Most investment properties require that a good real estate attorney is hired. The reason behind this is that several of these lawyers do not understand transactions to do with property and others have not invested. As a result, you find that most of these lawyers only offer advice and this prevents them from being implicated. They cannot advice you on methods of making money out of a deal. Nobody would want to deal with such a lawyer.
A professional real estate attorney for investment properties is one who will let you in on all the risks that could arise from any deals made. Expert real estate lawyers will also give advice on the alternatives involved in doing profitable real estate transactions. Professional real estate attorneys will show you where there is a problem and will also give you a solution thereof. You know you are working with the wrong real estate lawyer if they methodically kill a deal or sees a problem but does not point it out or avoid discussing risks in real estate.
Below are some things you can do when hiring a good real estate lawyer. You may learn more here as well.
If there is a real estate investors association in your city, make a point of joining and look for referrals. Get to know other businessmen or women who have invested in real estate and interact with those who have used the real estate attorney’s services. Through title companies and real estate agents you can get referrals. Do not rely wholy on the yellow pages as you cannot trust any lawyer who claims to have knowledge on real estate investment. In the real estate law, there are five groups including agricultural, landlord-tenant, industrial, residential and commercial. Read more here too: http://www.encyclopedia.com/topic/Lawyer.aspx.
In all these groups, you will get lawyers. In development and environmental law there are other lawyers. Different lawyers are trained in their line of expertise meaning they may not be able to give you good advice in other fields. So it is very important that you select a lawyer who is professional in a given field. There are two types of lawyers in real estate the contract handling lawyers and the lawsuit ones. The lawsuit handling lawyers are litigators, and the contract managing ones are transactional. It is possible to get lawyers who deal with both the litigation and transactional. The best option is going for one who is expert in at least one field over the other.
These are some things that you need to know prior to hiring your real estate lawyer. The first one would be to know if they have a rental property to their name. Get to know the number of cases they close per year. Get to know their latest odd transactions. Find out of they have done any foreclosures, zoning board appeals, condo conversions or evictions. Check to know if they know the lawyers terms such as wraparound mortgage, option or lease and installment land contract and others. When a lawyer speaks, you can know if he is professional or a fake. Before hiring any lawyer make sure you meet them in person. You can get facts more about this by following the link.
