In the Real Estate Market? Get a Lawyer!
Updated: May 4
5 Reasons Why You Should Hire a Lawyer
Whether you are buying or selling a home, legal counsel makes good business sense because real estate is complex. An experienced, competent real estate attorney can help protect your interests and ensure that your real estate transaction adheres to the applicable State & Local rules.
Here are five reasons why you should hire a lawyer when making the largest and most significant purchase of your life:
1. Attorney-Client Confidentiality
Attorneys have an obligation to their clients and confidences are kept just that - confidential. As an attorney, when a client discloses what they are willing to pay for a home vs. what they offer, we won't get loose-lipped about your bottom line during negotiation.
The goal of every seller is to maximize profits, while the goal of every buyer is to minimize costs. Attorneys have a professional responsibility to their clients. Our fiduciary duties of care and loyalty run directly to our clients' interest. Real estate agents are focused on closing the sale and getting their commission which is tied to the sale price. As such, there's an inherent conflict of interest on the buyers' side since it's in the buyers' agent's best interest to get the highest price as possible.
3. We Ensure No Defects to Title
Attorneys have the wherewithal to determine the status of title to property. We can investigate defects of title, liens, zoning and land use restrictions, and other issues. Whereas real estate agents are limited; they must advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee.
4. We Live, Breathe and Work Contracts
Real estate transactions involve contracts, and real estate agents are limited to the use of boilerplate agreements. Because real estate agents aren't lawyers, they should not be adding clauses, amendments or addenda to agreements. Doing so would be engaging in the unauthorized practice of law and exposing their clients to legal liability. Drafting language can have consequences and many real estate agents don't understand the legal lingo but they want to keep the sale going. If a clause is worded improperly, you could end up liable for damage and/or being taking advantage of. Bottom line: whether you're the buyer or the seller, it's worth it to get your offer contract reviewed by a lawyer before you sign.
5. Loan Negotiation
The loan often establishes most of the important terms of the contract. Once finalized, rights and obligations are fixed and the options available to the client limited. An attorney involved at the very inception of the transaction can maximize protection and ensure effective loan negotiation.
At Keegan Law, we provide you with the services of a real estate agent but with the legal protection and fiduciary duties of a lawyer. Contact us today! Relevant articles: Attention Home Buyers! Why You Need A Lawyer By Glenn Curtis
http://www.investopedia.com/articles/mortgages-real-estate/08/real-estate-attorney.asp Why You Need a Lawyer When You Buy or Sell a House http://realestate.findlaw.com/buying-a-home/why-you-need-a-lawyer-when-you-buy-or-sell-a-house.html Front page of the Reno Gazette Journal on June 2, 2016, Study: Reno is #2 Best Market for Real Estate Agents (Vegas is 10)http://www.rgj.com/story/life/2016/06/02/study-reno-2nd-vegas-10th-best-markets-us-real-estate-agents/85267652/ Written June 3, 2016 9:54 AM PT, Updated May 4, 2021 12:09 PM PT