If you polled one hundred successful real estate investors and asked them to name one of the most important members on their team I would be willing to wager that all of them would put a competent real estate attorney near the top of their list. Real estate attorneys can with their expertise save you hours of aggravation and not to mention thousands of dollars that might be lost because you didn’t understand the contract you were signing.
What are some of the qualities and expertise a good real estate attorney should have?
o Can they help you with your contracts in a timely fashion?
o Will they make sure you are compliant with the local state’s laws where you made or are planning to make a purchase?
o Should be able to help you assign contracts legally and easily.
o Be able settle any disputes that might arise.
o If you own rental property help with tenant issues.
o Point out any loopholes in a real estate investor attorney contract and partnership agreement that could have a negative impact on your real estate business.
o Help you keep as much of your profits as legally and ethically possible.
The role of real estate attorneys is also being expanded by the increased complexity of the arrangements and the shorter time frame in which clients expect the deals to be done. Real estate investors cannot afford to wait for deals to happen. They are in the business to make a profit. The longer they have to wait for a contract to be reviewed, or a dispute to be resolved cost the investor more and more money day after day after day.
Finding the real estate attorney to suit your needs is no simple undertaking. If you plan on pre-foreclosure investing, as many real estate investors today are, then it is all the more important to obtain the services of a competent lawyer. Remember this is the person you are going to be leaning heavily on to keep you out of legal hot water. You want to focus your energies on creative and successful real estate investing and unless you have the time and patience to go through the phone book calling every real estate attorney listed then I suggest you ask for referrals. One good referral source is to contact the local REIA (Real Estate Investor Association) in the area you are interested in. If you know attorneys who specialize in other areas of the law ask them who they might recommend. Do not rush this selection process. If you do you may end up with an attorney who gets you into more trouble than if you never had one in the first place.
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