What Does a Real Estate Attorney Do?

The role of a real estate lawyer is to help safeguard your interests by analyzing purchase agreements, managing the closing process, offering guidance on zoning and land use restrictions, and more. A reputable real estate lawyer will thoroughly manage your buying or selling process to ensure fairness and legal accuracy to avoid future legal disputes.

Many people who are interested in buying or selling property view real estate lawyers as an extra expense and contemplate whether hiring a real estate lawyer is necessary. To help you make an educated decision, the Kentucky real estate attorneys at McCoy & Hiestand have compiled frequently asked questions from property owners and purchasers. 

Learn what a real estate attorney does to benefit their clients and how you can utilize their legal services.  

How Much Do Most Real Estate Lawyers Charge for Their Services?

The average real estate attorney may charge anywhere from $150 to $500 per hour for their legal services; however, this can vary depending on a number of factors. Some real estate attorneys charge on a contingency fee basis, while others dictate their costs based on the following factors:

• Attorney’s experience
• The complexity of the purchase or sale
• Location of the transaction
• Type of services provided

Regardless, it is important to ask the attorney that you choose to clarify their fees and payment schedule during the first consultation session. After agreeing to their fees, it is encouraged to have a written fee agreement signed before legal work begins. 

What Mistakes Can Be Avoided By Using a Kentucky Real Estate Attorney?

A commercial real estate lawyer can assist in preventing numerous typical errors that could happen in a real estate transaction, such as:

• Examining and comprehending the purchase agreement: A real estate lawyer can go over the purchase agreement to make sure that all relevant clauses are there, that it is legally enforceable, and that it safeguards your rights.
• Doing a thorough title search and examination: A reputable real estate lawyer will check this to make sure that there are no liens or other title flaws that might impair your ownership rights.
• Providing zoning and land use restriction advice: A real estate attorney can provide zoning and land use restriction advice. We can make sure that you adhere to all applicable laws and receive the required permits and authorizations for their intended use.
• Identifying and addressing ecological restrictions and issues: Environmental issues can be found and addressed by a real estate lawyer, who can also make sure their client complies with all relevant environmental laws and regulations.
• Revealing property defects: The possibility of legal disputes or accusations of fraud can be reduced by receiving legal advice from a real estate professional regarding the seller’s legal responsibility to disclose any known flaws or problems with the property.
• Facilitating the closing procedure: A real estate lawyer can oversee the closing procedure and make sure that all legal requirements are satisfied, such as money transfers and the recording of documents.

Can a Real Estate Lawyer Advise Who Pays for Closing Costs?

The obligation to pay closing fees in a real estate transaction might differ depending on several variables, including the wording of the purchase agreement and local customs. Closing costs, which are generally related to the acquisition or sale of real estate, might include the following:

• Title search and title insurance fees
• Appraisal fees
• Home inspection fees
• Attorney fees
• Lender fees
• Escrow fees
• Recording fees
• Transfer taxes

Closing costs are typically split between the buyer and the seller, with each party covering their own associated fees and charges. However, the parties can discuss and agree upon the precise distribution of closing fees in the purchase agreement. Sometimes the buyer will bargain on behalf of the seller.

Before moving forward with a real estate deal, it is crucial to carefully analyze the purchase agreement and comprehend the distribution of closing fees. An attorney or real estate agent can offer guidance on the proper cost distribution based on the particulars of the transaction as well as assist with explaining the various fees.

Can a Real Estate Lawyer Help Me Determine Which Elements to Include in My Purchasing Agreement?

Yes, a real estate attorney does more than just review contracts; they can also assist with adding terms or contingencies that suit your needs. Because this is their legal practice area, they can quickly identify what your agreement is missing, such as a home inspection provision or an upgrade prerequisite. 

Can a Real Estate Attorney Help Me Resolve a Tenant-Landlord Dispute?

Yes, a lawyer can provide legal support and resolution if you have a tenant-landlord dispute about repairs, upgrades, lease terms, etc. We serve as mediators and help to negotiate a settlement between tenants and their landlords. 

The goal is to avoid costly litigation for both parties. If mediation fails, we are prepared to litigate your case in court and will manage filing your documents, collecting evidence, and advising you of your legal options. 

How Can I Find a Good Real Estate Attorney to Help Me?

A good real estate attorney does impact your property transaction and facilitates the protection of your legal rights in the event of a misunderstanding or dispute. The following advice will help you select the best real estate attorney for you:

Search For Experience

Whether you’re buying, selling, leasing, or developing property, find a real estate attorney with experience in the particular type of transaction you’re undertaking. Ask for references and read reviews to determine whether prior clients were pleased with the lawyer’s services.

Make sure the prospective attorney has the necessary credentials and a law license in your state by checking their credentials. To establish their legal status and any prior disciplinary actions, contact the State Bar Association.

Evaluate Their Communication Standards and How They Uphold Them

Choose a lawyer who keeps in touch with their clients frequently and clearly. You will be able to verify how they uphold them through their client feedback. In addition to being receptive to you, they should be able to clearly explain legal concepts.

Their communication may be affected by their availability. Be sure the attorney you select has the time and resources to handle your case by verifying their caseload and hours of availability. They should be able to devote enough time and focus to your transaction to appropriately attend to your needs.

By taking these things into account, you will connect with a real estate attorney who is knowledgeable and attentive to your needs, assisting in making sure that your property deal goes correctly and without legal issues.