It is important to understand why to hire a real estate lawyer especially when a large percentage of the real estate buying and selling public aren’t even aware of the existence and benefits that real estate lawyers can offer. After all, when most people think of getting involved with a real estate transaction, the first professional that pops into their minds is rarely a lawyer.
Two of the most frequently asked questions from potential clients are described below:
I Have a Real Estate Agent, Why Do I Need to Hire a Real Estate Lawyer?
It’s a valid question with answers that can be as complicated as real estate transactions themselves. In fact, it is precisely because of the complexities found in most real estate transactions that the need for experienced legal counsel becomes obvious.
But, anyone who has been involved with a real estate transaction can tell you, this is a complicated business with a surplus of legal regulations and laws as well as severe ramifications should those legalities be missed or ignored. There is no shortage of anecdotes and examples of real estate ventures gone bad because the person or people representing a buyer or seller’s interests did not know all of the legalities involved in a real estate transaction.
I Hired a Real Estate Lawyer to Represent Me, Why Do I Need an Agent?
The simple answer is agents aren’t lawyers and lawyers aren’t agents. It is the distinction between real estate agents and lawyers that is at the heart of both of these questions. The fact of the matter is, if you want your real estate transaction to be as surprise and trouble-free as possible, you need both representatives in your corner.
From the agent’s perspective, their primary focus is on showing properties and working between the seller’s representatives and their clients throughout the negotiation process. While real estate agents are educated concerning the legalities common to most real estate transactions, they cannot legally answer any legal questions for their clients. Every real estate agent worthy of that title knows they could lose their real estate license if they attempt to answer any of the legal questions that typically accompany real estate transactions.
What Is Classified as Real Estate Legal Advice?
For example, if a client asks their agent questions about holding a title, canceling their purchase contract, or the consequences of shared driveway easements, all of these subjects fall under the ‘legal advice’ laws. The agent could point out sections in your contract, but they cannot legally give you direct answers or advice on how to proceed with these processes. You can imagine the devastating fallout that bad legal advice from an ill-informed representative can bring to a real estate transaction.
Conversely, real estate lawyers are not licensed to show properties or head up negotiations between buyers and sellers. Your legal team’s focus is on preparing the legal paperwork and advising you on all of the legalities that your real estate agent is not legally able to answer. You can rely on the fact that most real estate transactions do not go ‘by the book’ and you will need representatives that have the experience, the knowledge, and the legal authority to navigate you through all of the potential legal obstacles that come with most real estate transactions.
So, if you are currently making plans to purchase or sell property, the wise real estate investor will take advantage of all of the expertise, knowledge, and wisdom that comes from an experienced real estate agent and a real estate legal team.
For more information on the benefits of adding a real estate lawyer to your team of representatives, contact Shawn Bolger LTD at 847-584-1800 and schedule your free consultation with one of our experienced real estate attorneys.