Why am I investing? Here are some of the reasons why every investor needs an attorney on their team: A real estate attorney often has a strong handle on the local area. One of the most important members of your team is your attorney. Truth be told, most of the work on a deal is done by the paralegals. Meeting a new person can be intimidating. That’s why it’s important to find the best person for the job. Expertise: Business Management, Personal Finance. Fraud 7. One thing some people outside of the legal field don’t understand is that not all lawyers are litigators. There are many instances in the business when a deal is time-sensitive and needs immediate attention. As a real estate investor, you will eventually need an entity for both operational and asset protection purposes. Landlord-tenant litigators usually advertise themselves as such and wouldn’t be a great choice for, say, what I do. Maybe you have plenty of capital, an extensive real estate network, or great construction skills— but you still aren’t sure how to find opportunistic deals. I agree to receive BiggerPocket's newsletters, promotional emails, and event announcements. I am happy you enjoyed it! If I change my mind and don’t want to sell my house, do I still owe a commission … A good attorney can make it as smooth as possible for you. If you have an inclination to tell your attorney about a situation, it is always best to err on the side of saying too much over too little. Holding assets in an S corporation has many benefits, including protection and minimized self-employment taxes. Whether you are investing out of state or simply renting out the property next door, finding a good attorney can help protect you and your business through all aspects of a real estate transaction. Money is money, regardless of who you are. Make note of which services your business warrants, and hire an attorney accordingly. Rehabbing Houses On A Budget: 9 Step Guide, How To Use A Home Depreciation Calculator, Wholesale Real Estate 101: 5 Tips For Talking To Sellers. You can withdraw your consent at any time. Keep reading to learn about the questions to ask real estate attorney professionals before working together. Of course, this list is not exhaustive. Breaches of contracts 2. The … If your attorney is constantly in court, you will only get them first thing in the morning or after hours. If you need someone to help with property transfers or the creation of asset protection structures, I do those things all day. By having a mutual attorney, you can hit the ground running. After all, they play one of the most important roles when it comes to a successful investment. In time, an attorney that works with investors can be a good source for deals directly as well. Homeowners typically lean on attorneys during the home buying or selling process; however, real estate investors may employ a real estate attorney considerably more frequently. They can also help with contracts, lease agreements, and loan documents to ensure you understand each of your responsibilities as a property owner. There is nothing wrong with a paralegal doing the heavy lifting; however, you may want to be introduced to them during the consultation process as well if that’s who you’ll be working with moving forward. For your convenience, here are some of the most essential questions to ask your real estate attorney. Thank you. Those working with investment properties or working in property management may find a real estate attorney particularly useful in situations throughout their careers. [ Do you control your finances or are your finances controlling you? In the meantime, if you have any feedback or suggestions to add to the list, fire away in the comments section. Related: Tips & Tricks From an Attorney: Here’s How I’d Protect My Real Estate Assets. By getting to the bottom of what a given real estate attorney offers, or what makes them stand out, you can gain a sense of trust and understanding of what to expect moving forward. Traditionally, sellers will pay 6% to their real estate agent. And still others operate on retainer or contingency—though the latter is rare in the real estate world (at least from the landlord’s perspective). As a bonus, your attorney may be able to put you in contact with fellow investors in your area. I offer flat rates because most of what I do does not require unpredictable hours spent in court. Find a Lawyer; Ask a Lawyer ; Research the Law; Law Schools; Laws & Regs; Newsletters; Legal … They will say so, too, after nodding their heads that they firmly understand an agent can't give legal advice. The importance of a good real estate attorney cannot be understated, no matter if you are a full-time real estate investor or first time home buyer. The more credentials, the better. The right real estate attorney will guide you through several processes, making their fees well worth it in the long run. Using the least expensive attorney should not be one of them. Regardless, these questions should give you a starting point for building that new attorney-client relationship. 4 Questions Every New Investor Needs to Ask Their Attorney 1. Yet another reason a real estate attorney can be of value to your team is during the rehab process. By getting caught up in saving money, you could miss the big picture. You don't always need one. These four questions can both focus the meeting and save you both a lot of time. Find out how real estate investing can put you on the path toward financial independence. An attorney performing similar transactional services may be more open to a flat rate than one who will be performing largely hourly services or spending extensive time in court on your behalf. Others make more or less depending on how many properties they have in their real estate investment portfolio. Your information is secure and never shared. Contrary to some strange popular belief, most of us are actually nice people who will be happy to refer you to a competent colleague if we cannot help you ourselves. Common real estate investment property disputesinclude: 1. In fact, you might find your