The most successful real estate investors surround themselves with a strong team. One of the most crucial members of your team is a lawyer. Whether you are a seasoned real estate investor or a beginner, an investor-friendly lawyer is a precious resource.
What does a real estate lawyer do?
One of the primary roles of real estate attorneys is to draft legal documents like leases, title documents, eviction notices, deed transfer documents, and mortgage contracts. Your lawyer could also offer help with negotiations, general litigations, closings, foreclosure proceedings, title searches, and resolution of zoning problems.
Selecting an investor-friendly lawyer
There are many qualified lawyers you can work with, but you need to choose the one best suited for your needs. Here are some questions that will help you determine if your lawyer is a good fit:
What are your qualifications?
While most lawyers are knowledgeable in all aspects of law, they usually specialize in one or two specific areas. An immigration lawyer or intellectual property lawyer might not benefit a real estate investor. You need to find an attorney with specific qualifications in real estate law. Besides checking their qualifications, you should also find out if they are a licensed attorney in your province.
Do you have any experience?
Besides being qualified and licensed, an investor-friendly attorney should have some experience under their belt. Find out if they have worked with real estate investors in the past and what services they have offered. You might also want to ask what percentage of their practice involves explicitly working with real estate.
What is your availability?
There are many times in a real estate transaction when a deal is urgent and needs immediate attention. If you cannot reach your lawyer easily, you have a problem. You need a dedicated real estate attorney that will be available whenever emergencies pop up. You might also want to clarify how much of the work will be done by paralegals to establish what kind of working relationship you will have.
What are your fees?
This is a crucial question, especially for beginner real estate investors. While it is not advisable to go for the cheapest lawyer available, you should choose an attorney whose fees are within your budget. And be sure to ask if the lawyer charges a time-based fee or fixed rate. In addition, find out which specific services will be included in the contract.
The importance of choosing an investor-friendly real estate agent cannot be overstated. If you need help finding a good lawyer, talk to Regalway Homes.