Virginia Real Estate Attorneys
What Is A Virginia Real Estate Attorney?
Virginia real estate attorneys are attorneys that specializes in VA real estate law.
They may offer legal advice for transactions involving the following:
- renting real estate in Virginia
- property closings in Virginia
- property tax appeals in Virginia
- property zoning in Virginia
- buying real estate in Virginia
- selling real estate in Virginia
- leasing real estate in Virginia
They may also offer services such as dispute resolution. These types of disputes may arise due to conflicted opinions of property boundaries or contractual disputes between the buyer and seller of real property.
A Virginia real estate lawyer, along with a Virginia real estate agent, can guide you through the process of buying and selling a home or commercial property in Virginia.
A new home or even raw land can be a significant investment in Virginia and having the proper legal advice will make your real estate transaction go smoothly.
When Should You Get A Real Estate Attorney In Virginia?
It is recommended that any time you buy, sell, or transfer property in Virginia that you have qualified Virginia real estate attorneys represent you during the real estate transaction and closing.
Do I Need An Attorney To Lease My Property In Virginia?
It is recommended that you have a Virginia real estate attorney provide you with proper leasing or rental contracts. If you intend to lease or rent property in Virginia a proper rental contract is a must have.
A properly drafted lease or rental agreement in VA can safeguard and provide to you monetary compensation from physical damage to property that may be caused by a renter.
Is There A Difference Between Leasing And Renting Property In Virginia?
Simply stated a lease is normally used for long term contracts for those whom may wish to stay in the property for a matter of multiple months or years. Rentals are normally for shorter periods of times such as a few weeks to a month or two.
You can think of it as the difference between renting an apartment for a year as opposed to renting a vacation home for a short amount of time.
Do You Need A Real Estate Attorney To Buy A Home In Virginia?
Virginia law does not require you to hire Virginia real estate attorneys to buy a home. However, with that being stated, having an attorney representing you throughout the home closing process is to your best interest.
Is Virginia Is A Disclosure State?
Virginia state law does not require all sellers of property be it commercial or residential property, to disclose to potential buyers any and all material facts that may affect the buyer’s use and enjoyment of the property. There are some requirements, however they are very limited.
Consider Virginia to be a buyer beware state. The rules and regulations of applicable law can be found here. The actual disclosure form can be found here. The disclosure form in and of itself leaves a lot to be desired.
Having a VA attorney represent you at closing may be the difference between buying that 5 acres of pristine land and dream home and buying that 5 acres of land and dream home that is about to collapse.
How Much Do Virginia Real Estate Attorneys Charge?
This fee may be dependent upon the cost of the property and how your chosen VA attorney bills for services. The fee may differ depending on if the property is commercial property or residential property.
Two of the most common real estate fee schedules in Virginia are as follows:
- An hourly fee : This fee is going to be based on your location and the experience of the attorney.
- A set fee : This fee is going to be based on the value of the property being purchased. It is normally derived as a percentage of the sells price.
Who Does A Virginia Real Estate Attorney Represent?
Virginia real estate attorneys may represent either the buyer or the seller.
As a buyer the attorney will review all the documents pertaining to the sell. Being sure that the buyer is receiving what they are paying for clear of all liens or encumbrances.
This is normally accomplished by doing a title search to be sure the seller is the actual owner of the property and has the legal right to sell the property.
As a seller the real estate attorney can help you by reviewing you sells documents and assuring that the financial obligations of the buyer are fulfilled at closing.
When a home mortgage is involved there may be several different attorneys involved in the property closing. One may be representing the mortgage lender, one the seller, and one for the buyer. As you can see real estate transactions can at times be complicated.
Is Title Insurance Required In VA?
Title insurance is not required by law in the State of Virginia.
Some Virginia real estate attorneys may recommend that you purchase title insurance in VA on a given piece of property. Title insurance may be required for real estate that is secured by a mortgage.
Title insurance in VA is an insurance policy that may pay you the value of the property if years down the road it is found that the seller did not have good title to the land. More information about title insurance can be found by reading the Title Insurance Consumer’s Guide.
Who Pays For Title Insurance In Virginia?
Title insurance may be a cost to the buyer or seller depending upon the stipulations in your real estate sales agreement.
What Is A Virginia Real Estate Sales Agreement?
The Virginia real estate sales agreement or contract lays out the obligations of all parties involved in the real estate transaction.
Who Pays The Closing Cost For A Real Estate Transaction In Virginia?
Closing cost may be paid by the buyer, the seller, or a combination of both depending upon the sales agreement. Typically closing cost are broken down into two categories, the buyers and the sellers.
Buyers Closing Cost In Virginia :
Title/Deed recording fees
Underwriting fees
Home inspection
Title search fees
Title insurance
Appraisal fee
Origination fee
Escrow fee
Credit report fee
Attorney fee
Sellers Closing Cost In Virginia :
Property taxes
Utility bills
HOA fees
Escrow fees
Transfer fees
Recording fees
Mortgage fees
Title Insurance
As you can see from above there are a variety of fees that may be involved with your Virginia real estate transaction. However, with that being stated, all of the closing fees above may not apply to your particular situation. When paying with cash instead of receiving a home loan the fees are less expensive.
How Do I Find A Good Virginia Real Estate Attorney?
Finding good Virginia real estate attorneys is not as hard as one may think. You can start right here on this site. If one is not available then reach out to your circle of friends, family members or business acquaintances. If your working with a Virginia real estate agent you may wish to ask them if they have any recommendations.