a lawyer will help you know what might be coming up in the courtroom and what you need to do as a landlord. The amount of assistance you will need will vary based on the severity of the situation you are in.
Hiring a Landlord Lawyer
If you’re ready to hire a landlord attorney to help you with your properties, now is the best time to do it.
You can protect yourself from future problems or deal with problems that you are having right now. Being a landlord is not always easy, so having someone to help back you up is a very smart thing to do.
When it is time for you to get a lawyer, there are plenty of opportunities to find great professionals with experience.
Check out our website to see what type of attorney is best for your situation.
Wills, Estates, and Trusts: What to Do When a Parent Dies
In the United States, almost three million people die per year. What happens to their belongings when they die?
Depending on the situation, the estate goes into probate. Probate is a long and sometimes frustrating process for determining who gets what. But everything rests on how your parents set up their will, estate, or trust.
A parent’s passing is heartbreaking for the entire family. Regardless of how your parents set up their estate, there are some things you should do.
Read on to learn what to do when a parent dies.
Obtain a Death Certificate
You might need help with how to handle an estate. It depends on how your parents set up their finances. But the first thing you’ll need is a death certificate.
It’s often necessary to turn off gas, electricity, Internet service and more. But without a death certificate, customer service people won’t discuss any of this with you.
If your loved one dies at home, call 911. Someone needs to come and pronounce your loved one as deceased. Be sure and notify the parent’s family doctor as well.
Arrange for the Funeral
Many people have prepaid burial plans. If your parent had one, call the designated mortuary. They’ll handle everything for you.
If there was no plan, it’s tougher. Don’t do this all by yourself. Ask family and friends to help make funeral arrangements.
Notify Family, Friends, and Employer
Have family and close friends help you notify anyone you can think of that should know about the death.
If your parent was still working, call his employer. There may be a final paycheck or even life insurance or other survivor benefits due.
Speaking of life insurance…
Call the Life Insurance Company
If you know your parent had a life insurance policy, call the life insurance company. They’ll need a copy of the death certificate too.
Are you the sole beneficiary of the life insurance policy? If your parent has a surviving spouse, you might not get the entire policy payout.
Social Security
Notify the Social Security office of your loved one’s death. They’ll also need a copy of the death certificate.
Cancel any payments your parent was receiving. You don’t want to end up owing money to the Social Security Administration.
Cancel, Cancel, Cancel
The Social Security office notifies Medicare of your parent’s death. But cancel your parent’s Part D Medicare (prescription drugs). Also, cancel any extra Advantage plans.
Cancel life insurance as well and close out credit card accounts. Notify the three big credit bureaus as well.
To avoid identify theft, cancel your loved one’s voter registration and driver’s license.
Know What to Do When a Parent Dies
It’s never easy when a loved one dies. But you should know what to do when a parent dies. Get legal help if necessary.
Get a death certificate right away. Then notify family and friends and get help arranging the funeral if it wasn’t already planned.
Call the life insurance company as well as the Social Security Administration. Then cancel everything that’s no longer necessary.
Remember to take good care of yourself throughout this process. If you need help finding a good lawyer, please check our directory.
Can Your Fight Those Apartment Fees? How to Find a Great Real Estate Lawyer That Can Help
Anyone who’s ever rented an apartment has likely dealt with an annoyingly high collection of cleaning and repair fees when they moved out. These fees can be astronomical, and they often make very little sense.
Are you in this position right now? Have you been hit with some hidden apartment fees and other rental issues?
If so, you may need to hire a real estate lawyer. Here are some tips that will help you find the best lawyer to help you with your case.
How Real Estate Lawyers Can Help Renters
There are lots of ways that a real estate lawyer can help you fight the unfair fees your landlord is charging you. Here are some specific ways they can be of service:
Review Contracts
One of the greatest benefits of having a real estate lawyer on your side is the fact that they can go over contracts with you.
The contract for your apartment likely contains a lot of legal jargon and confusing phrasing. And, you probably got rushed through it so quickly when you were signing your lease that you didn’t get a good look at what it says.
Your lawyer can review your contract and look for any potential ways that your landlord might be violating it with the fees they’re charging you.
Negotiate on Your Behalf
A real estate lawyer can also negotiate with your landlord on your behalf.
They might not be able to get all the fees that you’ve been charged taken away, but they might be able to negotiate them down so they’re not such a drain on your bank account.
