Retaining the services of a skilled real estate lawyer is an essential part of any property transaction. Whether you are selling a house, buying a new home, or beginning a new investment project, attorneys who specialize in this area of the law are necessary to make sure that all legal bases are covered.
The Differences Between Commercial And Residential Attorneys
Real estate lawyers who specialize in the commercial field have a much different role than their counterparts in the residential area. While both types of practitioners are concerned with transactions involving real property, the scope and complexity of those transactions vary significantly.
The Commercial Area
An attorney whose practice is focused on these land transactions will handle the negotiation of contracts, drafting and reviewing contractual language, analyzing complex financial documents, and, most importantly, advising clients on the suitability. This includes both short and long-term aspects of the property as it pertains to the project under consideration.
In addition to making sure that the contractual and financial aspects of a deal are in good order, a legal counselor who focuses on commercial land deals may also be involved with negotiating with contractors who will perform the work. They want to make sure that all necessary permits and licenses are obtained from local authorities and meeting all necessary insurance and zoning requirements. If necessary, these practitioners may also become involved in litigation over violations of contracts, or appearing before governmental bodies on behalf of their clients and the projects.
The Residential Area
Any real estate lawyer involved with a residential practice will either be representing the buyer or the seller in a home purchase. While the ultimate goal is to ensure that both parties achieve their desired outcomes, the individual responsibilities do differ depending on which side of the sale the client is on.
The Seller's Side
When representing a seller, the legal professional will review the sales contract and accompanying paper working to make sure everything is in order. They will arrange and / or prepare all closing documents, deal with any issues involving the title to make certain that clear title can be passed, attend the closing on behalf of the client and advise on signing papers, and, most importantly, overseeing the disbursement of sales proceeds and other monies in escrow to the appropriate parties.
The Buyer's Side
The buyer's counselor will mirror many of the same activities as the seller's attorney. In addition to making certain that all the paperwork is in order, this legal professional will also be working with the lender on all mortgage and loan related matters, making certain that any adjustments or modifications to the sales contract have been performed, explain how the title will be transferred, and insure that the title insurance is in good order.
Regardless of whether someone is buying or selling, the real estate lawyer fulfills an invaluable function in the complex and sometimes confounding process of acquiring real property in the 21st century.