Your Choice to Hire a Real Estate Attorney

Though many people would never think of heading into a real estate closing without an attorney, there is no law that requires you to hire one to complete the sale of your investment property. In fact, whether to hire an attorney is often a matter of local custom.

In areas such as Chicago, New York and Boston, property sales routinely include the services of an attorney. Real estate attorneys will usually assist with the following:

• Reviewing contracts for language that may be disadvantageous to their clients
• Handling the legal paperwork and sometimes negotiations for the seller
• Transferring taxes, utility bills, ordering of surveys, title insurance and deeds

Other areas rely on the real estate agent to handle these attorney tasks. If selling FSBO (for sale by owner), always consult a real estate attorney to ensure you are following your state’s procedures and requirements, or you may learn at the last minute—often at settlement—that you forgot to obtain an important legal document needed to complete the closing.

It is also common to find a closing agent handling the paperwork at the closing, which leaves you the often-daunting task of interpreting and signing it without assistance if you don’t have a lawyer with you.

For buyers and sellers who go this route, remember the closing agent is a neutral party, often hired by the escrow company, whose only interest is to ensure the proper paperwork is completed and the closing goes smoothly.