Did you know there are, on average,  over five million home sales each year? Selling or buying real estate is a huge investment and decision. This is especially true if you're buying a large investment property. 

Many people might not think they need a real estate attorney when they're going through a real estate transaction. Some states might require you to retain one. Even if you live in an area where it's optional, it could be beneficial for you to partner with a real estate lawyer. 

Real estate lawyers can provide you with numerous benefits. This real estate law guide will discuss why you need to work with one for your upcoming venture. 

What's a Real Estate Attorney?

A real estate lawyer is a licensed person that is in charge of the legal aspects of a real estate transaction. They can represent the:

• Buyer
• Seller
• Lender

Each real estate lawyer provides various services. Some attorneys might focus on commercial real estate. Others specialize in the development, purchasing, and sale of residential properties. 

What Do They Do?

A real estate attorney typically offers the same types of services regardless of their area of expertise. Some of the common duties a real estate lawyer has include:

• Reviewing and drafting contracts
• Negotiating deals
• Create title insurance policies
• Conducting title searches
• Preparing the closing documents 
• Handling real estate litigation and disputes
• Dealing with land use and zoning issues

Why Would I Need a Real Estate Lawyer?

In most scenarios, it's up to you whether or not you hire an attorney. One of the benefits of consulting a lawyer is to ensure your contract details are fair. Another reason you might want one is if a complex problem arises. 

There are some circumstances where you might be required to have one. 

Your State Requires It 

Some states require you to hire a real estate lawyer during a transaction, especially during the closing process.  These states include:

• Connecticut
• Alabama
• Florida
• Georgia
• Kentucky
• South Carolina
• West Virginia

Each state has different requirements. Your realtor can provide the exact details if you're planning to sell or buy property. 

Your Lender Requires It

Some mortgage lenders might require the presence of a lawyer during the closing process. Rocket Mortgage has this requirement if you live in a certain state, like New York or Georgia.

Ways to Find a Real Estate Attorney

One of the ways to find a reputable real estate attorney is to ask for referrals. You can ask some of the following people:

• Friends
• Family
• Mortgage broker
• Real estate agent 

Once you've narrowed down your choices to a few lawyers, ask them to schedule a consultation. You'll want to ask them for a price estimate. Meeting with them in person also helps you determine if there's a personality fit. 

Build a Team of Real Estate Professionals 

If you're heading into a major real estate investment, having an experienced team behind you is good. A real estate attorney can help you navigate complicated legal problems. Protect yourself and your property with the help of a lawyer. 

Heartland Abstract is here to help you find professional and experienced members for your real estate team.  Contact us today to schedule a meeting.