Lawyer for real estate deals?

Lawyer for real estate deals?

Huntsville · Member since 2008 · 137 posts · 3 votes

Hello, I am new to the real estate market, looking to make my first deal, one of many in the future. Right now I am looking into pre and forclosed homes to make quick sales off of. I am working with a real estate agent out of state where the properties are located at. My question is should I seek legal assistance to look over my deals before signing off anything just to be safe. I have not done this before but need to get my feet wet somehow, but I am still hesistant.

Also, what type of lawyer should I contact and can I use a lawyer in my state for deals out of state? Do these types of lawyers require up front payment, or go off the deal itself?

Thanks!

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  • Huntsville · Member since 2008 · 137 posts · 3 votes
    19y

    Anyone have any advice on this?

  • Member since 2008 · 689 posts · 23 votes
    19y

    some states require lawyers to be licensed by their state and if not they have to be "invited in" by licensed lawyers.

    I wouldn't buy out of state if I couldn't see the property. I'm assuming you would do so. Make sure whatever lawyer you use that they specialize in real estate. Get a a good one to look everything over. Get that disclosure statement before entering into any contract.

  • Bill ExeterBusiness Member
    1031 Exchange Qualified Intermediary · San Diego, CA · Member since 2008 · 1k+ posts · 1k+ votes
    19y

    Yes, I absolutely agree. Always make sure that you "kick the tires" by visiting and inspecting the property before you buy. And, always have an attorney that specializes in real estate law in the state in which you are buying. It is impossible for any one attorney to know the real estate laws and closing procedures (and potential pitfalls) of all 50 states, so always use an attorney that is an expert (not just familiar, but is an expert) in real estate in the state that you are working in.

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  • Wholesaler · Charleston, SC · Member since 2008 · 172 posts · 5 votes
    19y

    You should seek a attorney that only studies real estate.

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