In many cases, if your landlord knows that you have a lawyer on your side, they’ll be willing to work with you to avoid any legal troubles.
Represent You in Court
In the event that you do have to go to court to dispute the fees from your landlord, your real estate lawyer will be able to represent you and help you make a strong case for yourself.
They will gather evidence that backs you up and argue on your behalf to help you get the fees dropped so you can move on with your life.
How to Choose a Real Estate Lawyer
If any of the services listed above seem like they’d be beneficial to you, you ought to consider hiring a real estate lawyer. Of course, in order to experience these benefits and win your case, you need to make sure you’re working with the best.
Listed below are some questions you ought to ask that will help you choose the right real estate lawyer for your needs:
How Long Have You Practiced?
This is one of the first questions you ought to ask. As a general rule, you’re better off working with a lawyer who has a lot of experience in the real estate arena.
It’s true that new lawyers often have lower fees, but their lack of experience won’t work in your favor in the event that you have to go to court.
In What Areas Do You Specialize?
It’s best if you can find a lawyer who also has a lot of experience working with rental issues like yours. A real estate lawyer who only works with homebuyers might not have the knowledge necessary to help you create a strong case for yourself.
Be sure to ask about their specialties and, if they don’t line up with your needs, ask if they can recommend someone who has more experience.
Have You Worked on Cases Like Mine Before?
Take things a step further and ask whether they’ve handled cases like yours in the past.
If they haven’t, you may want to look for a different lawyer. If they have, ask some more questions.
For example, find out how the case turned out. Was the client able to get their fees reduced or dropped? How long did it take for the case to be wrapped up?
What Do You Charge?
Of course, you have to factor money into the equation. Always ask any lawyer you’re considering upfront what their fees are and how they charge.
Do they require a retainer before they’ll start working on your case? How much is that retainer and when do they need it? Do they bill by the hour?
Once you have the answers to these questions, you’ll be able to factor in the cost of a lawyer to your budget and decide whether it’s worth it for you to hire someone to help you with your case.
How Will You Handle My Case?
If you’re interested in working with a particular lawyer and they seem to have the experience you need, ask them how they will handle your case.
What kind of approach will they take to get the issue resolved, and how long do they think it will take? What kind of obstacles do they anticipate facing along the way?
Who Will Work on My Case?
When you’re going to check out a real estate lawyer (or any lawyer, for that matter), it’s a good idea to ask them who will work on your case.
Is it them alone, or do they have paralegals or other lawyers who will also be part of the team?
If there are more people who will work on your case, ask to meet them before you make a final decision.
Go With Your Gut
Finally, remember to go with your gut.
Do you get along well with a specific lawyer? Do they seem knowledgeable and trustworthy?
At the end of the day, you have to feel good about your decision, regardless of what that lawyer looks like on paper.
Fights Those Apartment Fees Today
If you’ve been hit with some irritating apartment fees or have been dealing with other issues with your landlord, a real estate lawyer can be a big help to you. Keep these tips in mind to ensure you find the right lawyer for the job.
If you need additional help finding a real estate lawyer in your area, we can help. Check out our free directory today to learn about qualified, highly rated lawyers working near you.
Closing the Deal: How to Choose the Right Real Estate Attorney
If you’re in the market for real estate, it’s essential to have the right professionals by your side.
For a successful closing, hiring a real estate attorney is part of the key to a smooth process.
So, how do you know what to look for when choosing an attorney? Read on to discover some qualities that every good real estate attorney should have and how to choose one for your needs.
Start Your Search Early
Although it might feel like the closing day is eons away, it’s a good idea to look for a real estate attorney as soon as possible. This will give you time to do some research and ask the questions that are most important to you.
If you’ve had success with a particular attorney in the past, reach out to them for help again. If not, ask family and friends who they’ve used so you have a good point of reference.
Check online and read reviews of several attorneys in your area. You can also call your local bar association or get a listing online. Just be sure that the real estate attorney you’re interested in is available for your chosen timeframe.
When you look at reviews, make sure the attorney has happy customers and that they have a solid track record. By doing your homework early, you can weed out the attorneys you’re not interested in. Make a thorough list of those you want to pursue further, then narrow your list down from there.
Questions for a Real Estate Attorney
Since buying real estate is likely the biggest investment you’ll ever make, you need to make sure all your bases are covered. In your search, make a list of essential questions that you should ask everyone you talk to.
