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Do You Need A Real Estate Attorney? This is a huge question and the answer will be different depending on you and where or what state your doing your real estate offers and purchases in. In some states it is required that all documents be reviewed by a real estate law attorney before the real estate transaction can be completed. It will also depend if your using realtors, banks, closing or escrow offices and your own comfort level or experience. I have done transactions in more than one state and found what is normal in one will be considerable different in another. However if one of the parties is going to be holding the note (acting as the bank) then having your own residential real estate attorney in the process, looking it over or writing it is a must. You need to have your real estate law attorney make sure your protected, as well as what the agreement says, and that it is what you agreed to and expect it to be. Do not sign anything until you not only know what it is but what it says and what it actually means.
Typically your real estate lawyer can help you structure and write your offer. If the offer is on the creative side or the transaction has some elements that have to be handled in addition to the sale your real estate lawyer becomes your most important ally in getting the real estate deal closed. My real estate law attorney is a resource that has saved me a whole lot of time and research and a lot of money in keeping me out of trouble. But at the same time he is only a person and makes mistakes and errors just like any one else. So you still need to communicate with him or her and make sure you are both on the same page. If your real estate lawyer does not know what you are trying to do, you will be handicapping your lawyers capability to protect you. You will find in some states that most transactions are handled mostly through real estate lawyers, where they draw up the papers and documents, figure the final settlements and some times even the escrow amounts. In other states all your real estate attorney would do is look over closing papers before you put your name an signature on it. |
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