Hiring the services of an experienced real estate attorney is an essential part of any property transaction. Whether you are selling a home, buying a new home, or starting a new investment project, attorneys who specialize in this area of ​​the law are needed to make sure all legal bases are covered.

The Differences Between Commercial and Residential Lawyers

Real estate attorneys who specialize in the commercial field have a very different role than their counterparts in the residential area. While both types of professionals deal with transactions involving real estate, the scope and complexity of those transactions vary significantly.

The Commercial Area

An attorney whose practice focuses on these land transactions will handle contract negotiation, draft and review contractual language, analyze complex financial documents, and most importantly, advise clients on suitability. This includes both short-term and long-term property aspects in regards to the project under consideration.

In addition to making sure that the contractual and financial aspects of a deal are in order, a legal advisor who focuses on commercial land deals may also be involved in negotiating with the contractors who will perform the work. They want to make sure they get all the necessary permits and licenses from the local authorities and comply with all the necessary zoning and insurance requirements. If necessary, these professionals may also engage in breach of contract litigation or appear before government agencies on behalf of their clients and projects.

The residential area

Any real estate attorney involved in a residential practice will represent the buyer or seller in the purchase of a home. While the ultimate goal is to ensure that both parties achieve their desired results, individual responsibilities 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 to make sure everything is in order. They will arrange and/or prepare all closing documents, take care of any title issues to ensure clear title can be passed, attend the closing on behalf of the client and advise on document signing and what is Most important, they will oversee disbursement. of sales proceeds and other monies on deposit to the appropriate parties.

The Buyer’s Side

The buyer’s attorney will reflect many of the same activities as the seller’s attorney. In addition to making sure all paperwork is in order, this legal professional will also work with the lender on all mortgage and loan issues, making sure any adjustments or modifications to the sales contract have been made, explaining how the title will be transferred, and make sure the title insurance is in good standing.

Regardless of whether someone is buying or selling, the real estate attorney plays an invaluable role in the complex and sometimes confusing real estate acquisition process in the 21st century.