One of the first question many would ask when the question of hiring a lawyer is raised is ‘’Why do I need a Lawyer’’. As a certified Real Estate Broker and in my Six Years Plus experience in Real Estate, 60% – 70% of property buyers often do not see the importance of getting a lawyer. Most of these property buyers rely solely on the guidance from their Real Estate Brokers / Agents just to avoid the ‘’unplanned-for’’ legal fees.

Although employing the services of a Lawyer during property acquisition can be expensive; it is often considered in the end as money-well-spent because the chances of avoiding deeper pitfalls are higher. Below are few bulleted advantages in employing the services of a lawyer.

• It’s often worth it to spend money on a real estate lawyer/attorney, but it is not legally required in most situations.
• Lawyers / Attorneys make sure all paperwork are properly drawn up and filed with right authorities.
• Lawyers / Attorneys do title searches and can negotiate should a search uncover a problem.
• Ideally, buyers and sellers in a real estate deal should be represented by lawyers to safeguard their rights and watch their interests.

Below are some detailed duties of real estate lawyers.

Contracts

Most property buyers are well informed when it comes to land laws and legal contracts hence see employing a lawyer as waste of money. Meanwhile most do not know that the terms of the deal must be properly recorded in a contract for them to be legally binding. Attorneys can negotiate on your behalf and also make sure that the contract adheres to all laws of the country to avoid any future unforeseen contradictions.

Title Searches

One of the most vital step to take before purchasing a property is to conduct a titled search. This is to ensure that the property is free of any encumbrances, such as liens or judgments. The title search is essential because it reveals whether the seller has the legal right to sell the property  or not. Although anyone can do a title search, an attorney will be able to do it faster and better. If they don’t do it themselves, they’ll often have working relationships with Lands Commission. 

If the search uncovers something problematic, your attorney can counsel you on how to proceed. Suppose a title search reveals that the sellers must pay a lien or outstanding court judgment before selling their home; your attorney  / lawyer might negotiate a price reduction on the property to compensate you for the delay ( Damages).

 The lawyer may also provide the seller with suggestions or sources for financing so that they can satisfy claims.  Adding to that;  attorneys can secure proof that judgments or liens have been resolved. That is important if you ever plan to obtain a mortgage or loan against the property.

Property Transfers

When one or more parties are corporations, trust or partnerships, the contract preparation and the ensuing negotiations are complicated. An attorney understands these different types of business arrangements and their legal boundaries within the laws of the country The attorney will ensure that the contract is consistent with the law and the partnership’s, trust’s, or corporation’s charter agreements.

Sellers Need Attorneys Too

If you’re selling a property, having an attorney represent your interests isn’t a legal requirement in most cases. However, not having one increases your chances of being sued by the opposing party for failure to disclose certain information. That is because an attorney must review the home inspection and disclose the necessary information about the property to the other party.  Suppose the other party is a corporation or a partnership, and the transaction is improperly completed. Then, they might sue you for not clearing the title to the property, failing to disclose certain defects, violating a corporate charter, or something else. While having a lawyer will not insulate you entirely from such litigation, obtaining legal counsel will certainly reduce your risk. An attorney or a lawyer will be much more likely to secure a clear title and make the appropriate disclosures. An experienced real estate lawyer can guide you through the step-by-step process of closing / selling  your home. You could do all the complex paperwork yourself ( as many try to do), but it will be extremely time-consuming and if you don’t file various permits (property rates; grounds rents; loans, etc)  and financial documents properly, it could cost you the sale.

How Much Does a Real Estate Attorney / Lawyer Cost?

How much a real estate lawyer will cost you depends on the job and the lawyer in question. In Ghana there is no standard legal charge for real estate lawyers. Meanwhile attorneys charge an hourly rate, which may vary base on experience. For instance as at the year 2022; the Ghana Bar Association had the following

Some attorneys may simply charge you for each service they provide, like a home closing, or a double-checking a title search. Per my experience as a Real Estate Broker; Real Estate Lawyer charge a percentage (%) on the unit price involved at the final stage of the entire transaction.