While exciting, Real Estate transactions can be quite confusing.  It is a serious process that can take an ample amount of time and money to complete. When things seem too complicated it is a good idea to consider a real estate attorney. Below is some valuable information to help you decide whether or not you need to use a lawyer for your transaction.

How can an attorney help me?

A real estate attorney can offer many different services and some may specialize in certain areas but some general services that are typically offered are:

• Reviewing and outlining the real estate transaction process

• Reviewing any listing or agency agreements

• Drafting and reviewing real estate condition reports

• Drafting and reviewing residential offers to purchase and counter offers

• Assisting buyers and sellers through the property inspection and financing contingencies

• Working with title insurance companies and reviewing title insurance commitments

• Checking the settlement statement figures with you prior to closing

• Advising you at closing

There are always questions during this long involved purchasing process, therefore having an attorney available to answer your questions, big or small, will be an added bonus.

What are the costs involved?

The actual cost for an attorney varies by state and by amount of work required. Fee structures also vary (some lawyers charge by the hour, others by flat fee, some by both depending on the task.) but the typical range is $350-$1500.  While it is important to do your research and shop around for the attorney that best fits your budget, don’t let the price factor determine your decision. You may find the worst attorney that is the most expensive or you may find an excellent attorney that offer decent services at a fair price.

Where can I find a reputable attorney?

A good place to start in locating a real estate attorney is to ask for referrals from your local bar association, your real estate agent or your mortgage broker.  Word of mouth has great value as well; ask friends, colleagues and family whom they've had a good experience working with. The Internet is a valuable tool you can use to research also,locate an attorney in your area.

Many people find that purchasing or selling a Chapel Hill home is the most complicated and largest legal transaction they will make in a lifetime. Having your real estate attorney sitting right next to you to watch after your best interests will give a lot of stress relief during this sale time.

 

 

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