The Real Estate Legal Forms That Every Real Estate Lawyer Needs
There are roughly1.74 million homes for sale across the country, all requiring multiple forms and legal documents. Real estate law firms handle everything from property ownership to leases, to many other areas of law that pertain to real property.
To be successful, it is important for your firm’sclients to be satisfied with your real estate legal services. So how do you ensure satisfaction?
You have a full suite of real estate legal forms. Then you automate your document preparation to streamline your firm’s processes.
We won’t be able to go over every document and form real estate attorneys use, there are hundreds. But we can go over some of the more common ones.
A deed is a document that states who the owner of a particular piece of property is. A deed is what gets recorded with the clerk of the court where the property is located. This way the public is put on notice of who the rightful owner is.
If the purchaser of property does so by using a mortgage, they may fill out a mortgage deed. This deed will give the lender ownership rights to the property as security for the life of the loan.
Quit Claim Deed
If two parties who trust each other are simply transferring ownership, then a quitclaim deed is sufficient. There are no warranties or guarantees that come with this type of deed. They are typically used when ownership of land gets transferred between spouses or from parent to child.
When you buy property it comes with a warranty deed that guarantees that the title you receive is clean and clear of any other potential claims of ownership. Anyone buying property from a stranger or someone they don’t trust should insist on a warranty deed.
Rental documents are the forms that solidify an agreement between a landlord and a tenant. Typically, an owner of the property will contact a lawyer to create rental documents for them.
Most residential tenants will not bother with retaining an attorney. However, commercial tenants will because these leases tend to be longer and for a lot more money.
The smartest way for landlords to set themselves up for success is to screen their tenants. The easiest way to do this is by requesting all potential tenants to fill out an application.
Real estate firms should create this form for their client. There are many laws pertaining to what may and may not be asked on a rental application.
The smartest thing a landlord can do is hire a law firm to create a standard residential lease for all of their tenants. This ensures that the landlord complies with all of the landlord/tenant laws.
A commercial lease is not the same as a residential lease. First, it must comply with the state’s laws for commercial landlord/tenant law. These leases tend to be much longer and more sophisticated as it is a B2B lease.
Notice to Vacate or Eviction Notice
Each state has a specific set of laws that govern how and when a landlord may evict a tenant. It is vital that a firm has the correct notice to vacate so that their landlord client complies with the law.
Termination of Lease
Many times for a lease to be terminated properly, it must be done so in writing. A firm can use a standard form to fill out and send to notify the landlord.
There are a few notices that a client may request to be prepared and delivered including late rent, rent increase, and lease renewal.
Sale and Purchase
These are the documents that lawyers prepare when their client is going to buy or sell a piece of property. The firm may be retained by an individual or by a brokerage firm that is working with a client.
Purchase & Sale Agreement
Every sale of real property will require a purchase and sale agreement. A firm will create this document in accordance with the laws of the jurisdiction.
Then a buyer and a seller will both sign the document. This proof of sale will show the legal right of ownership is transferred from one person to another for compensation.
A mortgage document is an agreement that a lender will require the buyer of a property to sign in order to receive money. It will outline how and when the borrowed money must be paid back.
Release of Mortgage
Once a property owner satisfies their debt the lender will send a release of the mortgage form. This one document is vital to restoring the full unencumbered ownership rights to the buyer.
This release will need to be communicated to the clerk of court. Otherwise, the encumbrance will remain on record.
Legal documents that fall under this category are going to grant someone the right to use, access or manage a piece of property. They are typically for a set period of time between the owner of the property and another party.
Grant of Easement
A grant of an easement will allow a property owner to grant use or access to another party.
Property Management Agreement
Sometimes the owner of real estate would prefer to have another party take care of and maintain the property. The owner would then need a property management agreement so that the manager would have the proper legal authority to make decisions.
Automate Your Real Estate Legal Forms
Having the right real estate legal forms for your clients means that you are prepared for any situation or request that might come along. Filling out the same form over and over again becomes repetitive and time-consuming though.
Optimize your firm’s processes byautomating your forms processing. This will reduce the time consumed filling out forms and documents allowing your firm’s employees to produce more work product overall.