Purchasing a new house is usually exciting. However, the legal aspects of this purchase can be quite complex. Because of this, you may be wondering if you need a real estate attorney in Olympia, WA to help you through it. While it’s not required to have a lawyer present during property transactions in the state, it is in your best interest to hire a lawyer when buying certain types of property.
When Hiring a Real Estate Attorney Makes Sense
Hiring a real estate attorney can provide you with many benefits in the following instances:
- When purchasing an investment property. Are you planning to buy a piece of property that you can rent out? An attorney can draft a lease agreement that clarifies the obligations of all parties involved. Also, they can help deal with property disputes or defects in situations involving a renter.
- When taking part in a special type of property transaction. Whether you are purchasing a short sale, estate sale, foreclosure, or bank-owned property, the transaction is usually not straightforward. An attorney can handle any complication related to such situations.
- When purchasing a sale by owner property. Sometimes, this type of transaction has some tricky parts. In a hot market, property owners may ask buyers to waive some rights like the right to inspection, which reveals property damage. If you want to purchase property of this type, you need an attorney to review the contract’s terms and protect you from serious mistakes.
- When buying a property with structural problems. Some properties for sale may have hidden structural problems such as water damage or a cracked foundation. Ideally, both parties in a sale can work out such problems in the contract before closing. However, mistakes can be made if you don’t know much about real estate law. Sometimes, you may discover a problem until after the sale. An attorney can protect your interests when purchasing a property with some structural problems. They can negotiate with the seller for you to repair the issue before closing and have the property seller pay for the costs of any repair work. If you discover the issue following the sale, your attorney can determine if you have a claim against the seller.
- When buying property in a natural disaster zone. A property located in an area with a high risk of natural disasters such as flooding may have structural damage. You need an attorney if you are buying this type of property.
- When purchasing a commercial property. Commercial property purchases come with unique legal implications. An attorney can create a sale contract to protect your interests and consider factors such as zoning laws. Also, they can educate you about possible problems that may impact commercial operations over time such as structural and environmental problems.
The Cost of Hiring a Real Estate Attorney
A real estate lawyer usually charges from $150 to $600 per hour. The specific charge depends on the experience and the reputation of the firm. Often, home closings cost $750 to $2, 000, But your final bill depends on the fee structure of the lawyer and the service.
Real estate lawyers can charge a fixed rate or an hourly rate for their services. An attorney who charges by the hour will ask you to pay fees according to the amount of time spent working on the case. A fixed fee means you will pay the same amount regardless of the number of hours the attorney works.
Flat fees are common where a lawyer can estimate their time, like title searches or sale document preparation. If your case ends up in a challenging dispute and you require court representation, you may be charged by the hour.
