Ann Arbor Real Estate Attorney

Although the largest asset for millions of people is their real estate, many of them do not involve a lawyer when they are buying or selling their homes. Perhaps this is because the average house sale transaction is fairly cut and dried. However, the sale of a development property is more complex. It involves a myriad of laws and issues that usually are not present in a house sale. In addition, the transaction from start to finish is likely to stretch out over months or years while the builder is securing governmental approvals and satisfying other conditions of the sale.

Before you actually put your property on the market, do yourself a favor. Hire an attorney. Not just any attorney, but one who specializes in real estate. Do not hire your family lawyer or the one who got you your divorce. Loyalty is great but it has its limits. You need someone who represents real estate clients every day, week in and week out, not once every couple of months. You do not want to be paying for someone to be trained on the job. You are likely to have much at stake in the sale of your land, and you simply cannot afford to have someone screwing it up because they are in over their heads.

If you do not know a good real estate attorney, get recommendations from family, friends, colleagues, title companies, real estate appraisers and land planners. Note the names that keep coming up. Find out the types of real estate work they do, the profile of their typical clients (commercial, residential, house sales, development property, consumer, developer, etc.), and whether you would deal directly with them or be passed off to someone else in the firm.

When interviewing lawyers, do not let yourself be intimidated and do not be shy! If there is something you do not understand, ask questions. Discuss the legal fee and find out how and when the attorney expects to be paid for their work.

Chances are, they would bill you on an hourly basis for the amount of time they spend working on your matter. See if they can give you an estimate of their total fee as this would give you a rough idea of the expense you are likely to incur. Your attorney would perform several functions in the sale transaction. Initially, they would give you the big picture, an overview of what typically happens in a development sale transaction, who does what, a general idea of the time line once the property was under contract, an estimate of your closing costs and an explanation of the risk involved. You should hire the lawyer before marketing starts so that they will be in place when written purchase offers begin to come in. Your attorney would review the proposed contracts, discuss them with you, make recommendations, and modify the contract accordingly. They would be available to counsel you throughout the transaction and be the point of contact with the buyer or the attorney for the buyer. They will advise you on what needs to be done for settlement and will make sure that any loose ends are tied up. Finally, they will be with you at settlement, explain documents that relate to your side of the transaction and be on hand should any issues arise at the closing table.

What your attorney will not do (and should not do) is advise you concerning the value of your property or create the marketing program that should be implemented. That is the job of your real estate broker. If you do not want a broker, then it becomes your job. But regardless of whether you choose to hire a broker, you absolutely need to have competent real estate legal counsel. Do not try to save pennies and go it alone. If you do, the sale of your property could turn into your worst nightmare.

Nancy Chadwick is a PA licensed real estate Broker and Instructor specializing in land brokerage and development. Her experiences and land courses provided the foundation for her books Land Buying & Selling and Selling Land: The Owner’s Guide available at http://www.landbuyingandselling.com

I'm a first time buyer and I'm getting close to desiding on a house to put a bid on (single family home). I got the pre-approved mortgage, the real estate agent and have been in contact with my insurance company. My question is, why would I also want/need a real estate attorney? When do I bring them into the process? What service are they going to provide? What rate are they typically going to charge? If I need one, any suggestions on finding a good one (Philly Suburbs)?

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