Law plays a crucial role in every activity, from divorcing from a spouse to buying a house, and lawyers play a major role in upholding the laws. Lawyers’ jobs vary noticeably depending on their field of specialization, being one major area of law practice real estate law. Lawyer specialized in this area are called real estate attorneys.
Anyone venturing into real estate should be wise to get the services of a specialized attorney. Some of the duties of a real estate attorney include:
Offer legal advice on property management.
Proof of title.
They review and prepare all real estate documents.
The lawyer also files liens and drafts deeds while ensuring there are no liens, easements or covenants against the property.
Advise on zoning restrictions and violations.
Help on covenants and value estimates.
Manage deed problems.
Help to solve disputes over trespass, encroachment, injuries and boundaries.
Preparing files for income and real estate taxes returns.
Help the client to pay off debts.
Determine who owes money to the customer.
Assess all estate tax and income liabilities.
File all needed documents with governmental bodies.
Distribute inheritance to beneficiaries.
May handle trust agreements.
Administer the trust objectively.
In some states, buyers have a few days during which an inspector will look at the property, and for the lawyer to inform the seller of any changes or repairs needed before closing.
Evaluate all documents and seek if there are any obligations from the owner that may prevent him from being legally able to sell the property.
Investigate all titles up to 30 years back to find out if everything is in the right legal conditions.
Check all environmental regulations required for most commercial real estate transactions.
Negotiate terms of contract and agreements, as well as terms of sales and purchase (usually in interaction with investors, developers, brokers or other attorneys).
Negotiate and bargain to help their clients reach settlement agreements if needed.
They provide legal advice and review transaction, which is called due diligence and implies reviewing sales price history, lease terms, etc.
Representing their client in court, whether it be trials, hearings, file appeals or legal pleadings.
Some lawyers may represent financial institutions in cases of trust deed and mortgage foreclosure, while others represent the debtors.
Summarizing, a real estate attorney always works to protect and defend the best interest of their clients, whether they be sellers, buyers or other parties. Their aim is to minimize the risks of financial loss due to errors or omissions and to help their clients obtain the best value for their money or property.
The field of practice of a real estate attorney is quite broad and involves many responsibilities. And, if there is something they all relate is that every transaction is different and presents different challenges, regardless of how straightforward and similar they may seem.