Why Should I Use A Real Estate Attorney ?

There are a lot of important decisions that come with any real estate transaction, after you decide on a real estate agent next you should begin looking into real estate attorneys.

Notice that I did not say "attorney", there is a saying and it is "You can only do one job well" and that goes for attorneys as well! Their are many areas of law that an attorney can go into divorce, elder law, criminal, family ect. for any real estate transaction you want to use a real estate attorney.

There are 3 circumstances that you absolutely, positively must use a real estate attorney:

• Cash Deals: These deals can be tricky because they have very specific terms as far as what is being represented and your closing date.  The perk of these deals are that they move very quickly so you will want to make sure your attorney moves at the same pace, which only a real estate attorney will understand.  

• Short Sale/Foreclosure: Banks are hard to deal with, and in this case it is who you are not only buying your house from, but it also who is financing your loan.  There must be a direct line of communication to all parties, in a timely manner and with someone who is well versed in what is or is not to be expected.  

• Estate Sales: This is where it gets tricky because there is usually more than one seller, it usually involves family members who may not be aware of what the condition of the house is and what was not legally or not.  There are potential title complications from how the home is deeded or how many beneficiaries there might be.  You will want to have the real estate attorney also have open communication with the attorney who did the estate filing as well.  

I happen to be very lucky and work for a company that our clients experience is top priority.  We have had our clients refer us the attorneys that they felt gave them the best representation in their transactions.  Our company also knows that keeping the agents up to date and informed is also important so we have attorneys come in to keep us educated and answers any question we may have, which of course helps us better represent our clients.

There are of course plenty of real estate transactions that have not involved a real estate attorney, and have gone to closing with no issues.  In my opinion whether your buying or selling it is an important process and you would want it to go as smoothly as possible, so using a real estate attorney will be your best option.

Here is an example of what could happen if a real estate attorney was not involved:

Buyer and Seller agree on the price, and conditions of the home and contracts are sent out:

1. The agreement was the home would close 45 days from contract signing, and the home inspection did not show any structural or safety issues.  
2. Buyers attorney receives contracts and makes the following changes, closing date has been changed to 60 days - a heater is required in the den/family room - down payment has been reduced from $30,000 to $10,000 - termite treatment is required.  
3. Sellers attorney receives this information, and the deal comes to a stand still because of the extreme changes.  

Now if your not using a real estate attorney this can very quickly end the deal, these seems very extreme but the most important reason a real estate attorney is needed for this is because: 

•  The real estate attorney would have been aware that you receive a standard 30 day commitment, with the additional 15 days is standard.  Attorneys will be willing to provide extensions if need be after the fact.  
• The real estate attorney would also be aware that only "live termites" are required to be taken care of, or if their is extensive damage that has caused structural damage to the home.  
• The real estate attorney would have been aware that the den/family room was a converted garage in which no heat is present or required, as long as the garage conversion was done legally.  
• Down payment amount could also change the loan amount, a real estate attorney would be aware of the change in financing and the possible stricter restrictions of the lender.  
• Lastly but most importantly if both attorneys had been real estate attorneys, they would have spoken to both the listing agent and buyers agent before adding or removing anything from contracts so they would have all the information available to them !