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:
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.
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.
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:
- District of Columbia
- New Jersey
- New York
- North Dakota
- South Carolina
- 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
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.
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
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!
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!
Real estate transactions can be difficult to decipher, and simple mistakes can lead to costly implications. Usually, there’s a significant amount of money involved, so it’s important to get all the help you can get.
Hiring a real estate attorney is vital for ensuring the entire process goes smoothly. Such an attorney knows the ins and outs of property law and will help to protect your interests as you make a big financial move.
Getting professional help from an attorney that understands all the legalities about real estate will make the process of buying or selling property less stressful and straightforward.
Read the following guide to learn if you should hire a real estate attorney.
1. They Don’t Have a Vested Interest in the Property in Question
A real estate attorney has no incentives to increase or decrease the price of the property.
When dealing with an attorney, you have to agree about the fee which will be paid directly to them irrespective of whether the deal is sealed or not.
This means they have no motivation to close a deal that isn’t on your favor. They are only motivated by the fact that you’re their client.
You’re free to change your mind any time about selling your property, and that won’t affect your representation.
2. They Can Assist in Choosing Potential Properties
You can seek advice from an experienced attorney on where to buy properties in your city. They will help in selecting potential properties and review any contract that your mortgage or real estate broker asks you to sign.
An attorney negotiates for you and drafts the contract of sale to make sure your interests are safeguarded.
If you’re a seller, your attorney can market your property as well. They can also work with real estate agents to facilitate the sale of your property.
3. They Help with Conducting a Title Search
Does the person or institution selling the property to you have the legal rights? The only to find out is by conducting a title search. The attorney conducts the title search and ensures that no encumbrances that will affect the transaction.
Once they discover an issue with the title of the property, they advise you on how to proceed from that point.
4. They Have the Expertise to Deal with Complex Contracts
When you’re buying a property from entities such as corporations, partnerships or trusts, both the negotiations and contracts are likely to be more complex.
You will need someone with knowledge on these types of contracts who will ensure the contract is legally binding.
5. They Can Help to Address Particular Stipulations
When buying a home, it’s possible to overlook certain stipulations. For example, a covenant or easement on a house can affect the way the property is sold.
The unexpected stipulations are likely to lower the price of a house. Hire a lawyer to take advantage of such stipulations.
6. You Can Easily Modify Your Loans
If you’re selling your property and you want to modify your loans, real estate attorneys can be of great help. These lawyers work directly with lenders and other parties and can quickly speed up the modification process.
Hiring a lawyer gives the seller or buyer a big advantage by minimizing the need for external help.
7. They Offer a Professional Contract Review
Reviewing the purchase contract can be intense since most of these documents are dense and packed with legal jargon. You might end up feeling bored reading through all details and end up signing before grasping the content.
If you have hired an attorney, they will ensure that you grasp all the content and advise you to avoid the contract if some of the contents are detrimental.
8. They Play a Useful Role When the Property Has Physical Damage
When you’re about to buy a property, but a building inspector points out some defects such as electrical issues, do you abandon your mission or proceed?
You need to find an experienced real estate lawyer who can negotiate credits or repairs for these issues.
After the negotiation, the lawyer will draft an agreement that resolves these issues to your satisfaction.
9. You Need an Attorney for Consultation Purposes
What of a situation where you are buying or selling a property from someone you trust 100 percent? Will you still need a lawyer?
In this case, a lawyer may not be needed for negotiation purposes, but you may have to consult a lawyer to understand an issue such as tax consequences of the purchase or sale.
10. They Will Handle All the Paperwork for You
Real estate has its fair share of ups and downs, but if there’s one factor that has remained constant over the years is the paperwork involved before money and title change hands.
You need an expert in your corner to help you understand the entire process and safeguard your interest.
11. A Real Estate Attorney Can Help You Achieve a Proper Closing
There are important steps that occur at the end of a real estate purchase deal. You need to check closing documents such as the deed and ensure once you finish paying for the property, the title is passed to you.
A real estate attorney facilitates this process and also ensures there is a closing statement that records the transaction between you and the other party.
If you intend to buy or sell a property, look for an experienced attorney who will help you have a smooth transaction.
You can learn more about selling your house here.
Is Hiring a Real Estate Attorney an Unnecessary Expense?
Some people think that hiring a real estate attorney is an unnecessary expense when it comes to buying or selling a property.
