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Attorney

What Does a Real Estate Lawyer Do?

A lawyer plays an important role in any real estate transaction, especially in a house purchase. Although not required during a real estate transaction, a lawyer can simplify the legal aspects of such transaction.
When you purchase a house, you will be required to enter into a legally binding contract with the seller of the property. The contract may affect your rights and impose certain legal obligations on you. This is where the real estate lawyer plays an important role. The real estate lawyer can explain your rights and obligations under the contract. This can help you to avoid problems that could cost you money and time.
The role of a lawyer in such a transaction depends on you. It can be as broad as you want it to be. Generally in a real estate transaction, the lawyer will review and/or prepare your agreement with the property’s agent, your purchase agreement and closing documents. He will also review the abstract of title, insurance, or other evidence of title to make sure that title to the property is clear and can be transferred. He will confirm that there are no covenants, easements, liens, etc. registered against the house. He will prepare and register all the legal documents.
A lawyer can make sure that the transaction is being conducted in the proper way and that you as the purchaser will get right title. In any property transaction, the necessary documents must be properly executed and delivered and the sale proceeds properly paid out and accounted for at closing. A real estate lawyer will take care of all this. If the transaction does not materialize, your lawyer can advise you as to your rights and remedies.
With a lawyer on your side, you can be sure that he will protect your interests and he will resolve any legal problem that may arise during the transaction. He can make sure that you do not enter into any transaction which might cause legal trouble for you. Your lawyer can immediately analyze the legal position of any decision you take during the transaction. He can advise you on the anticipated result of any litigation including expenses that may arise out of the transaction.
Real estate transactions are governed by a wide body of laws – federal, provincial and local. Your lawyer will make sure that your transaction complies with all the applicable laws. The lawyer’s role in a property transaction is to make sure that you as the client are well informed and protected through the transaction.
There are no special qualifications for becoming a real estate lawyer. Like all lawyers, they must have a JD degree from an American Bar Association accredited law school and must have cleared the state bar exam. Before a lawyer can practice in a state, he must pass the state bar exam.…