What to Know About Hiring a Real Estate Lawyer
Posted on: 24 March 2022
Buying or selling real estate can be a complex process. Many hurdles can arise during a real estate transaction, and having a real estate lawyer in your corner may be a good idea. Real estate lawyers specialize in real estate law and know the ins and outs of all of the legal aspects of real estate. Whether you are buying or selling commercial or residential real estate, plenty of situations may necessitate an attorney's services. Here's what to know about hiring a real estate lawyer.
When To Hire A Real Estate Lawyer
The first thing you need to know is when it makes sense to hire a lawyer. In some cases, you may want to hire a real estate lawyer to guide you through a real estate transaction from start to finish. In other situations, you may only need a lawyer for closing or if any issues arise during the transaction. Commercial real estate transactions tend to be pricier and more complicated, and you'll be more likely to use a lawyer. However, there are many residential real estate situations where having a real estate lawyer is beneficial.
Some States Require Them For Closing
Hiring an attorney for your real estate transactions is voluntary in many situations. However, 18 states require the presence of a lawyer during real estate closings. A real estate lawyer will review the closing documents, transfer the property's title, and look for any hurdles to the transaction. Buying or selling any real estate, whether it's a home or a commercial property, can be complex. Whether a real estate attorney is a requirement or not, it's a good idea to consider using their services.
What It Will Cost
How much it costs to hire a real estate lawyer will depend on what services you require and the lawyer's rates. Typically, the more complex the transaction, the more you will pay. Lawyers also set their rates depending on their experience and expertise. If you hire a lawyer for a real estate closing, you'll typically see a flat fee between $750 and $1,250. For other real estate transactions, you may pay an hourly fee. Real estate lawyers usually charge $150 to $350 per hour.
Hiring a real estate lawyer is often a good idea, but there are a few things to know. First, knowing when you need the services of a real estate lawyer is crucial. Second, some states require that you have a lawyer for real estate closings. Finally, consider the cost of hiring a real estate lawyer and search for one that fits your budget.
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