These questions should include:
How long have you been practicing?
Find out how long the attorney has been working in your area. For residential closings, a few years should suffice. For bigger transactions like commercial real estate or investment property, you want an attorney who’s much more experienced.
How do you handle closings?
Tell the prospective attorneys about your particular situation. Then, ask them what they would do and what their typical procedures are. Knowing how they would plan to deal with things in advance will give you confidence and peace of mind.
What about fees and billing?
Some attorneys require a retainer up front and then bill you the balance later. Ask them what their rates are, and how much they think your individual situation would cost. With so many fees involved in real estate transactions, you need a firm price so you can add the attorney to your budget.
Will there be others working with us?
Some law firms rely on other attorneys and paralegals to work on their cases behind the scenes. Ask if other people will be involved in the transaction or if you can expect to simply deal with one attorney directly.
By asking these simple questions, you’ll have a much clearer picture of what to expect. When you find out about cost and experience, it will make it much easier to narrow your choices even further.
Knowledge is Power
There are several important things that every good real estate attorney should know. Read more about that so you’ll be aware of the intricacies involved in a real estate closing.
Some attorneys work only with sellers, some only with brokers or real estate agents, and some work with anyone involved in the transaction. Decide which type of attorney is most important to you so that you’re getting the expertise you require.
Working knowledge of current real estate law is key to a successful, smooth closing. Quality real estate attorneys keep up with the latest changes so there are no surprises when you get to the closing table.
In addition to a deep understanding of the real estate world, your attorney should be a good communicator. If problems or questions arise, they should contact you as soon possible so you can clear the air before closing day.
A lot of research is involved in real estate transactions, so your attorney should be able to handle the workload. Things like a clear title, issues with commissions, and various legal terms should be looked into and clarified.
The attorney should be able to draft all the paperwork needed for your closing. They should also have staff available at all times who can assist them in this process.
Your real estate attorney needs to be familiar with your area and the people who work there. In most cases, they’re likely already familiar with your title company, your lender, and maybe even your real estate agent.
The job of an attorney is to provide their clients with legal guidance. Make sure you select an attorney who will be by your side throughout the process, and who’s easily accessible whenever you need them.
Attorneys and Your Success
Once you’ve done the legwork, you should have no problems finding a reliable, quality real estate attorney who can help with the closing process. Be sure to check reviews and ask the right questions so your transaction will be a success.
Find out about the attorney or law firm’s experience and their track record in advance. This will ensure that your closing goes as smoothly as possible and that all bases are covered.
For all your legal and litigation needs with proven results, contact us today.
Do I Need a Real Estate Attorney to Buy a House? The Yes and the No
Buying and renting properties can become a complicated, time-consuming process. Property acquisition is likely one of the biggest investments you’ll do. This will involve a few laws in-between.
Knowing how to leverage your acquisition criteria for real estate properties is crucial. Even then, you want to make sure you have someone who knows the law beside you.
When you start asking “do I need a real estate attorney to buy a house,” the answer to this depends. This will change according to the type of deals you have.
In this guide, we’ll tackle when to hire a real estate attorney. With the cost of a real estate attorney, you need to know when you need them.
1. Mandatory Needs for a Real Estate Lawyer on Some States
There are a handful of states list real estate attorneys as mandatory. In any real-estate deal, they are crucial to make sure that both sides are getting a fair deal. A lawyer will guarantee both parties move with the transaction up to their best interest.
Some of these states include:
- Alabama
- Connecticut
- Delaware
- District of Columbia
- Florida
- Kansas
- Kentucky
- Maine
- Maryland
- Massachusetts
- Mississippi
- New Jersey
- New York
- North Dakota
- Pennsylvania
- South Carolina
- Vermont
- Virginia
- West Virginia
The list is almost half of all states in the US. If you’re looking to process any type of real estate in these areas, a real estate lawyer will be part of the deal. They need to handle the transaction process itself.
For people in New Jersey, for example, you need to check out this related page for that specific area.
2. Real Estate Lawyers for First Timers
For those who are starting a business and need a property, it’s vital to have a real estate attorney by your side. Real estate attorney fees aside, you will save tons of money if you have somebody who knows the law.
Commercial real estate lawyers, for example, will know the ins and outs of the industry. They understand what clients need in inspection and legal property sale. They will find out ways to leverage a better price for the property as well.