The legal fees are not as high as you think, but it’s dependent on the complexity of the transaction and whether selling or buying a property.
Want to find out the legal difference between a real estate agent and a broker? Check out our blog.
6 in 10 Americans don’t have a will.
Many adults think they’re too young to worry about writing a will but the truth is they’re not too young. It’s important to plan ahead even though no one wants to think about the grim realities of death.
Failing to properly plan your estate could leave your assets in jeopardy and your children’s fate uncertain. Fortunately, preparing your will is something you can start today.
Keep reading for 4 tips on wills and estate planning to help ensure your family’s future is secure.
1. Keep It Updated
Simply writing your will is not enough. It’s important to regularly review it to make any necessary changes and ensure it’s up to date.
An out of date will could have worse consequences than not having one at all.
It’s recommended to review your will every 5 years, but anytime you experience a change in your life you should take a look at it. Changes that may occur and impact your will include heirs having died or remarried, your estate administrator dying or no longer being capable of performing their duties, and your own marriage or divorce.
2. Storing Your Will
The second most important thing after creating your will is properly storing the document. If your family or heirs can’t find your documents, things won’t go as you had planned.
It’s recommended to keep copies in a safe at your home and in your lawyer’s vault.
Don’t keep your will in your safety-deposit box. When you die, access to your safety-deposit box may be put on hold and your heirs might not be able to access it right away.
3. Hire a Professional
When it comes to planning your estate, there is no shame in hiring a professional with expertise in the area.
No two estates are alike and what you need to include in your plan depends on a lot of individual factors. For example, if you own a business you will need a succession plan.
If your children have special needs, they may need to have a special needs trust established. Professionals like Family Wills and Trusts can explain options to people of every income level.
4. Living Wills
Living wills are just as important as traditional wills thanks to the capabilities of modern medicine.
Living wills also called advanced directives, help your family make medical decisions if you become incapacitated. With a living will, you will choose a person who is authorized to make medical decisions on your behalf if you cannot make them yourself. For example, if you are on a ventilator or a feeding tube, this person will help doctors determine whether you want to be kept alive.
More Help with Wills and Estate Planning
It’s understandable why so many Americans avoid creating their wills and estate planning because the process can be confusing. It’s also natural to not want to think about our own demise.
However, it’s important for the future of our assets and heirs that we clearly lay out our intentions before our passing. Consider hiring an estate planning lawyer to make sure you are covering all your bases.
To find a lawyer in your area, click here.
Taking out a commercial lease is an important step in the establishment and growth of your company. However, you must ensure that you are getting the best deal possible and that the terms and conditions of the lease are sustainable. There is no such thing as a legally-mandated standard lease. Anyone who tells you there is not being truthful. All commercial lease contracts are subject to negotiation. Nothing is final until you and the landlord have signed the contract.
That said, you do have rights as a commercial tenant. The landlord does not have absolute power over your tenancy. They cannot act arbitrarily and unreservedly in pursuit of gain and profit. Here are 7 basic rights you have as a commercial tenant:
1. The right to have clear common area maintenance terms
The CAM (common area maintenance) section of the lease tends to be the most confusing. You must insist on clarity before you sign anything.
The rent that you are charged should be based on the overall size of the building, not the percentage of the building rented at a particular time. You should not have to pay for activities related to the landlord’s legal fees or marketing efforts. You should also get a detailed accounting of any administration fees. These should not be more than 3 percent, and they should not be used to pay for the landlord’s employees or renovation costs in other units.
2. The right to a CAM stop lease
Most leases require you to pay a proportionate share of CAM fees, property taxes, and repair and maintenance costs in addition to the rent. However, you are obligated to pay only for an increase in CAM fees and property taxes. You can ask the landlord for a CAM stop lease to ensure that this is so. You can also ask for a cap on the CAM so that it does not increase more than a negotiated percent. It is important to monitor how CAM fees increase during the term of your lease. You have a right to receive a complete breakdown of such charges.
3. The right to assignment
If you are like most companies, the success of your business depends a great deal on your location. This may owe to market proximity or cost-effectiveness. You should preserve your right to have someone else take on the lease if you sell your business. There may come a point at which you decide to sell your shop at that location or decide to relocate to another office building. Many landlords want the right to terminate the lease in such instances. However, this is not automatic, and you should request the landlord to remove this provision if it is in the lease. The latter can always be renegotiated so that both you and the landlord are protected.
