why use a realtor instead of an attorney?

In addition, they get to employ the skills of lawyers - and the law is a far more complicated profession. As a result, a buyer may be better served by using a lawyer rather than a real estate agent when buying a home. Once you've found the home, the only real estate brokerage service you need is an opinion of value.

Full Answer

Should you use a real estate agent or a lawyer for advice?

Aug 21, 2016 · Better Service With a Lawyer Rather Than a Real Estate Broker. Real estate brokers are unique. They have their own professional skill set: Marketing and identifying properties, and assessing their current and likely future value. In addition, they get to employ the skills of lawyers - and the law is a far more complicated profession.

Do you need a real estate attorney to close a sale?

Feb 10, 2020 · Unlike real estate agents, lawyers are paid on an hourly basis, and therein lies the biggest drawback of hiring a real estate lawyer in the purchase of your home — attorney's fees can range from $175-$400 per hour. However, there are attorneys who charge flat fees for certain services such as preparing or reviewing closing documents, and you can also tell an attorney …

Do I need a real estate attorney or a title company?

A real estate lawyer represents ONLY YOUR interest in a transaction that –for most people– is one of the largest financial transactions in their entire lifetime. An agent often balances many ‘interests’. A sales agent certainly has their own self-interest in mind.

Do I need a real estate attorney in California?

Jun 07, 2018 · Real Estate. Testimonials. Contact. Blog Real Estate Series: Why Consider Using an Attorney instead of a Real Estate Agent? ...

Why using a realtor is important?

A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more. Give you expanded search power.

What does a real estate attorney do for a buyer?

What Does A Real Estate Attorney Do? Real estate attorneys know how to, and are legally authorized to, prepare and review documents and contracts related to the sale and purchase of a home. In some cases, a real estate attorney is also the person who'll be in charge of your closing.7 days ago

What are the skills of a lawyer?

They have their own professional skill set: Marketing and identifying properties, and assessing their current and likely future value. In addition, they get to employ the skills of lawyers - and the law is a far more complicated profession.

What is the job of a real estate broker?

Real estate brokers are unique. They have their own professional skill set: Marketing and identifying properties, and assessing their current and likely future value. In addition, they get to employ the skills of lawyers - and the law is a far more complicated profession.

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.

Why do you need an attorney to review a contract?

Attorneys can be very useful in reviewing contracts. Particularly if you are purchas ing a home without a buying agent, you should have an attorney review the real estate contract to make sure that you will not be subject to terms that unfairly favor the seller.

Why do people hire real estate agents?

Buying a new home will likely be the largest and most significant investment of your life, which is why many people choose to hire a real estate agent to assist in the search and negotiate on their behalf. But it is often a good idea — and sometimes necessary — to also work with a real estate attorney.

What is the job of a real estate agent?

Almost all sellers have seller's agents, whose job is to get the very highest price for the property. By working with a buyer's agent, buyers gain knowledge of the industry and familiarity with the particulars of a neighborhood, sellers, contractors, etc. Some states require the use of buying agents to ensure fair dealing between buyers and sellers.

How do real estate agents get paid?

How Buying Agents Are Paid. In a typical arrangement, real estate agents are paid through commission — generally around 5% of the home's purchase price. In the common two agent situation (the seller's agent and the buyer's agent), the agents split the 5% and the commission is paid by the seller. Some buyers prefer to pay commission to ...

Why do you need a buying agent?

The primary reasons to hire a buying agent are obvious. Home purchases are significant and the process of finding a home is burdensome. It's a relief and an assurance to have an agent who will walk you through the process and look out for your interests. A buyer's agent can be very helpful in hiring home inspectors, negotiating over who will pay for repairs, finding listings, and other matters which are everyday activities for agents but may be foreign to most homebuyers.

What is a buyer's agent?

A buyer's agent can be very helpful in hiring home inspectors, negotiating over who will pay for repairs, finding listings, and other matters which are everyday activities for agents but may be foreign to most homebuyers.

How much do real estate attorneys make an hour?

Unlike real estate agents, lawyers are paid on an hourly basis, and therein lies the biggest drawback of hiring a real estate lawyer in the purchase of your home — attorney's fees can range from $175-$400 per hour.

