Baltimore investment properties require the hiring of a good real estate attorney. This is because most lawyers are not familiar with property transactions and have never invested themselves. Therefore, they are only good at giving advice that will prevent them from being sued. They can’t tell you how to generate more dollars from a deal. Surely you don’t want to be happy with such a lawyer, do you? A competent real estate attorney for Baltimore investment properties is one who tells you all about the risks involved in transactions. Not only this. They also suggest options for profitable real estate transactions. In other words, point out problems and offer solutions. When a lawyer refrains from talking about real estate risks; when he detects problems but does not talk about a solution; or when your lawyer methodically kills deals (most lawyers are notorious for killing deals), you’re with the wrong person.
4 things you need to do to hire a good real estate attorney
- Join an association of real estate investors in your city and ask for references.
- Ask people who have invested and used the services of a lawyer.
- Contact title companies and real estate agents for references.
- Forget the yellow pages. You cannot choose just any attorney who claims to know about Baltimore investment properties.
Remember, there are 5 subgroups of real estate law:
- farming
- Industrial
- Commercial
- Residential
- Landlord Tenant
For each subgroup, there are lawyers. There are also lawyers for environmental law and construction law. Each lawyer is an expert in his field and cannot give you good advice in other fields. Therefore, it is important that you choose a lawyer who is a specialist in a particular field. Generally, in real estate, there are two types of attorneys: one who deals with lawsuits and the other who deals with contract matters. The former are known as litigants and the latter are transactional lawyers. There are also some attorneys who deal with both matters. However, it is best to hire someone who is a specialist in one subject or another. Therefore, for Baltimore investment properties, a transactional attorney is ideal, unless you are embroiled in a lawsuit for which you may need a litigant.
5 Things You Should Know About Your Lawyer Before You Hire Them
- If they own any rental property.
- The number of closings that normally take place each year.
- Your recent strange transactions.
- Whether they have done foreclosures, evictions, condo conversions, or appeals to the zoning board.
- Whether they are well versed in terms like land installment contract, lease or option, wraparound mortgage and other real estate jargon.
When a lawyer opens his mouth, you can get the feeling if he is sitting with an expert or a fraud. That is why it is always recommended that you have a face-to-face discussion with an attorney before hiring them for an investment property in Baltimore.