Estate Attorney; Everything You Need to Know

Estate Attorney

A Real Estate Attorney can play an essential in guiding you throughout the process when you want to buy or sell a home.

While an estate attorney is not the only professional you will need to work with as you will also have to work with other professionals such as a home inspector, real estate agent, and lender; you may wonder what exactly a real estate attorney does.

Use this guide to learn everything you need about real estate attorneys and their roles.

Estate Attorney

Estate Attorneys, also known as estate lawyers, are certified experts who specialize in supervising and regulating the legal aspects of real estate transactions. They are responsible for preparing and receiving legal documents relevant to real estate.

Also, they specialize in negotiating the terms and regulations of real estate transactions and facilitating the transfer of titles. 

Often, a will and estate attorney are used interchangeably. Keep in mind that a will allows you to choose heirs, divide your estate, and donate your possessions, and a will is just one component of an estate plan, not the entire thing.

If you want to learn who an estate planning attorney is, you may want to check out: ESTATE PLANNING ATTORNEY: Definition & All You Need To Know

What Do Estate Attorneys Do?

Real estate attorneys are responsible for ensuring that the correct steps are taken when buying or selling a property. They also address any legal concerns connected to purchasing or selling real estate.

Real estate attorneys deal with zoning, deeds, estate planning, titles, property taxes, and everything else related to real estate law. Some of their duties are listed below:

The majority of real estate deals involve paperwork. In order to correctly complete the paperwork and protect their interests and rights, customers must enlist the assistance of a real estate attorney. Here are a few of the several forms that real estate attorneys frequently create:

  • Mortgage contracts
  • Lease contracts
  • Titling documents
  • Rental agreements
  • Eviction notices
  • Transfer of title documents
  • Purchase agreements
  • Other notarized documents or affidavits

2. They review sales transactions.

Whether a client is a buyer or a seller, a real estate lawyer’s aid may help guarantee that they have control over a real estate transaction.

Your expertise and abilities might be put to use by real estate attorneys to protect their client’s requirements, wants, and rights during the transaction.

You may also be a great negotiator for your customers and work out the specifics of a real estate contract.

Additionally, real estate lawyers serve as a liaison between their clients and other lawyers, brokers, developers, and investors.

3. They handle foreclosure proceedings.

Some real estate attorneys concentrate their practice in this field, which covers both mortgage and trust deed foreclosures.

Real estate lawyers may represent lenders or borrowers and assist them through foreclosure by filing a lawsuit, disputing any errors, or negotiating a settlement, particularly during difficult economic circumstances.

You may also want to learn about: Foreclosed Houses; How to Buy Foreclosed Houses in 2022

Clients may be required to present serious or challenging real estate issues in court. They need a real estate lawyer in these circumstances who has the expertise and understanding to manage their legal issue.

To help both sides conclude, real estate attorneys receive specialized training in defending and prosecuting real estate cases.

5. They clarify technical or vague terms.

Real estate transactions include a lot of complex language and complexities.

A real estate lawyer may assist customers in thoroughly comprehending these ideas, so they don’t lose money, make blunders, or experience other unfavorable outcomes as a result of a technicality or jargon they misread.

6. They engage in litigation.

It’s typical for real estate purchases to end in a court case when problems arise that are hard to settle.

When this occurs, real estate lawyers frequently:

  • Represent your client in court.
  • Create legal documents
  • Present documentation to the judge.
  • Participate in the trial’s hearings
  • When appropriate, file appeals.
  • Negotiate with the opposing lawyer.
  • Make settlement arrangements

7. They create health care directives and power of attorney documentation.

It’s good to have directives in place that specify your preferences for medical monitoring in the event that a medical emergency or accident renders you unable to speak appropriately and readily.

Make your intentions known now by dealing with an estate planning attorney rather than leaving it up to your family to guess.

8. They protect assets from creditors after your death.

There are several methods for creditors to stake a claim on an estate.

The legal safeguards needed to fend off these vultures can be included by an excellent estate lawyer.

Your assets can be safeguarded from dishonest debt collectors with the help of a well-written estate plan.

