Real Estate Lawyers

For many individuals the investment in real estate is the largest single investment they will make. The need for experienced real estate lawyers is clear. Professional real estate investors and the homebuyer alike are using real estate lawyers to clarify contracts, help negotiate the fine points of an offer and to make sure that the client's best interests are protected.

Real Estate Lawyers:

In most states, the role of the real estate lawyer is very clear. These states have a protective clause called an attorney review clause. This clause is used to protect both the seller and the buyer. The terms of the contingency can last anywhere from three days to a week.

During this period, the buyer and seller present the agreed upon purchase offer to their respective attorneys. These lawyers then review the contract and may converse with each other about language that should be revised as well as making sure the contract terms are clear.

Why Do I Need a Real Estate Lawyer?

Because much of the language in today's real estate is geared to protect the buyer, there are usually contingencies about structural inspections, pest infestation and mortgage loans approval. Due to changes implemented after the recession, the appraisal industry has undergone dramatic reform. The lender protects their investment by requiring an appraisal. Due to so much fluctuation in the value of real estate, property appraisers are hard pressed to be on the mark.

In situations where the appraiser comes up short of the purchase price, the bank may request additional cash up front. If the extra cash in unavailable, the lender may request another appraisal or may decline the mortgage application. In these situations, a real estate law firm can intervene and protect the purchaser's good faith deposit or help sort things out with the mortgage lender. In addition, real estate law firms are often called upon when it comes to foreclosures and short sales.

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