REAL ESTATE ATTORNEYS: YOUR QUESTIONS, ANSWERED
According to the Bureau of Labor Statistics, in 2014, there were 603,310 real estate lawyers in the United States. Many people seem to think that real estate attorneys assist solely with real estate transactions. While this is partially true, there are plenty of other services and types of advice that an experienced real estate lawyer can provide. Here's a quick FAQ about real estate attorneys to help you understand their wide range of services and expertise.
Do real estate attorneys work with residential or commercial transactions?
Both! Real estate attorneys are trained to facilitate and provide advice throughout the process of any real estate transaction. They may be more experienced in residential transactions than commercial transactions, or vice versa. Real estate lawyers are also helpful when it comes to providing mediation if a dispute arises; they often resolve disagreements during a residential or commercial real estate transaction. Overall, any real estate transaction will be completed more efficiently and transparently with assistance from the right real estate lawyer.
How do I know if I need to hire a real estate attorney?
The U.S. is the second largest construction market in the world, with a market share of 10%, and new residential and commercial properties are constantly being built and purchased by savvy commercial investors. It really boils down to how much prior knowledge you have about the real estate transaction process: if you're relatively inexperienced, a real estate lawyer is great to have by your side. Whatever you do, don't take the word of your real estate agent -- they'll only have their own interests in mind.
What's the risk of participating in a real estate transaction without advice from an attorney?
As mentioned, not all real estate transactions are complex enough to require assistance from a lawyer. That being said, a transaction that's particularly complex and handled incorrectly can result in years or even decades of ongoing financial issues for one or both parties involved. Any number of issues could arise in a transaction, from title problems to disclosures, tax concerns, and more. If you feel as though your real estate transaction is rather complex, don't hesitate to contact an attorney to provide assistance.
Ultimately, understanding the facts about real estate attorneys can help you make the best decisions when it comes to buying or selling a residential or commercial property. For more information about corporate lawyers, contact Heritage.