Baltimore investment property requires hiring a good real estate attorney. Indeed, most lawyers do not know real estate transactions and have never invested. Therefore, they are only good at giving advice that prevents them from being sued. They can’t tell you how to generate more dollars through a deal. Surely you don’t want to settle for such a lawyer, do you? A knowledgeable real estate attorney for Baltimore investment properties is the one who tells you all about transaction risk. Not just this. They also suggest options for carrying out real estate transactions profitably. In other words, he or she points out problems and offers solutions. When a lawyer refrains from talking about the risks of real estate; when he or she detects problems but does not talk about solutions; or when your lawyer kills cases methodically (most lawyers have a reputation for killing cases), you’re with the wrong person.
4 things to do to hire a good real estate lawyer
- Join a real estate investors association in your city and ask for references.
- Find out from people who have invested and used the services of a lawyer.
- Contact title companies as well as real estate agents for referrals.
- Forget the yellow pages. You can’t choose just any lawyer who claims to know Baltimore investment property.
Remember that there are 5 subgroups of real estate law:
- Agricultural
- Industrial
- Commercial
- Residential
- Owner-tenant
For each subgroup, there are lawyers. There are also lawyers in 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 specializes in a particular area. Generally, in real estate, there are two types of attorneys – one that deals with lawsuits and one that deals with contractual matters. The former are known as litigators and the latter are transactional attorneys. There are also lawyers who deal with both issues. However, it is best to hire someone who is an expert in one area or the other. So, for Baltimore investment properties, a transactional attorney is ideal, unless you’re entangled in a lawsuit for which you might need a trial attorney.
5 things to know about your lawyer before hiring him
- If they own a rental property.
- The number of closures that normally occur each year.
- Their recent strange dealings.
- Whether they’ve done foreclosures, evictions, condo conversions or zoning board appeals.
- That they are familiar with terms such as installment land contract, lease or option, global mortgage and other real estate jargon.
When a lawyer opens his mouth, you can immediately sense whether you’re sitting with an expert or a fake. This is why it is always recommended to have a face-to-face conversation with an attorney before hiring them for an investment property in Baltimore.