Also, check out: LONG TERM ASSETS: Definition, Examples and Limitations

When You Need a Real Estate Attorney

You may need an estate attorney when:

  • You want to buy a home
  • Conduct a title research
  • Make purchase agreement
  • Process a closing

Real estate attorneys are required in some states to supervise real estate deals and take part in the closing procedure.

In certain states, the property title can only be certified by a real estate lawyer.

Even though some states do not need real estate attorneys to participate in anything, consumers frequently hire one to participate in the transaction process.

Based on their place of residence, level of comfort conducting the transaction, and familiarity with real estate law, a client determines if they require the services of a real estate attorney.

Estate Attorney Salary

To determine how much an Estate Attorney makes, we have carefully researched and gathered information from verified sources. Below are our findings:

  • According to ZipRecruiter, an estate attorney salary is $97,498 per year.
  • Zippia reports an average estate attorney salary of $98,016 per year.
  • For Salary.com, an estate attorney salary ranges between $63,761 and $78,759 per year.
  • Also, Glassdoor reports an estate attorney salary at $103,315 per year.

As an estate attorney, you can expect to earn an average salary range of between $63,761 and $103,315 per year, depending on factors such as your previous work experiences, location, skills, and academic qualification.

While you’re still here, you may want to see: TAX ATTORNEYS | Responsibilities and Salary

Estate Attorney Fees

Make sure you don’t wind up spending far more than you have to if you find yourself in need of hiring an estate attorney to help you with the administration of the estate of a loved one.

Estate lawyers often charge in one of three ways: hourly, fixed rate, or on a percentage basis. You can only decide which billing option is the best for you.

The price for drafting an estate plan will differ depending on a variety of variables. What sort of strategy is required (for example, what legal documents), and how the attorney bills are often the two critical criteria that determine the cost (e.g., flat fee versus hourly fee).

Other considerations can include the attorney’s level of expertise, the state in which the plan is being drafted, the complexity or depth of the plan, and the asset or estate worth. There can also be filing-related expenses.

Once more, the fee agreement, location, level of experience, and other factors will all affect how much both real estate attorney fees cost.

Accordingly, the price of a lawyer might range from $200 to $2,000, depending on the situation.

This may also differ based on whether the filing fee, which is supplied by the regional court, is included in the price.

As a result, estate planning expenses are typically specific to the person and their circumstances. This is the same for real estate attorney fees for closing or real estate attorney fees for seller closing costs.

The easiest approach for someone to keep costs down is to plan ahead, decide what they want to achieve, and arrive ready with a list of topics they want to address.

Before you leave, check out: LEASEHOLD ESTATE: Definition, Types, Examples & How To Create One

Estate Attorney Salary Information and Job Outlook

According to Payscale.com, the typical yearly salary for estate planning lawyers in March 2021 was $78,000.

For the years 2019 through 2029, the BLS projects a rise in employment of 4% for all attorneys.

Conclusion

When you need to buy or sell a home, you will need to hire a real estate attorney, as they can play an important role in saving you from potential troubles that may arise in the future. We hope that you have been able to learn more about the role of an estate attorney.

FAQs

What does an estate attorney do?

Real estate attorneys are responsible for ensuring that the correct steps are taken when buying or selling a property. They also address any legal concerns connected to purchasing or selling real estate.

How much does a real estate attorney fee cost?

Other considerations can include the attorney’s level of expertise, the state in which the plan is being drafted, the complexity or depth of the plan, and the asset or estate worth. There can also be filing-related expenses.

Once more, the fee agreement, location, level of experience, and other factors will all affect how much both real estate attorney fees cost.

How much does an estate attorney earn?

As an estate attorney, you can expect to earn an average salary range of between $63,761 and $103,315 per year, depending on factors such as your previous work experiences, location, skills, and academic qualification.

References

  • learn.org – What Do Estate Lawyers Do?
  • legalmatch.com – How Much Does an Estate or Probate Lawyer Cost?
  • investopedia.com – What Does a Real Estate Attorney Do?
  • indeed.com – What Does a Real Estate Attorney Do? (And When To Hire One)
  • udel.edu – Choosing Your Will and Estate Planning Attorney

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