In the process of buying or selling a home in Albuquerque, a real estate attorney may or may not be necessary, but how do you know?
If you are able to understand their role and what they do, you can determine if they are the right person for your team.
What Do Real Estate Lawyers Do?
What are the general duties of a real estate lawyer? Obviously, they handle transactions related to real estate, but what does that entail?
The attorney may review any contracts or other agreements you had with the seller related to the purchase, including your contract. Your lender documents, your title and transfer documents can also be reviewed by a real estate attorney.
An attorney might be present at the closing in some circumstances.
Both the buyer and the seller can benefit from legal advice from a real estate attorney.
A mortgage lender can also be represented by an attorney.
How Do You Know When to Hire an Attorney?
A home closing is considered a practice of law in some states, so an attorney must be present. This is not the case in New Mexico.
Here are some reasons why you might want to hire an attorney:
- In situations where a contract is unusual in any way, having an attorney at least look things over might prove beneficial. A lawyer is almost always beneficial in complicated situations.
- Having an attorney on your side can bring you peace of mind. It can help you feel more confident, and you can make sure all of your bases are covered.
- Buying a home in a special sale might require the assistance of a lawyer. An example is a short sale, a bank purchase, an auction, or an estate sale.
- If you're purchasing a home in a different state, an attorney might prove useful.
- Your family member owned a home you are selling, and you are the executor.
- If there are several severe issues with your house or if there is damage to the structure, you might need an attorney.
- You are trying to sell your property despite having liens against it.
- There is a divorce settlement attached to the sale of your home.
What Is The Cost Of Hiring a Real Estate Attorney?
A real estate attorney's fee will vary greatly depending on what services they're providing and who's paying for that portion of the closing costs.
In some cases, attorneys will charge a flat fee that will include certain services, and in others, they will charge by the hour.
You don’t necessarily need an attorney to buy a home in Albuquerque. It can be beneficial, however, to have someone review your contracts during this time if you can afford it.