does it save money when buyer and seller use same attorney

In fact, good real estate representation can anticipate and avoid issues that otherwise can haunt buyers and sellers. Both parties using the same lawyer can save time, as well as money.

Full Answer

Can a buyer and seller use the same lawyer?

Oct 14, 2019 · But the question is – can a buyer and seller use the same real estate lawyer? Technically speaking, no! However, they can hire lawyers from the same law firm. As per the laws of the Law Society, an attorney cannot represent both parties simultaneously to avoid any possibility of conflict of interest.

Can a real estate attorney be retained by both buyer and seller?

Sep 15, 2016 · And when the buyer needs to borrow money for a mortgage, the real estate attorney who does the closing doesn’t represent either the buyer or the seller, but rather the lender. While buyers and sellers of property are not legally obliged to use the services of a real estate attorney, it’s generally advisable to do so.

Do I need a real estate attorney to borrow money?

Jun 20, 2015 · 5 stars. 3 reviews. Avvo Rating Not Displayed. Lawsuit / Dispute Attorney in Lansdowne, PA. Reveal number. tel: (610) 623-3445. Call. Posted on Jun 20, 2015. In many states, attorneys are allowed to represent both seller and buyer in real estate transactions, as long as both parties to the sale give their written, signed, and informed consent ...

Can a real estate attorney do both a mortgage and closing?

Sep 06, 2017 · Can We Both Use the Same Lawyer in a Real Estate Transaction? This question comes up all the time in my Alberta real estate legal practice. I’ll get a call from a buyer or seller, we discuss the details of their purchase or sale and then the question comes up: “This is a simple deal and we want to save some money on legal fees.

Can the same law firm represent both parties?

It is feasible (albeit far from ideal) with the informed consent of the clients for two lawyers in the same firm to represent parties opposed in interest. Joint retainer agreements will typically spell out that in the event of a conflict, the law firm may decline to continue to represent one or all of the clients.

Should buyer and seller use the same solicitor?

The general answer is no. The Solicitors Regulation Authority and Law Society have strict rules in place to avoid what they call 'conflicts of interest'. ... In very exceptional circumstances however the solicitor will be permitted to act for the buyer and seller but only when this will be for the benefit of both parties.

Why is it important for buyers and sellers to consult an attorney before signing a sales contract?

A lawyer can review these documents and ensure their compliance with the contract terms. Furthermore, title companies prepare numerous other documents which parties are asked to sign at closing, many of which protect just the title company. Buyers and sellers should understand these documents before signing them.

What does a real estate attorney do for a buyer?

A real estate attorney's role is to ensure the legal transfer of property from seller to buyer. These attorneys handle tasks like preparing or reviewing documents, ensuring that the title is clear and facilitating the transfer of funds.Apr 6, 2021

Can a buyer and seller use the same conveyancer?

Can the purchaser and the seller use the same conveyancer? It is not recommended that the seller and purchaser both use the same conveyancer. ... There can also be a conflict of interest when a conveyancer is acting for both parties. The risk of having the same conveyancer for both parties far outweighs the savings.

Can a solicitor act for both buyer and seller?

Effectively, no. A conveyancing solicitor can only act for both a buyer and seller in rare circumstances. ... NEVER where there is a conflict of interest, or a significant risk of conflict, UNLESS it is in the best interests of the clients for a solicitor firm to act for both and the benefits outweigh the risks.Apr 30, 2013

How do contingencies affect a sales contract?

A contingency clause defines a condition or action that must be met for a real estate contract to become binding. The contingency becomes part of a binding sales contract when both parties, the buyer and the seller, agree to the terms and sign the contract.

What does a mortgage contingency include?

A mortgage contingency is a clause stating that the sale of a home can only occur once certain conditions are met. Contingencies can vary, but they usually include a deadline or timeframe that defines when the conditions must be met.Feb 28, 2021

What does a real estate contract consist of?

A purchase and sale agreement is a real estate contract. It's a written agreement between buyer and seller to transact real estate. The buyer agrees to pay an agreed-upon amount for the property. The seller agrees to convey the deed to the property.May 4, 2018

What is the highest paid lawyer?

