If you are thinking about buying or selling a home, your team of experts should include a real estate lawyer like Eugene Alkana. Eugene can help you find the right property or the right buyer and help you negotiate a price and closing date that are right for you. Mr. Alkana will review any offer you make or receive and make sure that your rights are protected and your duties as a seller are clear. Once you are ready to make or accept an offer on a real estate property and you have not retained a lawyer yet, make sure to contact Eugene Alkana.
There are some non-legal services out there that claim they can do all the legal work you need. If you are tempted to save a few dollars, remember that real estate lawyers belong to a profession that is regulated with standards, which they must meet. There is also insurance to cover damages if they make an error or omission. You don’t have the same standards or recourse dealing with other non-professional advisors, please contact Eugene Alkana before proceeding. This is not the time to do it yourself. Remember, many legal forms used in real estate are similar, but binder or purchase and sale agreement forms vary from state to state.
There are a few title insurance companies and mortgage lenders require you to use a lawyer to ensure that the title is good and that you are taking the correct steps during the process. They also want to make sure there are no liens against the property, and that the deal will close as anticipated, Eugene Alkana will help you with that.
In a case like this, Eugene Alkana’s role can be as broad as you want. And while it is not typical in a real estate transaction, you can ask that your lawyer describe his or her work and fees in writing before you proceed.
If you’re buying a home, Eugene Alkana will:
Help you understand the purchase contract, including how you will take title on the property.
Check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it.
Prepare and register all the legal documents.
Clarify the terms of the mortgage and work with your bank, if necessary, to modify them.
Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing.
Attend the closing and review all the papers you will be required to sign.
Arrange title insurance protection to protect you from losses due to title defects.
Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.
If you’re selling a home, your lawyer should:
Review the binder and review or prepare the purchase and sale agreement, including negotiating its terms.
Prepare the deed and power of attorney if necessary.
Deal with title issues as they arise and help correct them.
Attend the closing and review all the papers you will be required to sign.
Arrange for transfer of security deposits.
Arrange for insurance certificates if needed.
How much does this all cost? Typically, legal fees are higher when you buy than sell because the role of the buyer’s lawyer is more extensive. Most fees range from $500 to $1,500 for an average home whether you’re the buyer or the seller.
Some lawyers will charge you a flat fee for specific services and others will bill you by the hour. If you are paying by the hour, make sure you understand what the final cost is likely to be and insist on a regular accounting for charges. Eugene Alkana can easily estimate costs related to a real estate transaction and his or her fees will only go higher if something goes wrong. Remember, even if your deal does not close, you’ll still owe your lawyer for his or her time.
Thank you for your time, Eugene Alkana is ready to help you!
