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Real estate attorneys assist clients with legal issues related to residential and commercial properties. There are a wide variety of matters that they can help with. Here is a look at their key responsibilities. And what does a real estate attorney do?
What Does a Real Estate Attorney Do?
Real estate attorneys help their clients in various ways regarding residential and commercial properties. The role of a real estate attorney involves handling real estate transactions that require a large number of complex legal documents.
The Main Responsibilities of a Real Estate Attorney
So the majority of a real estate attorney’s time is spent in the office drafting and reviewing documentation and preparing consultations for clients. Here is a more detailed look at the responsibilities and what does a real estate attorney do:
- They assist clients with title issues, insurance issues, and environmental issues.
- They review and prepare inspections, appraisals, purchase agreements, and leases.
- They draft documents like rental agreements, leases, and deeds for conveyance transactions or higher-priced purchases.
- They provide legal advice.
According to the latest statistics from PayScale, the average annual salary of a real estate attorney in 2014 was $90,125. However, the experience and location of the attorney can make a difference in how much he or she can earn. A real estate lawyer who is highly skilled in contract negotiation tends to be the highest earner in the real estate law sector and what does a real estate attorney do.
There are four main types of real estate contracts. They are:
- Real Estate Assignment Contract: A real estate assignment contract is typically used in a wholesale strategy to facilitate a property sale between an end buyer and a homeowner.
- Purchase Agreement: A purchase agreement is the most common type of real estate contract. It binds two parties to transfer a certain property and specifies the details of that sale.
- Lease Agreement: A lease agreement is a contract that binds a landlord and a tenant to a property. The landlord offers his or her property for an agreed monthly rate. As well as specifying that amount, the lease agreement contains details like the payment of utilities.
- Power of Attorney: If a person gives permission for someone to act in his or her place, the principal will appoint another to act as power of attorney. That means the individual can sign the contract on the person’s behalf.
Who do real estate attorneys work with?
To ensure that their clients’ interests are protected, real estate attorneys work with others, such as insurance agents, real estate agents, title agents, banks and other financial institutes, surveyors, and what does a real estate attorney do property inspectors.
Other Key Responsibilities of Real Estate Attorneys
Clients typically hire a real estate lawyer to help them buy or sell real estate or to settle a landlord and tenant dispute. Real estate attorneys can also help clients with the real estate transfer process. But another primary duty for real estate attorneys is to represent their clients in court. As well as participating in hearings and trials, they file appeals and draft legal proceedings and other documents.
Real estate attorneys also negotiate on behalf of their clients to help them reach settlement agreements. And they protect the interests of buyers, sellers, and other parties to minimize the risk of financial loss. They do that by checking contracts and loan documents for mistakes and omissions. The clients of real estate attorneys can be individuals or institutions.
In residential transactions, a real estate lawyer checks whether there are liens or charges against properties and know what does a real estate attorney do. They ensure the seller pays maintenance fees and taxes, and they attend the closing. Real estate lawyers also assist clients and what does a real estate attorney do with security deposits and reviewing closing statements, bills of sale, deeds, and promissory notes.