In a pandemic world in America, no market seems safe, and that certainly holds true for the real estate market across the US in 2021. In 2020, there were only 7,235 single-family homes and 3,266 townhomes or condos on the market, and that was down 60 percent and 46 percent respectively from the previous year.
It may be easier for you to buy a new home in this market, but you may also wonder if you should save on costs such as legal fees when the transaction seems so simple. The answer is no. Here’s what to expect from a real estate attorney.
What Your Real Estate Lawyer Will Do
A real estate lawyer will review every piece of paperwork related to your home, and that only starts with the Agreement of Purchase or Agreement of Sale. In the case of condos, it will be the Status certificate.
They will also check that property taxes are paid in full and that there are no existing legal problems against the property. Imagine not having a real estate attorney, and then discovering you inherited someone else’s problem after you moved in.
A real estate attorney will also confirm the titles, and ensure you pay the appropriate land transfer taxes at closing. In many cases, these fees are all built into your closing costs.
If you are purchasing for business, a real estate lawyer will also make sure everything is registered, or that commercial fees and duties are applied.
Are Real Estate Lawyers Expensive?
Like anything else, legal fees for real estate attorneys will vary, depending on the work they will do for you. Fees for real estate lawyers could range from $300 to several thousand, depending on the service. In many cases, these costs will be built into closing costs, which your attorney can also manage for you.
Your attorney may charge an hourly fee or a flat rate depending on what you need from them. In addition to closings, they may also help you register your mortgage, which can cost from $300 to $800 alone.
Sellers often have a little more legwork when it comes to real estate. Their legal fees may be higher.
In the end, getting a real estate attorney just helps you cross more off your list and squash potential problems before they happen.
Consult With a Real Estate Attorney Today
This is a buyer’s market, and thinking about the legal end of it can feel overwhelming. Figuring out how to pick the best lawyer for you with this big purchase probably feels mind-boggling. You don’t have to wade through thousands of lawyers to find real estate attorneys in the state. Do your research to locate a local, qualified attorney, request a consultation about your new purchase, and start feeling better about the next step towards your new home.