Whether you are new to the world of buying and selling real estate or you’ve been involved in it before, one of the first things you need to consider before buying a home is hiring a real estate lawyer. Not only do they help clarify the process involved in buying and selling a home, but a real estate lawyer is there to make sure your interests are protected in the transaction. Purchasing a home involves important contracts and paperwork that are best left to an attorney. The lawyer, who should be involved early on in the home-buying process, will act on behalf of both you and your mortgage lender to close the real estate and mortgage transactions. Read on for our top tips on finding a real estate lawyer that will best match your needs.
Choose A Solicitor Specializing in Real Estate
While it may be tempting to choose a friend or family member to act as your lawyer, it’s in your best interest to do your own research and find an attorney who specializes in the field of real estate. A lawyer that spends the majority of his or her time concentrating on real estate transactions will have up-to-date knowledge on key issues and developments in the industry. By choosing an experienced real estate lawyer, you can be confident that should any problems arise during the transaction, he or she will have dealt with them before.
Your real estate lawyer will oversee most aspects of your home purchase. He or she will be responsible for searching the title, ordering the survey and preparing tax and other items related to the statement of adjustments and looking for liens. He or she will advise you on any restrictions which would affect your new property.
Interview Until You Find The Right Fit
Anytime you require the services of a professional, it is in your best interest to speak to a variety of individuals actively involved in the industry. Attorneys, like professionals in all fields, come with their own unique background, experiences and qualifications. Equally important is finding someone with whom you have a good rapport. Remember that your solicitor is the unbiased party in the transaction and will be protecting your interests. If you feel more comfortable working with a lawyer that comes with a referral, consider speaking with your real estate agent or your mortgage broker. The fact that they will have already worked together in the past will allow for a smoother process. You should never be afraid to ask for the names and contact information of references.
Discuss Terms of Payment
Some real estate lawyers will quote their clients a flat fee that will be charged for their support and services, while others will charge by the hour. Many experts suggest discussing with your lawyer the approximate amount you can expect to pay so that you can budget ahead of time. Experts also agree that choosing an attorney based on price isn’t always advisable. Rates vary from lawyer to lawyer and from property to property depending on the complexity of the transaction. It is best to find a solicitor that will suit your individual needs versus finding the cheapest rate and receiving an insufficient service.