The role of a real estate attorney can vary, from dealing with mortgage documents to solving disputes over property transfer documentation. Most people think that real estate attorneys only help with mortgage documentation, but that is only one of the many jobs they do. They have tons of more responsibilities.
For most people, buying a home is a major life event and their biggest investment. You may consider hiring a Monroe real estate transaction lawyer to guide you through the legal process. Educating yourself about their role is important so you can reap all the benefits of hiring an expert.
What are the responsibilities of a real estate attorney?
A real estate attorney essentially helps their clients through the acquisition or sale of the property. They prepare and review documents that are signed at the closing of a property purchase. The attorney is also present at the hearing to represent the client’s interests. It is beneficial to hire one because they can tell you whether there is an error or omission in a document.
Some duties of a real estate attorney during the purchase of a property include:
- Preparing documents,
- Resolving contractual disputes,
- Perform litigation,
- Monitor legal risks,
- Ensure compliance with laws,
- Handling the transfer of funds for the purchase.
In case there is a dispute regarding contracts, lot lines, or other things, an attorney can help resolve it.
When do you need a real estate attorney?
A real estate attorney can come in handy whenever you consider buying or selling a property. In some states, including North Carolina, it is mandatory to have an attorney supervise transactions and be present at closing. Closing is when the purchase is made by paying the money and transferring the title of the property.
Moreover, having a real estate attorney supervise the purchase or sale, review the documents, and ensure everything goes right provides you with peace of mind. If you feel something could go wrong, or you are unsure about the legal considerations regarding a purchase or sale, you can rest assured that your attorney will handle the issues.
Are real estate attorneys expensive?
Real estate attorneys can be expensive. However, the amount you pay depends on what services they are providing you with. There are three ways you can pay attorney fees:
- The fixed hourly rate may range between $150 and $350.
- Fixed rates for specific services. For example, a home closing may cost between $500 and $1500.