If you’ve found this blog, you're likely looking at purchasing, selling, renting, or leasing real estate property (or properties). Perhaps you’re considering contacting an attorney about a potential real estate transaction, or maybe you’re wondering if you should search for some real estate forms online and go it alone.
This blog will give you a good understanding of what real estate lawyers do, including the difference between residential and commercial real estate, what situations do and do not necessitate working with an attorney.
Broadly, real estate lawyers advise clients on the legal aspects of real estate transactions, including the ownership, use, development, investment and financing of real property, and act as litigators when real estate disputes arise.
There are two areas of real estate law: commercial and residential. Residential real estate is property bought for individual housing, while commercial property is for business or investment use. For residential clients, a real estate attorney might help prepare and review documents relating to the purchase of a home, from mortgage agreements to title and closing documents, deal with lease issues, or handle a foreclosure. Commercial real estate lawyers work with businesses and developers to buy, sell, lease, or develop real property, such as retail space or manufacturing plants. Commercial real estate attorneys may also represent banks or investors who finance real estate transactions.
Knowing what real estate attorneys do may still not answer the question of whether you need to engage a lawyer for your real estate needs. Like many issues in real estate, the answer is complicated. There are some situations where the need for a real estate attorney is clear-cut, somewhere the decision will depend on your comfort level and others where legal representation is not needed.
You definitely need real estate lawyer if:
You might need a real estate attorney if:
You may not need an attorney if:
Depending on your real estate transaction, you may or may not need a real estate attorney. It's always a good idea to do your research and to contact an attorney if you find any issues with your transaction.
Joe Stengel has a vast understanding of commercial and residential real estate law through owning and operating property for investments, as well as serving as a legislator in Colorado. Contact him today to get your questions answered.
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