Why hire a Real Estate Attorney?
If you hire a real estate lawyer before you sign a
purchase contract, your home-buying experience is
guaranteed to go as smoothly as possible because any
potential legal problems are solved before closing. And
as long as your real estate lawyer issues your title
insurance, you won’t pay more by involving him or her
early on.
What are the Fees?
Either a
non-lawyer title agency or a real estate lawyer can
handle your title insurance. Many falsely believe the
attorney fees cost more, but actually they both cost
about the same. The benefit to letting your real estate
lawyer handle the title insurance is that he or she can
also: * Prepare the purchase contract
* Resolve
any title or inspection issues
* Give you legal
advice throughout the transaction
A title agency that isn’t affiliated with a real
estate lawyer cannot do any of those things.
Whether or not separate attorney fees will be charged
depends on the way the transaction is structured.
Typically, if your attorney acts as the closing agent
and provides your title insurance, there will be no
other fees involved.
For example, in Florida, for more complex
circumstances, fees could range from $350 to $600 for an
average-priced home. If you hire a real estate lawyer to
review the title commitment and other documents prepared
by someone else, a moderate and reasonable fee will be
charged, with the actual cost varying across the
state.
Because your real estate lawyer is versed in real
estate law, he can answer questions regarding very
important issues, such as: * Income tax and estate
tax consequences
* Florida property taxes, zoning or
special assessments
* Probate issues
* Simplifying
a future sale
* Accuracy of property’s recorded legal
description
* Rights for use of property
*
Marketability of Title for future sale or refinance of
property
A real estate attorney can also perform the following
procedures:: * Review the contract and ensure that
all provisions and contingencies are in your best
interest
* Inform you of your legal rights and
obligations
* Obtain a title search, evaluate the
status of the title and require appropriate legal
remedies to clear any defects
* Advise you on what
the title policy does not protect against, emphasizing
marketability of the title when you sell
* Prepare or
review the closing statement and other closing
documents, and let you know about seller contingencies
that affect your interests
* Interpret and counsel
you about all legal documents related to the title and
transaction, including deeds, mortgages and closing
statements
* Advise you on how you should take the
title to the home, and how this affects your overall
business and personal estate
* Check for unrecorded
municipal liens, including sewer and special assessment
liens
* Prepare a bill of sale to cover any personal
property such as curtains and appliances that you and
the seller agree shall remain in the home
* Inform
you about the income, estate, and gift tax consequences
to your estate
The best reason for hiring a real estate attorney?
The attorney is the only member of your home-buying team
who is qualified to give you legal advice. And the
greatest benefit of using an attorney is that he or she
has an ethical obligation to work on behalf of your best
interest. | 
