Hiring the services of an experienced real estate attorney is an essential part of any property transaction. Whether you are selling a home, buying a new home, or starting a new investment project, attorneys who specialize in this area of the law are needed to make sure all legal bases are covered.
The differences between commercial and residential lawyers
Real estate attorneys who specialize in the commercial field have a very different role than their counterparts in the residential area. While both types of professionals deal with transactions involving real estate, the scope and complexity of those transactions vary significantly.
The Commercial Area
An attorney whose practice focuses on these land transactions will handle contract negotiation, draft and review contract language, analyze complex financial documents, and most importantly, advise clients on suitability. This includes both short-term and long-term aspects of the property as it pertains to the project under consideration.
In addition to making sure the contractual and financial aspects of a deal are in order, a legal advisor who focuses on commercial land deals may also be involved in negotiating with the contractors who will be doing the work. They want to make sure they get all the necessary permits and licenses from local authorities and comply with all necessary zoning and insurance requirements. If necessary, these professionals may also engage in breach of contract litigation or appear before government agencies on behalf of their clients and projects.
The residential area
Any real estate attorney involved in a residential practice will represent either the buyer or the seller in the purchase of a home. While the ultimate goal is to ensure that both parties achieve their desired results, individual responsibilities differ depending on which side of the sale the customer is on.
The seller’s side
When representing a seller, the legal professional will review the sales contract and accompanying documents to make sure everything is in order. They will arrange and/or prepare all closing documents, deal with any title related issues to ensure clear title can be passed, attend the closing on behalf of the client and advise on signing documents and what is More importantly, they will oversee disbursement. of sales proceeds and other monies on deposit to the appropriate parties.
Buyer’s side
The buyer’s attorney will mirror many of the same activities as the seller’s attorney. In addition to making sure all paperwork is in order, this legal professional will also work with the lender on all mortgage and loan related matters, making sure adjustments or modifications have been made to the sales contract, explaining how title will be transferred , and make sure the title insurance is in good standing.
Regardless of whether someone is buying or selling, the real estate attorney plays an invaluable role in the complex and sometimes confusing process of acquiring real estate in the 21st century.