Real estate is a broad field. While buying and selling properties is one aspect of this industry, it’s not the only one. Individuals who operate in this sector aren’t just realtors and mortgage brokers. Attorneys serve a valuable role and handle various transactions, as detailed below.
Leases, purchase and sales agreements and mortgage lender paperwork are examples of contracts. A real estate attorney Ashburn VA can perform various duties related to these legally binding agreements, including:
- Reviewing the contract to ensure it protects the client’s interests
- Verifying that the contract complies with any applicable Virginia and federal laws
- Explaining the contract’s terms and conditions
In the latter case, attorneys regularly advise their clients of the right to cancel their contract and penalties for doing so.
Real estate attorneys are also skilled negotiators. This skill can come in handy in various scenarios such as:
- Renegotiating the purchase or sales agreement’s terms due to a malalignment with the client’s best interests
- Resolving liens or other encumbrances discovered during the title search process
- Securing the mortgage company’s permission to move forward with a loan modification or short sale
Attorneys also often represent both homeowners and lenders during the foreclosure process.
Lawyers also often guide clients needing advice on handling real estate matters. This guidance may include:
- Landlord-tenant issues, such as compliance with the Fair Housing Act and evictions notification requirements
- Zoning or land use conflicts, such as easements
- Transfers of property, whether as part of estate planning or a 1031 exchange process
A real estate lawyer’s knowledge and experience can be valuable to the customer’s ability to make sound and financially responsible decisions. The extra level of confidence an attorney provides in navigating a real estate transaction means a lot, considering how expensive of an asset is involved.