The cost of a real estate attorney is nothing from the support they can provide. If you’re looking at commercial property rental, a proper expert can provide help on disputes. Any matters between landlords and tenants become easier to handle as well.
3. What Can Your Real Estate Lawyer Do?
“Do I need a real estate attorney to buy a house?”
To answer that, you need to understand its advantages. So, what can a real estate lawyer do for you?
A real estate attorney’s work starts well before the closing of a deal. Handling a mortgage and picking a house to buy can overwhelm potential buyers. If you’re a first-timer, it’s a much bigger headache because of your lack of experience.
Your real estate attorney fees go into making sure your transaction is smooth. They interpret much of the legalese that comes with the domain, so you’d need their advice. They also try to make sure there are no entries in the contracts that are disadvantageous to their clients.
Once the transaction is closing, your real estate attorney will draft the necessary documents. They will make sure that any documents are accurate and reflect the fees agreed upon. Whatever amount both parties agreed to, it’s your lawyer’s job to make sure it’s to your benefit.
At this point, you need to make the most from their services. Make sure to ask any questions that bother you throughout the proceedings. Ask for advice from your lawyer as needed as well.
4. When to Hire a Real Estate Attorney
It looks like a real estate attorney is crucial in all transactions. That, however, is false. The thing is, many real estate transactions tend to have better language and design. Many companies now provide better, easier to understand documents with no frills.
Most mortgage types are more inert these days as well. If you understand your transaction documents, there’s no real need for a real estate lawyer.
There are also loan documents that are unalterable, so you don’t need a lawyer for them. Some of these financing documents include:
- Fannie Mae or Freddie Mac financing
- USDA
- VA
- FHA
Anything featuring these financing options is absolute, so there’s no room for their interpretation. Title companies and their lawyers are under mandate by law, to be honest to buyers. This means they need to lay out the terms of negotiation in full where the buyer understands them.
Hiring a real estate attorney starts at the complexity of the provisions. Invest in them only for real estate transactions that offer complications beyond your understanding. Proper handling of all-cash sales or owner financing makes the cost of real estate attorney worth it.
5. Real Estate Closing Work for Attorneys
When you’re at the closing stage of your real estate transaction, you want to have everything prepared. The deed and closing papers need proper preparation. Everything needs to be in the correct order.
The passing of the title from seller to buyer. The payment of the balance from the sale price. Preparation of closing statements of debits and credits.
All these need preparation and proper explanation. Dealing with the fairness of the closing amount and assurance of proper execution is crucial work.
Anything that involves the closing of a sale is confusing. Much of it offers complications that most people don’t have information about. If there are last minute details and disputes and you don’t have a lawyer, you’re inviting trouble.
Do I Need a Real Estate Attorney to Buy a House?
Do I need a real estate attorney to buy a house? When asking yourself this question, consider your understanding of the ins and outs of real estate transactions. To make sure that you don’t get the disadvantage, have a real estate attorney on your side to give advice.
Looking for more real estate advice? Need more tips on the law? Check out our other guides to see how we can help. We provide different tips and tricks that can help give you the clarity that you might be looking for.
Real Estate Agent Insurance: What You Need for Protection
In the United State, there are about 1.36 million licensed real estate agents.
Every real estate agent has a different working style, specialty, and clientele. However, every real estate agent needs coverage.
If you’re in the real estate business, it’s important you learn what you need to stay protected.
Read on to learn the types of real estate agent insurance you need.
1. General Liability Insurance
As a realtor, you might spend a lot of time on the road showing houses to your clients. However, there will be instances when clients visit your office.
General liability insurance covers you against claims that result from an injury or damage to another person or their property. For example, if one of your clients visits your office and they fall over a loose tile, they could sue you later one for their injuries.
Having general liability insurance will provide you with the coverage so you can protect yourself. General liability insurance also covers advertising claims such as slander and advertising claims.
2. Professional Liability Insurance
When you’re a real estate agent, you help people buy the home of their dreams every day, and they depend on your advice to make a decision. After all, they are making a big investment. Learn about these investments and how to protect them.
Unfortunately having that responsibility, also makes you more vulnerable to lawsuits. After all, real estate agents, even the best, can make mistakes or overlook a detail every once in a while.
