Real Estate Law
Why you Need Real Estate Lawyers?
When we think of a real estate transaction, we consider hiring a real estate agent but not real estate lawyers Grand Forks, ND usually. Most people would tend to spend more on hiring a real estate agent than a real estate lawyer. In reality, real estate agents and real estate lawyers have different roles to play in a real estate transaction.
While a real estate agent helps negotiate a transaction, real estate lawyers help navigate the legal process of the transaction. A real estate agent cannot cover the responsibilities of a real estate lawyer because he lacks the legal background.
Let’s take a look at what real estate law is all about:
Real estate law entails the purchase and sale of a “real property.” Real property is any property that is attached to the land. It could be a plot of land or a plot of land with structures like malls, houses, etc. including all the fixtures in the structures.
Real estate law pertains to aspects such as deeds, property taxes, estate planning, zoning, and titles. Real estate laws are established by the state and local governments.
The role of real estate law firms Grand Forks, ND is to ensure that the legal process is followed during the acquisition or sale of a property.
Responsibilities of a real estate lawyer Grand Forks, ND:
- Drafting and reviewing documents related to:
- Purchase agreements
- Mortgage documents
- Title documents
- Transfer documents
Besides this, they also assess the legal risks involved in real estate documentation, paperwork, and court filings.
- Ensures proper closing:
Closing of a real estate deal is when the money is paid and the title transferred. The real estate lawyer ensures that the transfer is legal and binding. The real estate lawyer Grand Forks, ND makes sure that the interests of his client are protected.
- Documentation during Purchase:
When a property is being purchased, the real estate law firm Grand Forks, ND takes care of the entire documentation.
The real estate lawyer:
- Drafts the title insurance policies
- Conducts title search on the property
- Takes care of the transfer of funds.
- If the purchase is financed, the attorney takes care of paperwork such as the HUD-1 Form and other documents related to the transfer of funds.
- Real Estate Disputes:
Real estate law firm Grand Forks, ND takes care of aspects such as chain of title, lot line issues, or any other contractual disputes.
If the dispute goes to court, the real estate lawyer may represent either the buyer or seller in the trial.
- Other Responsibilities:
Real estate lawyers may be called upon to mediate real estate transactions in some instances. Besides this, they litigate specialized fraud cases in real estate transactions. They
Certain states in the US have made it mandatory to have a real estate lawyer for closing, while in others lawyers are required to certify the property title. However, in Grand Forks, ND, the presence of a real estate lawyer is not mandatory. However, they are involved in the transactions according to local customs and practices. Hiring a real estate lawyer, however, offers several benefits to both the buyer and seller. Hence, it is recommended that you hire a real estate law firm Grand Forks, ND for any real estate transaction as he can help you navigate through the complexities of a real estate transaction.
This is chiefly to protect your best interests because frauds and cheating are quite common in real estate deals.
At what stage of a real estate transaction do you need an attorney?
Pre-Purchase: During this stage, the lawyer can verify if all the approvals and related documents being submitted by the seller are in order. At this stage having a real estate lawyer is beneficial because it can save the buyer from real estate frauds or other complications that may arise later due to improper paperwork.
During purchase: During the purchase process, a buyer will need to sign several documents. A real estate lawyer reviews all documents and ensures that the buyer does not sign any illegal/forged documents.
Post-purchase: After the purchase process is over and until the time the property is transferred in your name, a real estate lawyer Grand Forks, ND can help you with issues such as delayed timelines, etc.
If you are looking to hire a real estate lawyer, make sure that he has the following skills:
- Analytical skills.
- Good communication and negotiation skills
- Ability to research in detail.
- Great interpersonal skills.
- Good networking abilities.
Ward K Johnson Law Firm has a team of highly experienced real estate lawyers Grand Forks, ND who can make your real estate transaction hassle-free!