If you are buying or selling real estate, the closing process will be something you have to deal with before all is said and done. It is not just a simple task, however, because it involves legal work, contracts, and money changing hands.
So if you are handed the responsibility of dealing with real estate closings, what do you need to know? Below are the top six questions you should ask a real-estate lawyer, regardless if you are buying or selling.
What Is The Closing Process?
The closing process begins once your real estate contract has been finalized and is the final stage in buying or selling property. The closing day is when the title officially transfers to the buyer. The contract will show when your home needs to be closed by and who is responsible for paying all associated fees – things like attorney’s fees, title insurance costs, and transfer taxes.
Is A Real Estate Attorney Required In The State of Texas?
The short answer is no. However, real estate litigation can be complex, and you will be required to review and sign contracts and deal with banks as a buyer or a seller. Much like appearing in court, it’s best that you have an experienced professional to represent and advise you when dealing with residential real estate law or any kind of real estate transactions.
What Does A Real Estate Attorney Do For A Seller or Buyer?
Real estate lawyers in the state of Texas are legally authorized to prepare and review documents for the sale and purchase of real estate. They make sure that any contracts are in full accordance with pertinent law, and represent your best interests if you are their client. If a mortgage is involved, the bank may also have a lawyer present. It always makes sense to have an expert in real estate law reviewing real estate transactions that you are involved in before finalizing a sale.
What Certifications Should Your Real Estate Lawyer Have?
Any law firm or local real estate lawyer in the State of Texas will not only be licensed by the Texas State Bar, but also usually be certified by the Texas Board of Legal Certification. Always ask the team of real estate lawyers that you work with about their current certifications.
How Much Of Your Attorney’s Work Is Dedicated To Real Estate Law?
Many lawyers work in real estate as a secondary specialty. It’s always better to work with a real estate lawyer who performs that kind of work as their specialty. Real estate transactions can be complex, and each one is unique. When speaking with a law firm, make sure to vet the experience of the staff member assigned to you. A good guideline is to find an attorney that works at least 50% of their time in residential or commercial real estate law.
How Does Your Real Estate Attorney Structure fees?
Texas real estate attorneys usually charge on a per hour basis. It’s important to know who exactly all the counsel are representing, since this will break down exactly how much is charged. For example, attorneys who are responsible for title searches and diligence may charge a percentage of closing costs. Property owners should speak with prospective real estate lawyers and understand clearly how and why they will be charged.
Let Us Answer Your Questions About Real Estate Law
Real estate law can be a daunting subject. But we’re here to help! Kelly Legal Group has been working with buyers and sellers for over ten years to complete complicated real estate transactions. Contact us for a free consultation!