Real Estate Attorney
Their typical jobs entail reviewing documents such as purchase agreements, title documents, mortgage docs, transfer documents and typically represents a buyer or a seller. They are certified professionals who oversee the legal aspects of real estate transactions.
They also help advise clients in real estate disputes such as encroachments, taxes, liens, illegal structures, title issues, even environmental and insurance issues, just to name a few.
They also draft up leases, financial and rental agreements, review building code compliance, zoning and inspection reports. They are more transactional in terms of job function. The help both commercial and residential clients with the due diligence of real property.
In the East Coast like in NYC they close via roundtable closings. Your real estate attorney acts like escrow closing companies in the West.
A roundtable closing in NYC can consist of both parties (buyer and seller), both closing attorneys, both real estate brokers, the buyer’s lender and seller’s bank, and the management company representative. You can expect up to a dozen people to show up.
Unlike in West Coast closings, it will be most likely just your own party, nary to meet a single person from the seller side.
In short, the real estate attorney generally focuses on the legal aspect of real estate documentation involved in the real estate transaction.
An estate attorney is not to be confused with a real estate attorney. They may order and review an appraisal but do not do the actual appraisal unless they have a separate license for this. Estate attorneys will typically contract an outside appraisal company to affix a valuation on your property.
An estate attorney deals mainly with planning, wills, trusts, estates, taxes and probates. They help you plan for the equitable disposal of your estate once all your liabilities are subtracted out.
A home or real property always ends up as part of someone’s estate. Estate attorneys help clients with the distribution of that estate, provides counseling and sets up trusts. They can also advise you of a retirement and investment plan.
This will be the extent of their limited role that he or she will play in your real estate transaction in the future.
Real estate is a vast and varied spider web of various professionals that play specific roles throughout the entire life of the real estate process. Whether it was from the inception of purchasing a home, all the way to finally disposing of it towards the end of one’s life.