Trying to navigate a real estate transaction without support is difficult, to say the least. Many things can go wrong that could have major financial implications for people buying or listing real property. Often, people assume that the support that they need during the real estate transaction comes from a licensed agent.
Professionals who pass a state test can secure a license to assist in real estate transactions. They can join professional organizations that help with networking. They may assist clients as they try to find the right property or optimize the sale price of their homes.
Many people mistakenly believe that an agent is as good as or better than an attorney at assisting those going through real estate transactions. However, an attorney can offer many of the same services and more.
Agents can only offer limited support
A real attorney can theoretically do everything an agent can do. They can conduct title searches, network with professionals, research properties listed for sale and help clients navigate a closing. They can also do certain things that agents cannot do.
Agents cannot provide any insight into legal matters during real estate transactions. Many times, agents only have an online course and a test to prove that they understand real estate transactions and regulations. Attorneys, on the other hand, have years of specialized training that help them understand the law and contracts.
Lawyers can advise their clients about the risks inherent in certain types of transactions. They can help their clients create customized documents. In scenarios involving investors or businesses, attorneys can help with the selection of the right way to hold title.
They can help their clients choose between trusts and limited liability companies (LLCs) as ways to hold investment properties. They can create trusts and business entities to hold title for real estate. They can provide assistance with title research and other aspects of the due diligence process.
Simply put, lawyers can offer far more robust support services than agents can. The limits on the support that agents provide may leave their clients exposed during potentially life-altering transactions. Agents cannot provide the same level of guidance and customized support that lawyers can offer.
Hiring a real estate lawyer is often the best option available for those preparing for transactions involving hundreds of thousands or even millions of dollars. Prospective buyers and sellers who get appropriate assistance can feel more confident as they navigate a real estate transaction.
