Buying and selling houses appears to be the easiest part in the real estate investing business. As a real estate licensed agent, you just need to identify the property and list it for buying to sell it further to a prospective client. The real estate investing agent then fulfills the prospective buyer¡¯s desire for the type of house he/she wants. Once the property is approved, the real estate agent prepares the documents to transfer the property to the buyer¡¯s name with the help of a real estate lawyer, takes his/her commission, and walks off. Unfortunately, property deals are not as easy and simple as they first appear. Being a real estate investor has many implications connected with real estate law and you need to take the services of a professional and experienced real estate lawyer, with a decent command over the real estate law. 

Real estate laws
Real estate law varies from state to state. A property deal made in one state will have different legal requirements than those of another state. There are a host of legal issues pertaining to tenants, landlords, and homeowners. Real estate is state property, and the investor should be familiar with the real estate law governing properties in that state. Real estate law governs:

¡¤ Buying a home
¡¤ Selling a home
¡¤ Construction and home improvement or renovation
¡¤ Health and safety rules for the house
¡¤ Land use and zoning laws of the property
¡¤ Rights of the neighbors.

Proper documentation and legal paperwork will protect the new buyer or seller and you from any legal problems arising during the transaction or later. 

Engaging a lawyer
A real estate investor may have the best sales skills, yet he/she will need the services of a real estate lawyer to complete a real estate transaction. The legal documents protect you from any disputes arising from real estate transfer, real estate closure, reviews of documents between landlord and tenant, agreements on will, or any internal property disputes. A real estate lawyer will help in preparing all the documents required to legally purchase and sell properties and protect both the buyer and the seller. Escrow companies require these documents while transferring property titles. This paperwork helps the buyer to refinance the property and also the real estate investor to sell the property outright. It offers true protection to the new buyer and seller in the particular state from any legal dispute arising on account of the property deal. The real estate lawyer should be well qualified and have full knowledge of the real estate law of that state. It is always better to have to have clear written fee terms while hiring a real estate lawyer to save on the legal costs later. A real estate lawyer normally charges:

• Contingency fee. Depending on the case, the real estate lawyer may charge either on a percentage basis, one-third of the property price, or in some other form.
• Consultation fee. Some real estate lawyers charge fees by the hour or by the number of days in your service.
• Flat fee. A real estate lawyer may have a flat rate for common real estate transactions.
• Referral fee. A few real estate lawyers charge on a referral basis. 

After you have searched the best home, negotiated the price, procured mortgage loans, and hired the real estate lawyer, some tips to manage the overall fees and costs are:

• Get organized. Share the maximum information with your lawyer in the initial interview itself. Write the questions to be asked for deal closure information. This helps to save time that a lawyer would have used to investigate and gather information. 
• Be thorough. Provide your real estate lawyer with all the facts of your case, even the confidential ones, for him to represent you most efficiently. 
• Be efficient. Provide precise and concise information of your case to the lawyer to save on time and money in legal fees. Limit your discussion to essential legal matters only.
• Communicate. Since you are the primary source of information of your case, inform your real estate lawyer of any current developments in the course of representation to keep the case on track. This saves a lot of time and money.
• Examine the bill. Pay the agreed amount only. Monitor your expenses and costs to attain proper billing.

Familiarity with real estate law is absolutely essential if you are planning to start your real estate investing business. Also, you will need to hire the services of a real estate lawyer to help you prepare the proper legal documents to ensure that all legal requirements have been met.

 

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