Commercial Real Estate Lawyer
A commercial real estate lawyer specializes in representing clients who own or are looking to purchase commercial properties. Commercial properties can consist of a wide variety of different types of real estate, ranging from retail stores and restaurants to skyscrapers or sports stadiums. Commercial real estate lawyers must have a strong ability to understand and work with complex transactional documents and contracts. Commercial real estate lawyers will typically only work with commercial real estate and not any other area of the law.
Because contracts are binding agreements in which the parties are responsible for upholding their side of the deal, it is important that a commercial real estate lawyer is used before agreeing to any potential deals. It is much easier (and financially sound) to fix any issues with a deal prior to the agreement than sorting through an agreed upon contract. Having a qualified commercial real estate lawyer may also be required from any lending source before a deal can be finalized, so keep this in mind while negotiating a commercial real estate deal.
When considering purchasing or selling commercial real estate, it is important that you search for representation from experienced lawyers. Real estate transactions of this type must be reviewed for many different reasons and you may need to find a commercial real estate lawyer that works specifically with the type of commercial property that you are dealing with. Asking others in local commerce groups, reviewing listings of local lawyers, and using the internet are all important steps in finding the right commercial lawyer.
Residential Real Estate Lawyer
A residential real estate lawyer specializes in representing clients who own or are looking to purchase a house, condominiums, or other property for their personal use. Residential property can include primary residences, apartments, and vacation homes. Residential real estate lawyers have the ability to review sales contracts, research records of title and ownership, and can provide legal advice to their clients about property taxes, mortgages, or anything else related to home ownership.
Residential real estate lawyers have the primary task of ensuring that the sale or purchase of a home is not encumbered by title problems or liens. Such issues with title or liens can cause a property to not be marketable until it is clean of any defects. This also provides the buyers and sellers with a level of assurance that the property doesn’t have any competing ownership claims, which is assured by the lawyer. Real estate deals often hinge on these requirements so having a qualified residential real estate lawyer is a must for any transaction.
If you are in the market for buying or selling your home, it is important that you use the services of an experienced lawyer. Real estate transactions require the review and approval of a real estate lawyer or you may risk significant expenses trying to fix any mistakes. A residential real estate lawyer should be sought out that has a positive reputation in the community, specializes in residential real estate, and has a clean ethical record. Often, if you are buying or selling through a broker or real estate agent, they are able to suggest a lawyer fr you. However, it may be in your best interest to conduct some research to find a lawyer that best suits your needs.
Real Estate Lawyer Fees
Real estate lawyers do not all charge the same and costs can vary greatly between different lawyers. It can also make a huge difference on the type of work that will be needed to be completed. A real estate transaction that involves clean property titles and a simple contract will cost much less than the work to be done on properties with title issues and complex sales agreements. Resources are available to compare fees of different lawyers through the internet or just by asking different lawyers for rates. It is important you go into a real estate transaction knowing the costs involved before making a major financial decision.
Much of a real estate lawyers salary depends on the type of transactions they work on. Small town real estate lawyers will have much lower fees while their big city counterparts, who work on large commercial properties or expensive personal real estate properties, will have much higher fees. It is important that when you seek representation for your real estate transaction that you use a lawyer that matches your requirements. By using a real estate lawyer that is appropriate, you will not only have an expert in the area working for you, but the lawyer costs will match your transaction much more appropriately.
Commercial enterprises are well aware of the fact that commercial real estate law is different from residential real estate law. There are unique needs that require the series of a commercial real estate lawyer. Commercial real estate lawyers represent both property owners and commercial tenants in court during nonpayment and holdover proceedings. Both situations require the need to a commercial real estate lawyer to deal with the nonpayment of rent or the failure of a tendency to vacate a property past the expiration of the lease. Commercial real estate lawyers also protect the property owner if the property owner is forced to terminate leases due to violations, such as subletting, failure to pay insurance and performing needed renovations. Property owners with commercial tenants will need commercial real estate lawyers to handle court matters for them, as these disputes are typically settled in civil court. Additionally, a commercial real estate lawyer can help with the composition of a number of legal documents, including leases, sale agreements, financial statements, property acquisition and closings. For this reason, a property owner that utilizes commercial real estate lawyers can minimize potential liabilities and handle potential issues with tenants due to improved lease arrangements and legal recourse for tenants that violate their lease.