first meeting with a new real estate attorney goes rather smoothly if you come in with some questions prepared beforehand. Thank you for the feedback! The right real estate agent will bring more value to your real estate investing team than just locating listed properties and writing contracts. Treat your search process as you would with anyone else on your team. If they have a large investment portfolio, you should feel confident that they know the process and what to expect. So many questions on if/when to use an attorney. Now, that being said there are several variables when it comes to real estate attorney fees that you will want to make note of. I mostly practice transactional law. Determine whether or not they are well versed in the specifics of your business. In fact, you might find your first meeting with a new real estate attorney goes rather smoothly if you come in with some questions prepared beforehand. Log In Sign Up. Their input is even more valuable if the attorney is also an investor like you. It’s well worth asking for. In that sense, real estate attorneys are invaluable. Find local real estate meetups and events in your area. If it pertains to real estate, many buyers don't see it as a legal question. While a variety of arrangements are just fine, the lawyer should at least be able to explain what he or she is billing for. If you have an inclination to tell your attorney about a situation, it is always best to err on the side of saying too much over too little. When considering real estate attorney fees, you should simply weigh the potential cost of losing your investment properties over a legal issue versus the costs of hiring a trained professional to help ensure that does not happen. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember. Read on to see when you may. There are plenty of ways to save money in a real estate transaction. Defective titles 4. When you purchase property for investment purposes, you may encounter a variety of issues that can lead to legal disputes. What did you do the last time a real estate transaction that you handled did not go according to plan? Interested in Learning How to Invest in Real Estate? However, the real perk of working with an attorney is that owning investment properties can open you up to a number of liabilities and the right real estate attorney can help protect both you and your business from any issues. Plaintiffs' lawyer … A good attorney is essential, regardless if you are just starting, or are already established in the business. With all the different forms of technology available, getting in touch with someone is as easy as ever. You can expect them to drop what they are doing, but it isn’t unreasonable to get back to you in 24 hours. The following is a list of questions that would-be investors should ask regarding properties they are considering: Is the property near a commercial site, or will long-term construction be occurring in the near future? Using a phrase of random words (like: By signing up, you indicate that you agree to the, Tips & Tricks From an Attorney: Here’s How I’d Protect My Real Estate Assets, 5 Reasons Why You Need a Real Estate Attorney, The Road to Efficiency Is Paved in Automation, Real Estate Taxes 101: What You Need to Know Before Year-End (+ 2 Steps to Complete ASAP), How To Overcome Time & Money Limitations When Starting a Business, Owning Rentals in an S Corporation Might Be a Costly Mistake—Here’s Why. Much like with your real estate agent, your attorney can not only help find deals, but also offer protection. I am o erwhelmed at where to go from here. Use at least 8 characters. Might seem like a basic question, but you really need to be … Full-time agents are more likely … If you’d like to learn more about your entity options, check out our previous articles on the differences between the traditional and series LLC as well as Four Types of LLCs and The Way They Pay Taxes. You need an attorney that knows how investors work in real estate. It is far more important that they know real estate, work with investors, and are there when you need them. If you’d like to learn more about your entity options, check out our previous articles on the differences between the traditional and series LLC as well as. Some real estate investors make six-figure income on an annual basis. An upfront conversation about billing possibilities and what you can expect to pay saves both parties potential grief. During the selling and closing process of a home, a real estate closing attorney can help handle the title check and more for the property in question. This question can save you a lot of time and money with real estate lawyers. It is important to find out if real estate is something that they focus on. Others of us use flat fees. In this same vein, you may want to ask what percentage of the actual work will be done by a paralegal to determine the kind of working relationship you will have moving forward. Attorneys often catch errors in contracts or deal structures that would escape a layperson. You would need a different kind of real estate attorney if you wanted to, say, sue your landlord. Related: 5 Reasons Why You Need a Real Estate Attorney You can also use this time to negotiate the possibility of a flat rate, if such a maneuver makes sense for your needs. I’m an example of one of those lawyers. It is important to note, that in contrast to finding a traditional attorney, the number of years a given real estate attorney has practiced law is less important when compared to their specialty. The two biggest resistances you have to overcome in business are time and money. By being well versed in local laws and regulations, the right real estate attorney can help you ensure your property, and anything done to it, are run in compliance with state and local regulations. FortuneBuilders is a real estate investing education and business development company, providing coaching, resources and tools to start a real estate business. John Corretti likes investing in real estate but buying locally doesn’t make a lot of sense. Here’s an a sample of a good review for a real estate investor: “Best Decision I’ve Ever Made!!! If you signed up for BiggerPockets via Facebook, you can log in with just one click! You would need a different kind of real estate attorney if you wanted to, say, sue your landlord. Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! One thing some people outside of the legal field don’t understand is that not all lawyers are litigators. Sure thing! A good attorney is essential, … This tests the candidate’s ability to work under pressure and assesses how knowledgeable the candidate is. Real Estate Lawyer Interview Questions. The lawyer will tell you up front. Learning … ... You Need to Ask Good … If you can’t get in touch with your attorney or they won’t return your call, you will have a problem. Ready to start taking advantage of the current opportunities in the real estate market? For example, do they have a background in property management? Subscribe today and get the Oct/Nov issue delivered to your door! The right real estate attorney will be skilled in the laws and regulations of your area and will be available to oversee the legal details of your real estate transactions. For some people, meeting a new attorney can be especially intimidating. I hope you have found this list helpful as a starting point for a conversation with your new attorney. When it comes to boundary disputes or survey issues in a given real estate transaction, a real estate attorney will be able to work with your realtor to ensure the process goes smoothly. How would you handle my case? It’s not out of line to ask an attorney for a brief … The best investors surround themselves with the best team. Actively investing in real estate, FortuneBuilders is uniquely built to provide investors with the right education and systems for success. Topics include: relationship-building, self-awareness and skill-building questions to ask your mentor. You can also use this time to negotiate the possibility of a flat rate, if such a maneuver makes sense for your needs. Let’s talk about how to do it. When it comes to hiring contractors, an attorney can assist you in the creation of an agreement to protect you and your property throughout the process. What kinds of real estate investing legal work do you usually do? If you're a real estate investor, you've probably wondered if you should hire a real estate attorney. Now that you have a better idea of the ins and outs of what a real estate attorney can provide, it’s important to determine how well they will fit in with your specific goals. It’s very informative article. Each will bring certain skills to the table for a win-win relationship. But there’s a BIG catch. In most cases, the attorney fees will be within 10 percent of everyone else in the business. And, based on my experience managing distressed real estate funds, that’s the No. Many real estate investors purchase property—both residential and commercial—with the intent of leasing it out. But it doesn’t have to be. 8 Common Questions about Real Estate and Divorce A real estate lawyer answers eight of the most common questions about real estate and divorce from couples going through this tough stage in their lives. Often this means having a staff of real estate paralegals ready to handle title searches and other issues that pop up. The best investors surround themselves with the best team. I get so many litigation calls; I don’t litigate either but let’s chat about real estate investing any day of the week ; ) Good info; make sure to check online reviews and try to find out whether or not they will charge you a consultation fee (IMHO, they should NOT). If you get an off-in-the-distance stare as he contemplates what to tell you, be assured he does not have the first clue. Remember, you want to make sure you feel comfortable speaking to whoever will be acting as your point of contact so don’t hesitate to ask who else will be involved. … No investor has the time or patience … This could be changing the contract to offer protection or working with lenders to push the deal forward. Start analyzing real estate properties, we do the math for you. Unfortunately, many real estate clients cannot differentiate between a legal question and a real estate question. Top Stories Companies & Markets Stocks Real Estate Banking & Finance Energy & Commodities Technology Consumer Transport Government & Economy Wealth & Investing Leadership & Management Opinion Life & Culture Taking Heart Focus Magazines. I’m an example of one of those lawyers. Summary: In part three of our Finding the Right Real Estate Investor Mentor series, we’ll provide a comprehensive list of the best questions to ask a real estate mentor. You don’t need to know all the legalese, and, in fact, it’s usually best if you explain your problem in plain English. ]. Tenant issues 9. By premeditating any legal issues, an attorney can ultimately save you time and money in the long run. 1 reason smaller investors don’t invest and the final reason all real estate deals fail. Additionally, specify which services will be included in your given contract. Thanks for sharing this! Real estate agent commissions; Of all these costs, the real estate commissions are the highest. Get recommendations from either your real estate attorney or other investors who use a real estate-savvy CPA. We have 13932 Real Estate Law Questions & Answers - Ask Lawyers for Free - Justia Ask a Lawyer. Before you sign … Much like with your real estate agent, your attorney can not only help find deals, but also offer protection. So, for the next section, you will learn what really impacts a real estate investor’s money-making process. Click to register for our FREE online real estate class! Think of it this way: you are paying money upfront to save yourself from future legal problems and consequently financial problems down the road. $ 500 doesn ’ t sure how to invest in today ’ s to... To negotiate the possibility of a flat rate, if you signed up for via... I ’ m an example of one of those lawyers help find deals, also! 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