Also known as errors and omissions, professional liability insurance protects you against several claims. The reason can include and are not limited to negligence, failure to disclose important detail or the delay or cancellation of a sale due to your mistake.
If you get sued due to any of those reasons, the litigation costs and real estate attorney fees could be too much for your business to handle.
3. Car Insurance
If you’re like most real estate agents, you use your car to go on showings.
Since you’re using your car to conduct business, you need the type of car insurance that will protect you in case of an accident while you’re on the job.
Make sure you disclose to your car insurance company you use your car for business so they can give you the appropriate policy.
4. Business Owner Policy
Business owner policies protect all of your office equipment such as printers, furniture, computers and more. You need all of these things to successfully conduct business so you need to protect it.
5. Umbrella Coverage
Even if you have liability insurance, it might not be enough to protect you in case of a lawsuit.
If your coverage caps out at $1 million but you get sued for $2 million, where would you get the rest?
Umbrella coverage is a supplemental policy that covers the rest.
Real Estate Agent Insurance: The Bottom Line
Real estate agent insurance is a must for all agents. Insurance can protect you against general liabilities, professional mistake claims, and more.
Wondering whether it’s a good idea to hire a real estate attorney? Check out this article.
You can read more and compare quotes at MyKeyManInsurance.com
The 10 Real Estate Commandments: An Essential Guide For Any Aspiring Real Estate Lawyers
Lots of people aspire to be an attorney, some from the time they were a kid. But few know precisely what area of law in which they want to work. From environmental law to corporate law, there are a wide variety of options out there for aspiring lawyers.
One particularly fascinating area of law is real estate law. This area of law is multi-faceted and there will always be a need for real estate lawyers so long as people own real property. But what are the steps you should take if you want to be a real estate lawyer?
If you’re interested in a career in real estate law, then you’ve come to the right place. Read on to learn everything you need to know about prepping for your future career!
1. Prep for Law School
The best time to prep for a career in law is long before you even get to law school. That doesn’t mean you need to major in political science or philosophy, it means taking the time to hone the skills you’ll need for law school.
If your university has a moot court or mock trial team, take advantage of them! These are critical skills that’ll give you a leg up once you’re in law school. If your school doesn’t have those teams, look for debate teams or anything that can help you build your speaking and critical thinking skills.
Last, but not least, be sure to keep your grades high. High grades and a good LSAT score are necessary to get in at the top schools (and get scholarships, too).
2. Choose the Right Law School
There’s no shortage of law schools available in the United States. In fact, there are a few hundred to choose from. But not all law schools are created equal!
There are many things to consider when trying to pick the right law school. Many people pick the highest ranked school they get into, but there are other factors to consider.
Are they giving you a scholarship? Is it located in the area in which you want to practice after you graduate? Do they offer clinical opportunities in the area of law in which you want to practice?
Think about all these things before deciding on a school.
3. Work Hard
Once you’re in law school, you’re going to want to hit the ground running. You won’t get to choose your classes in your first year of law school, but that doesn’t mean you can’t start prepping for a career in real estate law.
Property Law will be a class you want to pay close attention to your first year. That doesn’t mean you can let your other courses slide. The better your grades and your ranking, the greater your chances of getting the most coveted summer clerkships.
4. Curate Your Course Selection
After your first year of law school, you’ll have more control over your schedule. This is your opportunity to curate your courses toward real estate law. Consider courses in property, bankruptcy, and wills and estates, among many others.
Don’t be afraid to jump in on practical courses that give you real-life experience doing the type of work that you’ll do in practice.
5. Get Involved
One of the best things law schools offer are clinical programs. These programs allow second and third-year law students to be sworn into the bar for limited practice. You will have a professor supervising the program, and you’ll get to work with real clients who need legal help.
Many law schools offer clinical programs in real estate and housing law. These will be a huge boon for your career because you’ll have actual experience practicing real estate law, and not just coursework.
6. Shoot for the Right Summer Clerkships
Summer clerkships are a must when you’re in law school. Like clinical programs, clerkships give you real-life, practical experience working as a lawyer. Many of clerkships are paid (some big law clerkships pay quite generously) and can give you a little financial padding for the rest of the year.
If you want to make the most of your summer clerkship experience, look for firms or non-profits that feature real estate law as part of their practice. The more practical experience you have, the better your chances of landing a real estate law job before you even graduate.