A residential real estate lawyer is invaluable to small and large property owners alike to help determine liabilities in legal documents and defend your interests against tenants. A residential real estate lawyer can help property owners if they must go to court to explain property code violations or the need to evict certain tenants that have violated their lease. Residential real estate lawyers also provide invaluable service by analyzing residential agreements and other documents for flaws and liabilities. This service is usually provided by flat fee, but large scale property owners may have a residential real estate lawyer on retainer to provide this service. In ensuring the legal solvency of landlord-tenant agreements, the property owner maintains a distinct advantage against exploitive tenants if the need arises for litigation.
A real estate lawyer salary depends heavily on the clients and location he or she practices in. the real estate lawyer salary will be high if the lawyer represents commercial property owners and keeps the lawyer on retainer. Real estate lawyer salary for working primarily on residential issues is also lucrative if the real estate lawyer maintains multiple clients that keep the lawyer on retainer. Real estate lawyers that are part of firms also earn a higher real estate lawyer salary due to a diverse and extensive client base. Mitigating factors that determine a real estate lawyer salary are often education, experience, location and number of clients. With these factors in consideration, a real estate lawyer salary can range from $98,000 to $130,000 dollars. That number is contingent also on the fee and retainer arrangements the real estate lawyer has with his or her clients.
A lawyer in real estate must be familiar with the standard forms and language used in composing real estate documents, including leases and rental agreements. A lawyer in real estate typically specializes in real estate law in law school, so as to have the best knowledge of the law. In this way, lawyers real estate are particularly specialized and can maintain a profitable practice on the review of documents and litigating on behalf of property owners against tenants that have violated their leases. Lawyers real estate will typically work on retainer for large property owner interests, often serving as legal counsel. For smaller clients, lawyer real estate firms will charge by the hour or flat rate fees to provide essential services. Lawyer real estate firms provide services with consideration for local laws and regulations, which vary between jurisdictions. As a result, lawyers dealing with real estate are best retained on a local basis as they will have the best understanding of the laws. Always choose a lawyer real estate firm that best conforms to your needs, so as to avoid paying for unnecessary or overpriced services that small time property owners will not need.
When using the services of a real estate lawyer, it is important to be aware of real estate lawyer fees. For small scale property owners, the real estate lawyer fees will be limited to flat or hourly rates for legal advice and the review of existing documents. Real estate lawyer fees also apply for the composition of new documents, which are legally solvent and made for the benefit of the property own to reduce potential liabilities. Real estate lawyers will larger clients will typically have real estate lawyer fees that involve retainer accounts. The real estate lawyer is able to charge for services out of this account while performing a multitude of legal services for the retaining party. In addition to the preparation and analysis of documents, real estate lawyer fees are accrued though litigation against tenants, often to dislodge them or to force them to abide by the conditions of their lease. Real estate lawyer fees will vary based on location, as well as the quality of the lawyer or firm providing services. Always get real estate lawyer fees in writing before accepting or retaining services.
If you own property, there will probably come a time when you need a real estate lawyer. However, even if you rent or lease property, there may be an occasion when you will need the services of a real estate lawyer, too. Depending on the type of legal work that you need completed, you may find that one type of real estate lawyers will work better for you.
Most real estate lawyers specialize in either private or commercial real estate matters. Some do handle both types of cases, but usually the commercial real estate lawyers work for larger corporations. Landlords are the most common customers for smaller firms that specialize in real estate; however, the everyday homeowner also makes up a large portion of their client list.
If you are planning on buying or selling your home, you may want to consult a real estate lawyer. They can help you determine what paperwork must be used to complete the purchase or the sale and what type of tax implications you might face in the future. If you are a landlord, you may wish for an attorney to draw up your lease so you know it will hold up in court. If you are a tenant, you may wish to have a real estate lawyer review a lease to ensure it is legal.
Real estate lawyers fill a specific role in today’s world and if you have questions or concerns regarding your property, it’s certainly recommended that you seek the advice of a professional.