A property attorney is a lawyer who handles the legal aspects of all things property.
For a layman, the whole process of buying or selling a property can be overwhelming and taxing. This is where a property attorney can lend a hand and simplify the proceedings.
There’s a reason why over 4 million homes were sold in the US, with more than 3 million active real estate attorneys in practice (in 2023).
If you wish to be a property attorney, or you simply need help from one, here are some of the key roles and responsibilities that you should know about!
1. Reviews & Drafts Contracts
For all properties, private or commercial, the attorney is expected to handle all the documents, including purchase agreements, disclosure statements, and even loan documents.
In a purchase agreement, the terms and conditions must be clearly defined and agreed upon by both parties. A property attorney ensures the terms are fair to both parties and might negotiate if any disagreement occurs.
Further, the attorney will also carefully review the terms mentioned in the disclosure statement and disclose them to the buyer to eliminate all sorts of misunderstandings later.
The property attorney also reviews the mortgage terms and conditions in the loan documents to ensure that the terms are in the buyer’s best interests.
2. Conducts Title searches
A title search is when an attorney will examine legal and public documents to identify who legally owns a property. This is done through various ways, including tax liens, property deeds, land records, and even court judgments.
If you want your property to be bought or sold quickly, you must ensure that the title search goes as smoothly as possible.
3. Closes deals efficiently
It’s not as easy to close a “property” deal as it seems. This means if you have prospective buyers who are ready to invest in your property, it’s not enough for them to sign the deal; it requires a lot more.
If you truly wish to seal the deal successfully, a property attorney must interfere and negotiate the terms with the buyer. In case something is missing from either party’s end, they will bring it to your notice.
A property attorney will also look after the transfer of funds and deeds. Not only does this avoid delays, but it also prevents any complications down the line.
Since the transfer of property is an important milestone, the attorney may also have to write insurance policies to ensure things are well within the time limit.
4. Handles disputes
Not all property transactions go as planned. If you’re stuck in a situation where the other party disagrees with you over the final paperwork, or you identify some clauses in the contract that seem fishy, it can lead to disputes.
In such cases, a property attorney will step in to mediate, make peace, and find a ground that favors both parties.
Further, if one party fails to honor the contract or is found guilty of breaching a certain term or condition, the attorney can help you navigate through the troubles.
In severe cases, the attorney might even take the guilty party to court to reach a fair conclusion. He/she will act as a neutral third party, work under confidentiality, and ensure the fair interest of both parties.
5. Understand local laws
A thorough understanding of the local law and order is essential for any property dealings.
For example, zoning laws dictate how a property should be used. An attorney will help you figure out what your intended property use should be and what the zoning restrictions are.
Remember, real estate laws also vary from one state to another. So, it is only wise to get in touch with a property attorney in los angeles who is thorough with all the state regulations if you wish to buy or sell property in Los Angeles.
Conclusion
When it comes to choosing a good property attorney, you must not just limit your research to credentials alone.
You should also check the feedback given by other clients, their grasp of local and state laws, and their communication etiquette. If all the points tick, then identify a mutual time and start with honest and open communication with your lawyer.
Also Read: How Probate Attorneys Can Help After Property Inheritance
