Planning & Pricing for a Real Estate Attorney

With the onset of COVID-19, the real estate pundits predicted that the housing prices would fall. With no one buying a new property in the last five months, the real estate industry almost slumped back. Much to their surprise, the U.S. housing market remains undaunted by the economic recession.

With everything going back to normal at a slow pace, more people are getting on the bandwagon to buy the new property before the price starts rising dramatically in a few years.

This is the time you need to know about the planning and pricings for a real estate attorney to help you draft a well-conceived plan for buying a home.

Daren Blomquist, vice president of market economics at real-estate website Auction.com says that it’s a good time for the investor to put money into real estate.

“It’s a good time to buy an investment property if you can find inventory at a good price,”

Although your state may not require a real estate attorney to be present during the time of the transaction you will still need to hire one to assist you with legal formalities and processes. A real estate attorney can be a great help when it comes to buying or selling a valued property.

What does a real estate attorney help you with?

Buying a home is an expensive investment. In addition to hiring a real estate agent for the negotiation, you’d want a real estate attorney by your side to guide you through the legal process

Real estate attorneys specialize in the legal aspects of buying and selling real estate properties along with offering other services related to real estate such as transfer of property and representing clients in the court of law.

When planning to hire a real estate attorney, be specific about the service you want to utilize. A real estate attorney can be useful for the following;

Buying

When buying a new property, a real estate attorney can expedite the process by guiding you through the purchase agreement, preparing and processing all legal documents, reviewing closing documents prior to signature, and ensuring that you receive the valid registered ownership of the new home.

Always consult your real estate attorney after you have met realtors or agents. They can help you through any legality of purchasing a new property.

Selling

Although real estate attorneys become are useful to new property buyers, sellers of the property can also take the advantage of having legal expertise by their side. A seller must be aware of the taxes levied on selling properties, agreements, and other legal documents. Along with guiding you through these processes, they can help you draw up legal documents, review any essential document that requires a signature, arrange for the transfer of deposits/security, and make arrangements for insurance verification.

Consultation and more

An attorney comes useful for purposes other than just buying and selling homes.

1. When things take a wrong turn in transactions, real estate lawyers step in to file and defend lawsuits in court. They also assist in dealing with the legal aspect of rental property and defend the rights of owners, landlords, renters, and tenants.
2. hey will also help simplify the legal jargon involved with real estate, tax, and state laws to make the process much less stressful. They will also help ensure that you are legally covered (financially secured) during the entire deal.
3. They help to resolve title insurance and environmental issues related to real estate law.
4. They also specialize in land use, zoning, property development, property taxes, deeds, titles, and foreclosure.

They know about the prevalent tax laws that can help you from taking the wrong step at any point in time.

1. Tax law — How the tax code affects their ownership or transfer of the real estate.
2. Landlord-Tenant Law — Law guiding renting real property, leases, renting, and evictions.
3. Insurance law — Types of insurance utilized in real estate transactions.
4. Accidents and injuries — Homeowner’s liability for any injury that someone might sustain while on the homeowner’s property.
5. Drafting deeds, estate planning, zoning, and titles.

How Real Estate Attorneys Are Paid?

Now, this is the tough ball game. A real estate attorney doesn’t charge each client the same. Most real estate lawyers charge by the hour for their services, although some charge a flat fee.

Hiring an attorney by the hour can help you save money if you’re only looking for consultation or minor patchwork. A flat fee is more advisable in cases when you need an attorney’s assistance for a longer duration of time.

Typically, the range is $150 to $350 per hour or a flat fee of $500 to $1,500. You might also find attorneys who charge flat fees for specific services, such as preparing real estate closing documents.

The price may differ from one state to another. The best way to hire a reliable real estate attorney is through referrals. Ask your colleague, family, or friends to recommend an attorney. Because of the prior dealing with your close one, an attorney may also offer you a discount on the price.

Many real estate attorneys prefer to handle the entire case with a “blank check,” i.e. payment according to the hours to be spent and tasks to be accomplished. But as a client who’s hiring the expert, you can put your own terms regarding pricing and planning.

Expect for generic purposes, you should always negotiate the price with your attorney and then draft the agreement.

An attorney can save you a lot of time, money, or even from legal persecution if something goes wrong. Hence, you should be generous enough to pay what they deserve. Don’t forget to recommend them to your family, friend, or colleague. A mutual relationship with your attorney can help you in the future as well.

The States that mandatorily require a real estate attorney is the District of Columbia, Alabama, Connecticut, Delaware, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia.

Mark Grey Law PLC is the Best Attorney Law Firm in Ankeny. We run a small private firm with a few of the best real estate attorneys in Ankeny. Get in touch with us to learn more about the real estate market.