When you're ready to start your real estate investing career, one of the first things you'll need is an attorney. This person will be your representative in all legal matters, and it's essential to choose someone who knows the industry inside and out. The relationship between a real estate investor and their attorney is one of the most important aspects of investing.
When it comes time for litigation or other legal matters, you need an expert on your side, so make sure you start right by hiring someone with experience! This blog post will give you a few real estate investing tips on what to look for when hiring an attorney and a property manager to support your investment journey.
Why Does a Real Estate Investor Need an Attorney?
When you start real estate investing, having an attorney on your side is vital. They can help you with negotiations, contract reviews, and more. In addition, if you're not familiar with the law, it's essential to have someone who can help you protect your investment.
Among the things real estate attorneys handle for you are:
- Contract reviews
- Reviews of any additional agreements
- Rental property negotiations
- Legal eviction proceedings
Without the right lawyer who understands your real estate investing goals and how to keep your rental property operations legal, property owners risk lawsuits, invalid lease agreements, and income loss.
Three Advantages of Working With a Professional Real Estate Attorney
Building a successful real estate business is not easy, and not knowing the ups and downs of a state's legal requirements and regulations can put you at a significant disadvantage. Luckily, a real estate attorney can help you navigate these waters and avoid legal pitfalls.
- They Know the Nitty-Gritty Details of Laws and
Most people think that real estate lawyers only help when there is a problem. However, in reality, they offer several benefits to real estate investors as they are constantly up-to-date with recent changes in the law.
For example, rental property owners must follow landlord-tenant laws regarding tenant screening, emotional support animals, maintaining the property, and creating rental agreements. As you probably know, these laws can change from time to time.
If your lease doesn’t comply with the law by having required clauses, terms, and appropriate signatures, the document can’t protect your property and could leave you vulnerable to a lawsuit. However, with an attorney, you have a resource to review each new lease document against current regulations to ensure it complies.
- They Are Familiar With Local Judges and Processes
Did you know that real estate lawyers are familiar with local judges and court proceedings? Many real estate attorneys have close relationships with local judges, which can help to expedite the legal process during an eviction or other matters concerning your rental properties. When it comes time to go to court, having an experienced real estate lawyer on your side can make all the difference.
- They Can Help in Drafting Contracts
When working with a real estate attorney, they can help you review contracts and required documents after closing on a new investment property. They can also fine-tune your contract language to make sure it's in your best interest.
When it comes to real estate investing, having an experienced attorney is necessary, but how can you ensure that you're hiring the right person for the job? We’ll talk about that next.
Questions You Should Ask When Interviewing Potential Attorneys
When interviewing possible attorneys, it's crucial to ask the right questions. This will help you determine if they're the right fit for your needs.
A property manager recommends asking critical questions, including:
- What type of law do you practice?
- What is your experience with real estate law?
- How much do you charge for services?
- Are there any additional fees I should expect?
- How often do you typically meet with clients?
- Can I contact you outside of regular business hours if needed?
It's also important to find an attorney who is a good fit for your personality and business style. You'll be working closely with this person, so it's important that you feel comfortable communicating with them and that they understand your business goals. Take the time to interview a few different attorneys before making your final decision!
Complete Your Real Estate Dream Team With a Property Manager
Now that you know the importance of having an attorney on your side when investing in real estate, you can start looking for the right one. Make sure to ask plenty of questions during your interview process to be confident that this person will have your best interests at heart.
When it comes to real estate investing, partnering with a property management company is essential for maximizing your ROI. Working with an experienced team will give you access to the right resources and advice to make smart investment decisions.
The Joseph Group is a Kitsap County property management company that knows what it takes to succeed. Reach out soon to learn more about our property management services and how we can help protect your properties and improve returns!