Real estate legal experts document and review real estate transactions, including purchases, leases, inspections and appraisals. They also help resolve title insurance and environmental issues. When things go wrong in real estate transactions, real estate legal experts step in to file and defend lawsuits in court.
One of the key roles a real estate legal expert plays is that of document drafter. Real estate attorneys prepare deeds for conveyance transactions, leases and rental agreements, purchase contracts and financing agreements. While state law allows real estate agents to help clients fill out these types of documents, only licensed legal experts can actually draft and revise the documents.
Because real estate legal experts have sophisticated experience with many types of real estate transactions, clients often ask their real estate legal expert to negotiate the terms and conditions of real estate deals. This involves working with other attorneys, developers, brokers and investors.
Some real estate attorneys are involved only in reviewing and providing advice on real estate transactions. Clients will negotiate their own deals, sign a contract and then ask the legal expert to perform the "due diligence" on the deal. This means the legal expert will examine legal title issues, environment issues and reports and any of the contracts or other documents involved in the transaction. Real estate legal experts have training that allows them to spot issues that their clients do not recognize. In this role, the real estate legal expert plays guardian for the clients to make sure the clients don't fall into any unseen legal traps.
Real estate transactions don't always work out, and when they don't, it is common to involve the court in a lawsuit. Real estate legal experts represent their clients in real estate litigation. This includes drafting legal pleadings to file with the judge, participating in hearings and trial with the judge, and filing appeals if necessary. It also includes bargaining with opposing counsel to try and work out settlement agreements.
Buying real estate is a big decision, so it's important to get every step in writing. An Intent to Purchase Real Estate letter gives you an outline of the prospective sale. Use an Intent to Purchase Real Estate letter when you want to decide on the terms of the deal before committing to the purchase.
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