Highest paid lawyers: salary by practice areaPatent attorney: $180,000.Intellectual property (IP) attorney: $162,000.Trial attorneys: $134,000.Tax attorney (tax law): $122,000.Corporate lawyer: $115,000.Employment lawyer: $87,000.Real Estate attorney: $86,000.Divorce attorney: $84,000.More items...•Dec 14, 2021

How much do attorneys make?

Comparatively, according to the US Bureau of Labor Statistics the national average annual remuneration of a lawyer is just below $145 000, approximately $12 000 monthly. With a 2019 national average income (all industries) of $68 703 annually and $5 725 monthly.Apr 19, 2021

What is a real estate attorney?

Real Estate Attorney for the Buyer. Anyone wishing to purchase a property must do so in a valid contract that is structured properly in terms of the law. A real estate attorney will ensure that the offer made in an offer to purchase is drawn up correctly. If it isn’t, it cannot be enforceable in a court of law.

Who handles closing on a loan?

When there is a loan involved, the lender’s attorney must handle the closing. For this reason there will often be three real estate attorneys involved in the sale of property, one representing the buyer, another the seller, and the third representing the mortgage lender. So why is it advisable for both buyer and seller to have a real estate ...

What is the most important disclosure in a house?

The most important disclosures relate to existing defects in the house that the seller knows about. Federal law also requires sellers to disclose the use of lead-based paint in the house. Once an offer has been made, the seller has the opportunity to accept or reject it, or to make a counteroffer and negotiate changes to the contract. ...

What is the final step in a real estate sale?

The final step of any real estate sale is the closing. This is when the seller gets paid and transfers title to the buyer. While some people are able to pay cash for a property, most need to raise a loan of some sort, most commonly a mortgage.

Who does the closing of a mortgage?

And when the buyer needs to borrow money for a mortgage, the real estate attorney who does the closing doesn’t represent either the buyer or the seller, but rather the lender. While buyers and sellers of property are not legally obliged to use the services of a real estate attorney , it’s generally advisable to do so.

Can a real estate attorney represent a buyer?

When it comes to buying and selling property, a real estate attorney can either represent the buyer or the seller. One attorney cannot do both.

Is there a real estate law in Georgia?

While there are federal laws that govern the sale of real estate, in Georgia there are several state laws that also apply. These include: The Georgia Brokerage Relationships in Real Estate Transactions Act. Georgia Law for the Real Estate Sales Contract. This is another very good reason to use a real estate attorney when buying or selling property ...

Stewart C Crawford Jr

All information provided in this comment is intended for informational purposes only and does not, by itself, create an attorney client relationship. Without the benefit of a personal consultation to explore all of the facts of your legal problem, the information in this posting may be inaccurate and for that reason it should not be relied upon.

Scott Ivan Fegley

If I were the attorney, I would not accept the work unless both buyer and seller signed a conflict of interest waiver. Even then, I'd have to think about it. While a sale of a home can be a fairly straightforward transaction, the buyer and seller's interests are different. You should want someone who is only looking out for you.

What is the role of a lawyer in a buyer's contract?

The lawyer is obligated to advise the buyer, who will of course be upset and want either compensation from the seller or perhaps to exit the deal. The lawyer is immediately in a conflict of interest and must cease acting for both parties.

What is the responsibility of a lawyer?

A lawyer’s principal responsibility is to see that each client obtains the benefit of his or her legal rights and is aware of his or her legal obligations. In approaching this duty, lawyers have three fundamental obligations. Lawyers must: serve clients competently; be completely loyal to clients; and.

What is conflict and the lawyer must withdraw?

Conflict and the lawyer must withdraw. Another example shows up where a mortgage is approved, a buyer removes their financing condition, and then the lender withdraws their approval. This exposes the buyer to a lawsuit from the seller where the buyer might be blaming the lender. Again, conflict and the lawyer must withdraw.

What does it mean when a real estate transaction has bumps?

