Definition of a Real Estate Attorney

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Lawyers are beneficial in any type of real estate transaction.
Lawyers are beneficial in any type of real estate transaction. (Image: House image by Gonçalo Carreira from Fotolia.com)

Real estate attorneys, or lawyers, are legal professionals who specialize in the legal aspects of buying and selling real estate properties. Lawyers can assist in many transactions associated with the transfer of property.

Buying

Purchasing a home can be a daunting task, especially for the first-time home buyer. A real estate attorney can help with almost every aspect of the purchase. A lawyer can help understand the purchase agreement, prepare and process all legal documents, review closing documents prior to signature and ensure that you receive valid registered ownership of the property.

Selling

Real estate attorneys essentially function in the same way when selling a property as purchasing one. They can help draw up legal documents, review any documents that require a signature, arrange for transfer of security deposits, and make the arrangements for insurance verification if necessary. Generally there are fewer duties for a lawyer to perform in the selling of a property than in the buying process.

Benefits

Real estate attorneys are beneficial for a variety of reasons. They can help simplify the legal jargon of purchasing and selling documents and make the process much less stressful. Attorneys that specialize in real estate also help ensure that the client, whether buying or selling a property, is legally covered during the entire deal.

Expense

Real estate attorneys, like any legal professional, can often be pricey. Attorneys can differ in their pricing strategy. Some may charge flat fees for specific services, while others may charge by the hour. Often, real estate attorneys require payment regardless of whether the deal closes or not. Although retaining an attorney for real estate deals could be added expense, the benefits far outweigh the costs and could save money in the future.

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