Duties of a Real Estate Lawyer
When you transact any real estate deal for buying or selling of property, there might be a real estate agent or broker acting as an intermediary who will oversee that the deal is executed in a fair way. However, if it were so easy, there would have been no property disputes and there would be no need for the real estate lawyer. The lawyer has some duties towards his client. Some of these are:
1. Closing the contract: Before a deal is finally struck, you may require that all the documents of property are shown to the attorney. The real estate lawyer will check the title of property, get the documents duly registered and shall ensure that the transfer of title or ownership happens correctly. Another important thing is that he must ensure that paperwork related to the chain of title transfers is there and nothing is amiss.
2. Look for encumbrances: It is very likely that the property might be mortgaged for some loan, or there are some other longstanding dues or encumbrances which need to be cleared. The easements and covenants might put limits on the use of real estate. The best real estate lawyer will inquire through the relevant channels about these matters and make the client understand their effects in the short and long term. This is where he will be able to provide the client with the legal perspective.
3. Carry errors and omission insurance: Lawyers are governed by their professional standard code of practice. And, many of them also carry the insurance cover for the damages resulting to their clients for the errors and omissions due to negligence. It is their duty to make good these damages to their clients which have resulted due to the professional negligence. The real estate lawyer, in turn, can claim the same from their insurance companies.
4. Work closely with banks and title companies: They can take up your case with the bank mortgage officer to review the costs and negotiate adjustments on property taxes.
While looking for the appropriate real estate agent, one can seek references from near and dear ones, the state bar associations, the yellow pages, internet directories and websites of the lawyers. It is important that he shall have sufficient experience in the type of property you are looking for. It is necessary for you to know what all services can he provide and negotiate real estate lawyer fees. Further, you must ask the seller that the purchase agreement will be contingent on the approval of attorney.
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