Real Estate Law
In its broadest sense, property law refers to ownership of both personal property (movable possessions) and real estate property (land). This wiki snippet covers the legality of real estate property, which in itself, encompass a span of issues related to the purchase and buying of real estate. Many of these issues are related to foreclosures, mortgages, property deeds, property taxes, warranties, tenant and neighbor relations, insurance and easement disputes.
Real Estate Lawyers
Providing counsel for both residential and commercial property matters, real estate attorneys can help with every aspect of the purchase or selling of real estate.
While historically used for both residential and commercial property matters, modern-day real estate lawyers are more sought after for commercial property matters. The reasons for this trend are due to a proliferation of unlicensed brokers handling legal matters, and buyer/sellers seeking to avoid fees for more negotiation room during closing.
Still, first-time home buyers can stand to benefit greatly from real estate counsel. Possessing a greater understanding of the purchase agreement, ensuring proper title transfer and avoiding zoning issues and potential property damage costs can be achieved with sound real estate counsel. Regarding the selling of property, a real estate attorneys duties are fewer, although just as helpful.
For commercial real estate purchases, counsel is needed when issues arise regarding property surveys and inspection, title protection, and tenant rights.
What to Look for in a Real Estate Lawyer
The greatest asset in a good real estate lawyer is firsthand experience. As is the case in other areas of law, it is important to find an attorney who specializes in property matters and who is able to aptly educate clients with the laws and customs pertaining to the issue at hand.
One of the best resources for a real estate lawyer is through a referral - either from a past client or a real estate agent. Most experienced real estate agents will have worked with an attorney at some point in time, and is likely to have references.
Compensation and Fees
Fee structure can vary between attorneys, but unlike personal injury attorneys, who often work on a commission basis, real estate attorneys often require payment of services regardless of a deal closing or not. Depending on the issue at hand and client needs, real estate lawyers will charge either by the hour or a flat fee.
For example, general counsel for a first time home buyer will often be accompanied by an hourly fee, while for counsel throughout the course of a property transaction may be accompanied by a flat fee.