7. Consider a Post-Grad Training Program
Many law students don’t go straight to a firm post-grad. Some participate in judicial clerkships, while others choose to get an LLM first.
Another option is a fellowship or a government honors program. The US Department of Housing and Urban Development has an honors program for new graduates that allows people interested in real estate and housing law the opportunity to hone their skills before going into practice.
8. Start at a Law Firm
It may be tempting to go it alone straight out of law school. You don’t have to deal with the rat race of finding a job and suffering through being a first-year associate. Unfortunately, unless you have a family member who is an attorney and who is also willing to mentor you, you’ll miss out on a lot by skipping working for a law firm.
Being an associate at a law firm will help you hone your skills in real estate law and you won’t have to learn how to navigate the court system on your own. You don’t want to lose clients because you submitted a complaint in the wrong format!
9. Diversify Your Practice Area
If you have the goal of hanging your own shingle, then take advantage of working at a law firm to diversify your knowledge of real estate law. It’s more than real property transactions, after all.
Get experience in landlord-tenant law, tracing title, foreclosure, and liens. The greater your depth of knowledge, the more successful you’ll be in solo practice.
10. Hang Your Own Shingle
Once you feel you have an in-depth knowledge of real estate law, you can hang your own shingle!
You may be able to bring your clients with you from your previous firm, but be sure to check your contract to make sure. Otherwise, you’ll have to build up your client base.
Most solo practitioners don’t have a large office staff as you had at a law firm. It’s important that you make the most use of technology to keep up with new and existing clients. Discover more ways to generate leads and answer calls without taking time out of your schedule to do the leg work.
Ready to Join the World of Real Estate Lawyers?
A career in real estate law is exciting and rewarding. Whether you plan on defending tenants against terrible landlords or you want to help make sure that home buyers have clear title on their new homes, you’ll love this field of law. This guide will help you get where you want to be.
Interested in learning more about real estate lawyers and or law in general? We’ve got you covered!
Check out the rest of our blog for lots of super helpful articles!
3 Eye-Opening Reasons To Hire A Real Estate Closing Attorney
The median home price in the US is almost $280,000. It varies greatly by location, of course, with median prices in West Virginia coming in at $159,000 on up to $619,000 in Hawaii.
Regardless, a real estate deal will always represent a large investment.
To protect yourself from any costly pitfalls, it’s a good idea to hire a real estate closing attorney. Here are 3 reasons why.
1. Contracts Are Tricky
It is always a good idea to have a lawyer look over any contract you are planning to sign. It’s even more important when you’re talking about the stakes involved in a real estate deal. You could potentially lose a lot of money if you don’t understand something about your contract or purchase agreement.
You might think that’s what your real estate agent or broker is for. It’s true that your agent will advise you on the best course of action and help you protect yourself. But agents aren’t lawyers. They aren’t as well-versed in the law and they aren’t contract experts.
A lawyer will make sure that all the proper verbiage is there to protect you in any situation that could arise.
2. The Title Search
It is extremely important that the title document is correct. This is what gives you the legal right to own the home. If there is something wrong with the title you could end up not being able to sell the home in the future.
In some states, it is not normal to pay title insurance. This makes having a lawyer involved even more critical. The lawyer will carefully review the title and ensure that there are no errors in the legal description or problems with previous owners.
Even if title insurance is included in the deal, an attorney is helpful. They can explain the effects of things like easements, restrictions put in place by the previous owner, and zoning laws.
3. The Closing Process
You’ve come a long way from that first day you googled “houses for sale near me“. The closing process has finally begun. But before you start celebrating, you have to make sure the deal is done.
A real estate attorney is immensely helpful in ensuring that all the paperwork is taken care of properly.
Closing a real estate deal is stressful because it is both complicated and confusing. A lawyer can help you sort through all the unfamiliar terms. They can also explain things like how closing costs get calculated and distributed.
Perhaps the most important consideration is that every party involved in the closing process will have its own attorney. If you don’t have one, you could lose out if there is a dispute or misunderstanding.
Peace of Mind with a Real Estate Closing Attorney
A real estate deal is stressful enough without going into it underrepresented. A real estate closing attorney is well worth the cost for the peace of mind that comes with knowing you got everything you were entitled to during the process.
Now you can enjoy your new home with no worries in the back of your mind.
To learn more about when you should definitely hire a real estate attorney, check out this blog post!