Even simple real estate transactions have issues, bumps that need to be sorted out. Settling issues and sorting out bumps usually means that there is an adjustment of some sort between the buyer and seller. Typically those adjustments relate to responsibility for contractual issues and the money that relates to sorting out those contractual issues. ...

How to serve clients competently?

To serve clients competently a lawyer must not put any roadblocks in his or her own path. As soon as there are two clients in a real estate transaction, usually a buyer and a seller, there is a chance that something will go wrong. Something will come up in the transaction where the clients, if not fighting, at least have opposite viewpoints. Immediately the lawyer, if he or she is thinking clearly, has a problem. Serving one client competently may put the other client at risk. Every issue on a transaction needs to be looked at from both client perspectives.

What does it mean to be completely loyal to a lawyer?

Completely loyal means that you have a client’s best interests at heart, will advance their interests or position wholeheartedly, ...

Does a lawyer see a mortgage?

The lawyer never sees the new mortgage until the buyer completes a new mortgage application with the lender, provides the lender with all the diligence material that the lender requires, and then is, finally, approved by the lender. Only at that point does the lawyer see any paperwork from the lender.

Why not save a few bucks on the legal end?

The saving comes from the lack of cost to courier documents and trust cheques back and forth between law offices. The lawyer also enjoys an efficiency and increase in business that many of them share with the clients by trimming their bills a little.

Is conveyancing an adversarial undertaking?

Remember that the legal processing of a real estate transaction is not an adversarial undertaking, although negotiating the sale/purchase might have been. In almost all cases, the conveyancing is a co-operative administrative process. In a very rare case where a dispute arises between parties using one lawyer, each would turn to a new lawyer ...

Who does an attorney represent in real estate transactions?

With real estate transactions, an attorney would ideally represent only the buyer or seller unless it’s under certain (but exceptional) circumstances such as clients being in the same family.

What are the responsibilities of an attorney?

Attorneys have responsibilities to their clients both present and former. In handling a legal matter, they have to identify any conflicts of interest so they can best advocate for their clients. These conflicts include identifying the attorney’s potential personal interests and any conflicts among the clients involved.

Why do attorneys keep information confidential?

When it comes to real estate transactions , attorneys have to keep information about the case confidential and representing both buyer and seller in a transaction can divide the attorney’s loyalty, and inhibit their ability to serve their clients well.

What is conflict waiver?

This “informed consent of each client” is the conflict waiver. Before obtaining a waiver, the attorney must identify all possible conflicts in a case and if the case cannot be waived, a waiver should not be pursued. Instead, the attorney should decline representation given the conflicts.

Can an attorney represent both parties?

There are some obvious cases in which the attorney cannot represent both parties, such as the defendant and prosecutor. In real estate transactions, if an attorney is retained by both buyer and seller, the ABA gives this specific example: “Directly adverse conflicts can also arise in transactional matters. For example, if a lawyer is asked ...

What is the most important service a buyer's attorney does?

The effect is that for most real estate transactions, reviewing/negotiating the P&S, which is typically the most important service that a buyer’s attorney does, is much more substantial than just reviewing a form P&S and perhaps adding a few boilerplate provisions. Almost any experienced real estate attorney would agree that whatever the version, ...

How much does a closing attorney save?

If the closing attorney agrees to represent the homebuyer free of charge for reviewing the purchase and sale agreement and other items associated with buyer representation, the buyer can potentially save between $400 and $800.

What is a settlement agent in Massachusetts?

Most homebuyers that purchase a home in Massachusetts obtain a mortgage loan from a lender. The person/company that handles the closing (transfer of title) for the lender is known as the settlement agent. In Massachusetts, the practice of closing transactions for buyers and sellers when there is a home loan is considered the practice of law; therefore, the settlement agent for any real estate closing involving a lender must be conducted by a licensed attorney. That settlement agent is often called the “closing attorney.” If you're moving to Massachusetts, this part of the closing process may be different than the state you're moving from.

What is a closing attorney in Massachusetts?

