If you want to buy or sell a real estate property, you may need a real estate attorney or agent. A real estate lawyer knows the ins and outs of real estate law and can present the interests of buyers and sellers when required.
On the other hand, real estate agents work in a different way.
There are mainly two types of real estate agents:
- Home selling agents.
- Home buying agents.
Almost every seller has selling agents who work for the property seller to get customers who can pay the highest price for the property. Whereas a buyer’s agent helps the buyers to understand the industry, make them familiar with the contractors and sellers. Now, the question is, who is better and whom should you choose?
Consider The State Law
Before deciding who is better, it’s important to consider your state laws. Since some states require a real estate attorney for the closing agreements, it’s important you should do proper research about your state laws. However, some other states have no such specific requirements. So, you can go with a real estate agent or with an attorney.
Real Estate Attorney
Real Estate Agent
You can stay calm and safe by hiring a real estate attorney even though it’s not always necessary to hire. The lawyer will ensure that all the documents are properly prepared, there are no legal disputes, and closing the agreement properly.
When choosing a real estate lawyer, you can do proper research and ask a few important questions before selecting them. Check their qualification, experience, legal fees, license, client reviews, etc.
Most real estate legal attorneys charge on an hourly basis. However, some of them also charge a flat fee. You should ask the lawyer about it upfront.
No doubt, real estate transactions are complex, so hiring a real estate agent is obvious. It’s hard to find the desired home at your desired location at the best price. A real estate agent can help you in such cases. The same goes for sellers.
Sellers can easily find real estate agents, but you may find it difficult if you are a buyer because the number of buyer’s agents is less in the market. Stay away from the dual agency who are actually seller’s agents and try to pretend to help you buy a property.
Real estate agents usually charge on a commission basis. That means they may charge you a certain percentage (usually 5%) of the property’s price.
Who Is Better: Real Estate Attorney Or Real Estate Agent?
While comparing a real estate attorney and agent, it’s essential to consider the law of your state. As mentioned above, some state law requires attorneys while others don’t have such requirements; you should first research your state laws.
However, it’s always advisable to hire a real estate attorney as you are going to invest a large amount of money in buying a property. On the other hand, you may need a real estate agent who can find you the right property in the desired location. It’s not a big deal for sellers to hire a real estate agent, but it can be difficult for buyers.
In terms of cost, a real estate agent can be a good option for a long-term purpose, finding the right real properties, and getting the best deals. A real estate attorney can be hired for short-term purposes, reviewing documents, closing agreements, and for legal disputes.
FAQs On Real Estate Attorney
Here are some common questions that people asked about real estate attorneys. Go through them to get some more clarity about real estate attorneys.
1. Can I Use A Real Estate Attorney Instead Of An Agent?
Obviously, you can use a real estate attorney for buying and selling a home or property instead of an agent. Moreover, it’s better to use a licensed and experienced lawyer for your real estate property. Since many states in the USA suggest citizens use a lawyer, you may need a real estate attorney.
2. Why Do I Need A Real Estate Attorney?
Dealing with real estate transactions is complex, and a small mistake can create a big problem. There are a lot of paperwork and documentation processes in buying and selling real estate property. Apart from that, it can be more complicated if there are any past disputes involved with the real estate property.
Therefore, it’s always crucial to consult a real estate attorney who can help you in checking all the past events related to the property and handle property transfer responsibilities smoothly.
3. When Should I Hire A Real Estate Attorney?
If you are doing any commercial real estate transactions, you need to hire a real estate attorney. For residential properties, though, a real estate agent can help you; it’s better to hire a lawyer because some state laws suggest it. If you are buying or selling a home or property for the first time and don’t know much about the real estate laws, you should hire a real estate attorney.
4. Is A Real Estate Attorney Cheaper Than A Realtor?
Typically lawyers charge on an hourly basis. Although they work less for you, they can make your property transfer process quick and handle the case if there are any legal disputes. So, for short-term purposes, such as any legal matter or disputes in the property, a lawyer is cheaper. On the other hand, a realtor is a cheaper option on a long-term basis.
The Bottom Line
I hope the above information has helped you whom to choose during a real estate transaction. Based on your state law and situation, you can decide whether a real estate attorney or agent is good for you. If you are doing commercial real estate transactions, you will need both real estate attorneys and agents. Lastly, don’t forget to share your opinion on this post in the comments section.