Buying a home or a new business can be intimidating. Where do you start? Is hiring a realtor enough? Is it smart to hire a real estate attorney?
While a realtor can be invaluable during real estate transactions, they cannot give legal advice. So when legal problems pop up, a real estate lawyer may be necessary. We looked to our legal network members to address the complexities of hiring a real estate attorney versus relying solely on your realtor.
Congratulations to our Legal Resource Network Award winners. Check back later in the week for our concluding article, culling information from all responses.
When are Real Estate Lawyers Necessary?
During a real estate transaction, when does it become necessary to contact a real estate lawyer?
What are some of the most common situations where a real estate lawyer is brought in?
What sort of questions should I ask before hiring one?
Should I let my realtor choose my real estate lawyer?
How much interaction or overlap is there between my realtor and my real estate lawyer?
"Before retaining a real estate lawyer, you would want to find out what type of real estate transactions he or she has worked on in the past. For example, someone with a background focused on leasing transactions may not be the best choice for a purchase transaction, and vice versa. If it’s likely that a dispute will arise in the transaction, and litigation will be necessary, then the lawyer should also have experience in litigation (many transactional lawyers do not) or have a colleague in their office that is an experienced litigator." read more
"I can safely say that all commercial transactions, even transactions conducted by real estate professionals, require a knowlegable real estate lawyer from the point of the drafting of the purchase agreement through and post closing. The issues involved in these transactions are significant and include issues of title, zoning, use, financing, tenants, ownership (usually by a liability limiting entity) and tax and others. Without this expertise at the outset, things can and will go wrong and often are far more expensive to fix than if the lawyer was involved at the outset." read more
"A real estate lawyer should always be consulted from the outset when dealing with a strategic default situation, or the unavoidable loss of a home. A realtor might know enough to identify a potential issue is present, but, are never qualified to give legal advice." read more