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Whether you are a new or active Michigan real estate investor, you spend a lot of time researching properties in order to optimize the return on your investment.
As equally important to your investment strategy is retaining the right real estate attorney. The advice of a seasoned real estate attorney is invaluable as it reduces your business's financial exposure and legal liability.
With so many attorneys in metropolitan Detroit, Michigan, choosing the right real estate attorney can feel daunting. The American Bar Association lists over 75 areas of law in which attorneys specialize and so it is imperative to select an attorney experienced with the practical and legal realities of real estate law.
There are several great places to research qualified and effective real estate legal counsel:
1. The Martindale -Hubble Legal Directory.
This directory is among the oldest in the legal industry. It sets the standard for lawyers by providing independent peer reviews that rate an attorney's ethics and legal competency in a specific area of practice.
The highest rating an attorney can receive from their peers is "A" for ethics and "Preeminent" for legal knowledge and experience. There are other, albeit, lower ratings, but when attorneys are seeking other legal counsel to assist them in a matter, they most likely turn to the Martindale-Hubble directory.
2. AVVO.
This is a more recent and popular online legal directory that is used more by consumers. What makes it different than the Martindale Hubble directory is that it provides an extensive feedback area for consumers to rate their attorneys. When searching for real estate counsel, you can't go wrong with a directory like AVVO.
3. Referrals.
Consult with knowledgeable full time real estate investors or real estate agents and ask them who they know from their own experience would be the best legal counsel for your needs.
Once you have your short list of real estate attorneys it is best to have a face- to- face meeting with the attorneys you wish to interview. Only then should you make your final selection.
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So, what questions should you ask?
Here are some suggested questions you can use when interviewing a real estate attorney:
2. What is your Martindale Hubble or AVVO Rating?
3. How many years have you been in practice?
4. Do you have testimonials of past clients that I can review?
5. Can I review the most recent articles on real estate that you have written?
6. Can you provide me with any names of your current clients for references?
7. How do you bill your clients? Hourly or a flat fee?
During the interviews, also discuss what types of investments you'll be making. If you suspect any hesitation, they might not be a good fit.
There are several factors to consider when you make your final decision. Which attorney has the most experience? Do they seem professional and dedicated? Do I see myself working with this real estate attorney on future real estate deals?
Finally, conducting research on the prospective real estate attorneys can provide helpful information. Check the articles, testimonials, white papers, and ads they've run; it can shed light on who they are and their business style.
In Metro Detroit, and throughout Michigan, business owners entrust David Soble
and his Proven Resource team with their investments - reducing legal risks and financial exposure.
