There are many times when the need for hiring a lawyer is obvious—cases of divorce, custody battles, and criminal proceedings are a few examples. When it comes to buying or selling a house, however, few people even consider hiring a lawyer. What many people do not realize is that hiring a lawyer for real estate transactions can be very beneficial for a number of reasons.
Why Hire a Lawyer for Real Estate Transactions?
For one thing, hiring a real estate lawyer may give you greater protection during the transaction. Real estate agents are qualified to advise their clients in matters of home inspections, offers, and other aspects of real estate, but a real estate lawyer knows plenty of tricks to ensure the protection of their clients. They can write legal language into the offer to protect the client in the event that they decide not to go through with the sale.
Second, real estate attorneys may know more about the laws that affect real estate than the average real estate agent. A standard home sale between two parties is fairly straightforward, but other types of sales like foreclosures and short sales can be a little more complicated, especially because the legislature affecting these sales is constantly changing. In either case, however, having a real estate lawyer may come in handy.
Real Estate Lawyer vs. Real Estate Agent
Not only does a real estate lawyer know more about legislation affecting real estate transactions, but he or she may also be better equipped to deal with disputes and problems during the process of purchasing or selling a property. For example, if the seller fails to pay a contractor for repairs needed to pass inspection, the attorney might be able to find a mutually beneficial solution for all parties involved more easily than an agent.
Finally, it is worth noting that real estate lawyers do not work on commission. Most real estate agents, however, do—they make money on the sale or purchase of homes. In most cases, real estate attorneys charge hourly fees for their services and, because they are getting paid to advise you legally, it means you don’t have to worry about them being biased.
Buying and selling property is a long and convoluted process in many cases. If you want to ensure that your real estate transaction goes as smoothly as possible, you may want to consider hiring a real estate lawyer instead of just going through an agent.