4. The right to participate in arbitration
Many contracts include arbitration clauses. These commit the parties to the contract to resolve disputes through arbitration rather than litigation. This is a good mechanism to have in a contract, as it will save you from having to go through a costly litigation process with the landlord should a point of contention arise. However, you must defend your right to participate in selecting the arbitrator and the range of other decisions that must be made if at any point you must go before such a tribunal.
5. The right to a sublessee
If you rent a large office space, it is good business sense to share the rent with another company that may be interested. This may not have been your intention when you first signed the lease. However, changes in the organization of your company may have led to a significant downsizing, which created more than enough space to share with another business.
Many landlords do not like sublessee arrangements, but you should fight for the right to have one. It is a rather straightforward proposition: you continue to pay the rent and the sublessee pays you their portion of it.
6. The right to avoid excessive capital expenditures
You should avoid signing any lease that shifts the cost for major renovation, refurbishment, or replacement work to you. In the event that you are renting a space that is already scheduled to undergo major repair or restructuring work, it is possible to strike a deal with the landlord in which you offer to pay for only part of the cost. Or, you can make yourself responsible for all maintenance to the space that you are renting for the entire year. A range of other options are available. The main thing is not to be sucked into paying for a repair or renovation project that the landlord would have had to undertake anyway.
7. The right to have your attorney negotiate on your behalf
Your attorney should review all documents related to the lease. They should be present when you are negotiating in-person with the landlord. There may be times when it is best for your lawyer to do all the negotiating on your behalf. Some landlords do not like this; they prefer to work face-to-face with the people who will be renting in their building. However, as a business you have the right to leave all such matters to your company’s attorney.
The Importance of Retaining Legal Counsel
Boss lawyers can help you create and negotiate the commercial tenant agreement that is best for your business. Leasing language can be obscure and difficult to understand. Given the impact that a commercial lease can have on the financial health of your company, you want to have a clear and exact understanding of your rights and responsibilities as a tenant. Only an experienced attorney with specialist knowledge in this area of law can help guide you through the perplexities of lease agreements.
The bottom line is that if you are looking to establish your company in an office building you will need legal representation. You should contact lawyers with proven expertise and insight into commercial lease law.
Often there are situations where employing the services of a lawyer happens to be a natural move. Such as in case of a criminal arrest, battle over custody or a contentious divorce. But with regards to investing in real estate like purchasing a house, not all hurry in calling a lawyer. They perhaps assume that ample research coupled with advice from various homeowner friends is what will suffice for a smooth transaction.
But the truth however is real estate lawyers exist for a vital reason. First they are adept with the law along with being familiar with the different prospective pitfalls as well as be by your side while making this vital investment in the future and that of the family.
If you wish to know more about the real advantages of hiring a real estate lawyer then keeping reading the blog further.
- Professional Contract Review- Contracts related to real estate purchase can be large documents that are full of legal jargon. One may indeed feel pressured from eager sellers to sign the contract without adequately understanding and reading the contents. Professional real estate lawyers will make sure that you thoroughly understand every term present in the contract as well as advice about potentially detrimental contents if any.
- Address Complex Contracts- At the time of investing in real estate especially from corporations, trusts or partnerships, the negotiation, and the contract will be immensely complex. Here a real estate lawyer can act as a savior. They will possess the required expertise in such transactions thereby ensuring that the contract remains legally valid and at the same time respect the charter agreement regardless of the type of entity one does business with. To know more contact Friscia Law.
- Addressing Liens and Title Search- Post signing the purchase agreement, the title search will be needed for informing the buyer and the institution which issued the mortgage regarding the seller possessing the legal right of selling the property. Here there will be no encumbrances like liens or judgments which will prevent or hinder the transaction. In fact, even if this form of a problem crops up, the real estate attorney will offer suggestions to the lawyer to satisfy such claims and later on obtain proof of satisfaction.
- An Ideal Closing- At the time of a real estate purchase closure a couple of important steps take place. These include closing paper’s preparation like the deed, the property passes title from the buyer to the seller, pay the purchase price balance, and the preparation of a closing statement that will itemize the transaction. The real estate lawyer will offer valuable assistance should there be any disputes over costs or there are any last-minute questions.
The bottom line is, for anyone who is in the process to purchase a commercial real estate or a home and looking for experienced legal advice should right away contact the best real estate lawyer. Always hire an experienced lawyer as they will have the expertise and insights required to safeguard your interest from offer till closing.