The Duties and Responsibilities of a Property Attorney
Property attorneys record and review real estate transactions, including leases purchases, inspections and appraisals. They also help work out title insurance and environmental dilemmas. Many real estate lawyers also help lenders carry out foreclosure, while others help borrowers defend against foreclosure.
Some real estate lawyers are involved only in reviewing and providing advice on real estate transactions. Clients will negotiate their particular deals, sign a contract after which ask the attorney to perform the "due diligence" on the deal. This means the lawyer will analyze legal title problems, environment issues and reports and any of the contracts or alternative documents involved in the transaction. Property lawyers have training that allows them to spot problems that their clients usually do not comprehend. In this function, the property attorney plays guardian for the customers to make sure the customers do not fall into any snares that are unseen legal.
One of the key roles a real estate lawyer plays is that of document drafter. Property lawyers prepare deeds for conveyance trades, leases and rental agreements, purchase contracts and funding arrangements. While state law permits real estate representatives to help clients fill out these types of records, only accredited lawyers revise and can actually draft the documents.
Many real estate attorneys specialize in mortgage and trust deed foreclosure, particularly during challenging economic times. While others signify borrowers, lenders are represented by some attorneys. The lawyers representing lenders help guide lenders correctly through the foreclosure process, which may include filing a lawsuit in court. The attorneys on the other hand, try to make life hard for the foreclosing lender by challenging any blunders made in the foreclosure procedure, and by negotiating with all the lender for a settlement agreement to prevent the foreclosure process.
Because real estate attorneys have experience that is refined with many types of real estate transactions, customers frequently ask their property lawyer to negotiate the stipulations of real estate deals. This involves working with investors, developers, brokers and other lawyers.
Real estate attorneys represent their customers in real estate litigation. Additionally, it has haggling with opposing counsel to try and work out settlement agreements.