what does a seller benefit from using same attorney as buyer

Buyers can catch a break on Realtor commissions if both sides are using the same agent. The biggest advantage may not be saving money, but the possibility of having a leg up on other buyers by having the seller's agent know what the other offers are and helping you make the best offer.

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Can a buyer and seller use the same lawyer?

Oct 14, 2019 · For instance, a lawyer cannot represent both the prosecutor and the defendant. They cannot argue with themselves, and put their clients in jail. Again, a situation where the buyer wishes to buy the property at cheaper rates and the seller is keen to sell at the maximum price is conflicting! Ideally, a real estate attorney is not an agent.

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

Jun 20, 2015 · Lawsuit / Dispute Attorney in Lansdowne, PA Reveal number 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, thereby allaying any conflict-of-interest concerns.

What does a real estate lawyer do for a buyer?

Sep 30, 2020 · 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 to ...

Can a realtor represent the buyer and seller in a sale?

Sep 15, 2016 · A real estate attorney will help the seller negotiate the offer, so clearly buyer and seller would not use the same attorney. Real Estate Attorney for the Mortgage Lender The final step of any real estate sale is the closing. This is when the seller gets paid and transfers title to …

Can buyer and seller use same lawyer BC?

In most cases, each party to an Agreement of Purchase and Sale will be represented by their own lawyer. Aside from a few, very limited exceptions, according to the lawyers' Rules of Professional Conduct, a lawyer cannot act on behalf of both parties even if the Vendor and Purchaser wish to have the same representation.May 26, 2020

Can buyer and seller use same lawyer in NC?

Yes, provided Attorney reasonably believes that the common representation will not be adverse to the interests of either client, there is full disclosure of Attorney's prior representation of Seller, and Buyer consents to the common representation. See RPC 210 and Rule 2.2 of the Revised Rules of Professional Conduct.

Can seller and buyer use same law firm?

Yes, most of the time you can use the same conveyancer for buying and selling – provided that certain criteria are met. (These criteria are set to protect both parties from any potential risks associated with using the same lawyer.)

Can the same lawyer represent both parties in a house sale?

The Law Society will allow lawyers to act for both parties in a transaction but as soon as there is a difference of opinion between the parties about any matter, no matter how trivial, the lawyer is placed in a position of conflict and can no longer act for either party.

What is the duty of a real estate lawyer?

Perhaps the most serious impediment to a real estate lawyer acting for a buyer and seller is the duty to keep client communications confidential. If a lawyer hears something from one client that is detrimental to that client’s interest, his or her obligation is to keep that information between lawyer and client.

What are the duties of a lawyer?

Lawyers are able to do many things and engage in a wide range of activities in order to meet their particular client’s needs, but they also have ethical obligations and specific obligations to clients. 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: 1 serve clients competently; 2 be completely loyal to clients; and 3 keep client communications confidential

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.

Is a lawyer in a conflict of interest?

The lawyer is immediately in a conflict of interest and must cease acting for both parties. Of course, he or she should not have acted for both parties in the first place which takes us back to point number one that the lawyer is supposed to serve his or her clients competently.

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 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.

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 happens when a seller accepts an offer?

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. Generally a seller will hire a real estate attorney once he or she has the offer to purchase on the table.

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.

What are the laws of 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: 1 The Georgia Brokerage Relationships in Real Estate Transactions Act 2 Georgia Law for the Real Estate Sales Contract

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.

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.

Can a real estate contract be enforceable?

If it isn’t, it cannot be enforceable in a court of law. Even if a real estate agent or broker draws up the contract, it’s important for a real estate attorney to check the contract to ensure it is valid and correct. Various things that are usually covered include: Condition of the property, particularly defects and age ...

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

How much does a real estate attorney charge?

How much does a real estate attorney cost? How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction. Some attorneys charge hourly, ranging from $150 to $350 per hour.

What to do if you inherited a home?

An attorney can help you navigate the complexities. Estate sale: If you inherited the home you’re selling, hiring an attorney to sort through ownership documents can ease the burden, which is especially helpful when you’re grieving the loss of a family member.

What is the job of a home inspector?

Their job is to make sure the buyer knows about everything that may need to be repaired on the home. Sellers also sometimes hire an inspector to do a pre-inspection so they can make any necessary repairs before putting the house on the market.

Do you need an attorney for a closing?

In 21 states and the District of Columbia, attorneys are legally required as part of the closing process. Attorney-required states include: As a best practice, if the other party in your transaction has a lawyer representing them and supporting their best interests, you should too.

What is the difference between a title company and a real estate attorney?

1. A title company works for the title insurer, not the buyer or the seller, whereas real estate attorneys work for whomever hires them.

What are closing costs in Florida?

Many closing costs such as title insurance premiums, documentary stamps, and recording costs are set by the State of Florida. They are the same whether an attorney or a title agent is facilitating the process.

What does it mean when an attorney closes a transaction?

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...

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...

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.