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Not every real estate transaction needs the help of a real estate attorney but there are some situations that an attorney or a real estate lawyer really can benefit both buyers and sellers.
In some states, real estate attorneys are always used for every real estate transaction but that’s not necessarily the case in Portland. So why would you use a real estate attorney?
First up, what is a real estate attorney?
This might be an obvious question but it’s important to know what a real estate lawyer actually does and why they specialize in real estate. This is a licensed attorney who specializes specifically in real estate transactions and disputes. A real estate attorney will prepare or review any documents that lead up to the closing date and handle any disputes between the buyer and seller. They may or may not be a standard player in a real estate purchase process and in the Portland area, are typically not used for every transaction. Most deals can be done between the listing agent and the buying agent.
When do you need a real estate attorney?
A real estate attorney can actually handle the entire process from start to finish. Let’s say that you want to purchase a home without involving any real estate agents. This is most often, and when someone has either passed away and someone in the neighborhood or a family member is buying or gaining the deed it to a particular property. There is no need to list the property, stage it, price it, and put it on the multiple listing service so real estate attorneys can handle all of the documents to transfer ownership from one person to another.
A real estate attorney can also represent either the buyer or the seller in litigation regarding the property. Depending on where you live in the country, a real estate attorney may also be required at closing, but again, not required for Portland or Oregon state. In Oregon, a closing agent, often employed by the title insurance company, may oversee the signing of final documents and closing the transaction.
Once the deal has closed, a real estate attorney can play a major role if issues arise after the fact leading to seek legal action or litigation from the seller or the buyer. If the seller has not disclosed known defects about the property or if easements or property line issues come up down the line, you might need to enlist the help of a real estate attorney.
If the buyer is not using a lender or working with the title company and transferring ownership like a quitclaim deed, you usually won’t use a title company and instead use a real estate attorney.
It’s always a good idea to have a real estate attorney on standby just in case you needed even if it’s not required. A real estate attorney handles anything that could go wrong and while you don’t need one or legally are not required to have one, having one in your back pocket just in case is not a bad idea, especially for those that buy and sell frequently.
For Investors and Luxury Transactions
Many high-end properties or luxury homes will require real estate transactions depending on the buyer or seller’s needs. With a lot of skin in the game, real estate attorneys can help protect both buyers and sellers throughout the process. Many celebrity homes, high-profile clients, and luxury properties with multiple amenities, buildings, and acres, can definitely benefit from using a real estate lawyer.
A real estate attorney is a great part of the process for investors. Because they buy and sell so many properties in a short amount of time, having a real estate attorney handle a lot of the transaction can make things easier and less expensive overall. Buyers and sellers are not paying multiple agents to list and sell the property and a lot of marketing dollars may be saved and spent on the real estate attorney fees or put back into the profits of the house.
Real estate attorneys can also be involved when you need to defend yourself against foreclosure or if you try to deal with the landlord and tenant issue. Attorneys can separately focus on these categories without specializing in real estate so it may help to find an attorney or a lawyer that specializes in this type of real estate law. Just like a doctor specializes in different types of medicine in different parts of the body, real estate attorneys can handle different parts of a transaction.
Typically for Orlando real estate, you won’t need to hire a real estate lawyer but it doesn’t help to have a few references on hand. If you’d like more information about real estate attorneys throughout the Orlando Metro area, give us a call. Because we buy real estate throughout Orlando frequently, we understand that the need may arise from time to time.
Looking to relocate to the Orlando area, perhaps outside the hustle and bustle of downtown? At Buyers Broker of Florida, we work solely with buyers looking to find the perfect home for their lifestyle and budget. Contact us at any time to start your search for Orlando homes for sale and all surrounding communities and towns.
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