What does a real estate lawyer represent?

A real estate lawyer represents ONLY YOUR interest in a transaction that –for most people– is one of the largest financial transactions in their entire lifetime. An agent often balances many ‘interests’. A sales agent certainly has their own self-interest in mind.

What is FSBO in real estate?

For Sale By Owner – Selling a house without a real estate agent is called a FSBO (pronounced “fizzbo”). If you sell your home yourself without using a real estate agent, you can save $30,000 to $90,000 (or more) on a commission given expensive Southern California and particularly-pricey Orange County real estate.

Do sales agents get commissions?

A sales agent certainly has their own self-interest in mind. Most agents desperately strive to close a sale resulting in getting a commission. Closing a sale is not always in the buyer or seller’s interest. Logically, a real estate agent wants the largest possible commission for themselves and their broker-boss.

What happens after a contract is signed?

Buying or selling a home is an involved process that is heavily regulated by state laws and there are many issues that come up after the contract is signed, including the home inspection, the bank appraisal, financing and underwriting, title issues, the walk-thru inspection and related matters. It is important that buyers and sellers of real estate have experienced professionals to represent them during the entire transaction.

Can a title company provide legal advice?

Issues that arise in the title search or survey: If issues arise in the title history or on the survey, a title company cannot provide legal advice or guidance on these issues.

How much does a lawyer charge for a consultation?

While lawyers typically charge a few hundred dollars an hour, a brief consultation with a lawyer is generally the way to go. It's much better for a buyer to obtain true legal advice than to try to squeeze it out of their agent just because they don't want to pay a lawyer.

Who is Elizabeth Weintraub?

Elizabeth Weintraub is a homebuying, home loans, and mortgages expert. With more than 40 years of experience in real estate, including areas such as title and escrow, Elizabeth was nominated as a founding member of the California Association of REALTORS' Real Estate Certificate Institute (RECI) and has received more than 600 hours ...

Can a real estate agent sue a buyer?

However, real estate agents can't advise a buyer to sue the seller nor guarantee the deposit will be returned. If the agent knows the buyer's deposit is at risk, they might share a few situations about the way their past clients handled these matters.

Can a buyer's agent give legal advice?

Remember this: It is not that the buyer's agent does not want to help, it's that they can't give legal advice. Additionally, if they violated the law and expressed a legal opinion, a buyer could not rely on it anyway.

What is a realtor?

A real estate agent who’s a Realtor®—a member of the National Association of Realtors—can help you at every stage, from setting a price to marketing the property to closing the sale. Here’s more about how a Realtor can help you sell a house.

What is the next step in real estate marketing?

The next step is a marketing plan. Marketing exposes your property to the public as well as to other real estate agents through a Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on. In many markets, a substantial portion of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. The Realtor Code of Ethics requires Realtors to use these cooperative relationships when they benefit clients.

What is the process of selling a house?

The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or Realtor can give you up-to-date information on what is happening in your local marketplace, as well as the price, financing, terms and condition of competing properties. These are key factors in marketing your home and selling it at the best price. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property.

What is the Realtor Code of Ethics?

The Realtor Code of Ethics requires Realtors to use these cooperative relationships when they benefit clients. An agent will also know when, where and how to advertise—which medium, format and frequency will work best for your home and your market. Though advertising can be valuable, the notion that advertising sells real estate is a misconception.

Is a realtor the same as a real estate licensee?

All real estate licensees are not the same. Only real estate agents who are members of the National Association of Realtors are called Realtors. They proudly display the Realtor logo on their business card, website, and marketing. Realtors subscribe to a strict code of ethics and have access to advanced educational opportunities ...

Does advertising sell real estate?

Though advertising can be valuable, the notion that advertising sells real estate is a misconception. National Association of Realtors studies show that 82 percent of real estate sales are the result of agent contacts from previous clients, referrals, friends, family and personal contacts.

Do you have to allow strangers into your home?

When a property is marketed with an agent’s help, you do not have to allow strangers into your home. Agents will generally prescreen and accompany qualified prospects through your property.