If you are looking to purchase a new home, invest in real estate, or sell real estate, you may be wondering whether you need to hire an attorney to assist you in this transaction. Since this is an expensive transaction, you may want to find ways to cut costs and avoid paying attorney’s fees. However, failing to hire a good attorney to assist you in the selling and purchase of real estate can end up costing you more money in the long run.
How can a real estate attorney help me?
Having an attorney on your side can be the difference between the closing process being smooth or being a nightmare. With an attorney, you will have an open line of communication with the attorney and his or her staff throughout the process.
Because an attorney will review your file every step of the way, it will be easier to resolve problems that come up while the closing is in process. Having an experienced attorney on your side means that you will have someone to advocate for your best interests should a problem arise.
Additionally, because attorneys are trained extensively in the law surrounding your transaction, you will have peace of mind in knowing that an attorney has reviewed all of the closing documents and has made sure that your title in the property is valid.
Purchasing Real Estate
Attorneys serve many important functions throughout the process of purchasing a new home or other real estate investment, including the following:
- Examining the title to the property involved to make sure you will legally own the
- Communicating with the lender, the seller’s attorney or agent, and all other parties
- to the transaction
- Making sure that all requirements and conditions of the contract are completed upon
- Making arrangements for title insurance coverage
- Recording all deeds and other legal documents in the correct court jurisdiction
Selling Real Estate
If you’re in the market to sell real estate, you may have questions about the process. A real estate attorney will be able to help you in a variety of way, including:
- Drafting and reviewing the sales contract
- Negotiating the terms of the contract with the purchaser or their attorney
- Reviewing the title report on the property to make sure you are able to sell the property
- Correcting any concerns found in the title report
- Reviewing the settlement statement prior to the closing
What fees will be charged?
Most attorneys charge a flat fee for residential real estate transactions. However, whether the fee is a flat fee or an hourly rate (which is required for most commercial transactions), if you use the services of an attorney, you will have the benefit of knowing ahead of time what fees you will be charged.
Most attorneys include an engagement agreement for their services outlining exactly what tasks they will perform and what the flat fee or hourly rate is. Remember, if you ever have a question about fees, feel free to ask your attorney for an itemized bill.
Do You Need Legal Help With A Virginia Real Estate Transaction?
If you need legal assistance with a Virginia real estate transaction you need to speak with an experienced real estate attorney as soon as possible. Contact us online or call our Virginia Beach office directly at 757.490.3500 to schedule your free consultation. We have offices throughout Virginia including Chesapeake, Newport News, Norfolk and Suffolk.