That settlement agent is often called the “closing attorney.”. If you're moving to Massachusetts, this part of the closing process may be different than the state you're moving from. The legal fees for the closing attorney is one of several closing costs a homebuyer is responsible for paying at closing. That closing attorney represents the lender, ...

What is a note in a mortgage?

The note is a contract for the homebuyer/borrower to repay the loan based on the legal terms of the note. And the mortgage is a security instrument that a borrower gives to the lender allowing it to foreclose on the property, if the covenants and agreements in the note and mortgage are not met. The reason why a buyer has to pay for ...

What are the disadvantages of having a lender's attorney?

Disadvantages of having your lender’s attorney provide dual representation: 1. Different services. Closing attorneys provide a myriad of services before, during and after a closing. Among other duties, they review and certify title, review/prepare/record the deed, obtain and payoff existing mortgages, order and payoff municipal bills ...

Do closing attorneys discount buyer representation?

Because there are already several items for which the homebuyer is paying the closing attorney, some closing attorneys will discount (or even eliminate) the costs of the buyer representation part of their services if/when the homebuyer chooses the dual representation.

What does closing agent do?

When an attorney closes a real estate transaction as a "Closing Agent" he does not represent the Buyer or the Seller. He is simply the closing agent. If the Buyer or Seller wants an attorney to represent him or her during the real estate transaction, he needs to hire an attorney solely for that purpose. Although some attorneys can act as the closing agent and the attorney for one the parties, I do not recommend so, unless the attorney discloses to the non-represented party that the attorney is representing the other party.

Is an attorney a closing agent?

If the party chose "an attorney as the "closing office" for a real estate transaction (as opposed to choosing a title company)" then the attorney is a closing agent and does not represent either party. You are free and encouraged to hire your own counsel to represent your side of the transaction...

Should there be two lawyers in real estate?

Ethics aside, I think there should always be two lawyers in a real estate transaction because the buyer and seller, the landlord and the tenant, the owner and the contractor, the borrower and the lender, always have different rights and duties that the lawyer needs to consider and to provide legal advice accordingly.

Can a title agent represent only one party?

Without getting into the question of whether the title agent, whether an attorney or not, represents only one party, any party to a real estate transaction would be best served by their own attorney and not by relying on a title agent.#N#Best of luck...

Is it ethical to have a lawyer as a closing agent in Florida?

In Florida, it is ethical for a lawyer to act as a closing agent who does not represent either party in the transaction. In such a case, the role of the lawyer and the non-representation should be disclosed in writing to the parties in the transaction. In Florida, unlike some other states, it is ethical for a lawyer to represent both buyer and seller in a real estate transaction, provided the lawyer meets with the buyer...

What does a buyer's attorney do after a closing?

Once a real estate closing is complete, a purchaser's attorney will ensure that funds from the closing are properly disbursed. This includes paying sellers, disbursing commissions to real estate agents, and paying taxes for your property.

What is the role of a seller's attorney in New York?

The role of a buyer's attorney, however, is to review the terms of the contract and explain these terms to the purchasers so that the purchasers understand the document which they are signing.

What is the role of a closing attorney?

Attending your closing is arguably your closing attorney's most important role in the closing process. During the closing, your attorney will represent your interests and explain to you the purpose of each document you are signing and what impact these documents have on your closing. Your attorney

What is title insurance?

Title insurance is an insurance policy which protects both you and your lender from any costs which may accumulate if you were to have to defend the title to your property. Your attorney can help you obtain a title insurance policy for your home.

What happens if you find a cloud in your title?

If any clouds in the title are discovered, your attorney will determine the necessary steps to resolve the issues.

Who is Melvin Monachan?

Melvin Monachan is the founder of The Law Office of Melvin Monachan, PLLC, a full service, real estate law firm representing individuals, investors and corporate entities in all aspects of real estate law. On the transactional side, Melvin represents purchasers and...

Is a lawyer required to close a real estate transaction in New York?

Although a lawyer's assistance in a real estate closing isn't mandatory in New York, ...