Friday, June 3, 2016

Investing In Real Estate – Building The Right Team #2: Lawyer

Moving along in our series of building the right team as a real estate investor, after you’ve selected your realtor, it is time to consider legal representation. Today we are going to talk about what to look for and why you need the right lawyer on your team.

Why do I need a Lawyer?

The most basic task you need your lawyer for is to close the real estate transaction, transferring title to you. They will also provide legal advice for your investment business to protect your interests.

What will my Lawyer do for me as a Real Estate Investor?

Aside from the closing transactions, they will run title searches, register mortgages on the property, give legal advice or opinions on properties or related issues, review or even prepare real estate documents and even advise on ownership structures of your real estate.

What should I look for in a Lawyer

You’ll want to look for a lawyer who does a lot of real estate transactions and has the requisite experience. They should be able to provide relevant advice for your situation as a real estate investor and how to protect your interests. Having a lawyer that is an investor in real estate or has some sort of background in the business is a bonus.

How much will my Lawyer cost?

As in anything else, the costs will vary depending on the lawyer and the amount of work needed. On real estate transaction, some lawyers charge a flat rate plus disbursements (out of pocket costs the lawyer incurs on your behalf) and an hourly fee. Make sure you understand the costs beforehand and maybe compare prices in your market. Although the decision of cost alone shouldn’t determine which lawyer you choose, the decision is very important!

As we aren’t lawyers, we leave the legal advice to the legal experts. This is far from an exhaustive list regarding legal professionals but an intro to get your started with adding to your team. Now get to work!

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