Is it your first time buying a house? If you are not sure what to expect, then you might have considered hiring a lawyer to help with the process. Some people argue that you don't need one, while other people feel more comfortable. It is no secret that real estate agents earn high commissions. The commission is usually paid by the seller, but cost can be indirectly passed on to you.
How can a real estate lawyer help you instead of a real estate agent?
The law varies from state-to-state. A real estate agent's help is not legally required, but most people need the help of an expert. They can help prepare your home for purchase. In some states, only a lawyer is allowed to prepare the home purchase document, perform a title search, and close the deal.
It is always important to make sure you are familiar with your state's laws before taking action.
In order to know if it would be best to hire an agent or an attorney, it is important to discuss the difference. You might want to hire an agent because the process of buying or selling a home is complex. There will be a lot of paperwork involved. A real estate agent is familiar with the process and can help make it as smooth as possible for you. There are also many other parts involved in the process such as hiring inspectors, negotiating over who pays the repair costs, keeping contact with sellers, and more. Usually real estate agents have recommended contacts for good inspectors, mortgage loan brokers, and whoever else you may need to contact during the process.
If you are buying a home, you may notice that the real estate agent of the seller is trying to persuade you to use them as your agent as well. It's always better to have your own agent.
Even though your agent is helping you find a home that not only fits your needs, but also fits you budget, it doesn't mean that they will find you the perfect home. It's important to always remember that you are in control at all times during the process. You are the only person who really knows what you want at the end of the day. Keep this in mind during the entire process.
Do not just rely on the advice of an agent. It is important to make sure that you educate yourself as much as you can about the home-buying process to make it a little easier, and also to help you get the best deal. This is also a great way to prevent misunderstandings throughout the process.
Regular real estate transactions do not require a lawyer, but it could help. If legal issues arise that your real estate agent cannot answer, it will be best to turn to the advice of a lawyer. Real estate agents cannot make judgments when it comes to legal questions.
An example of a time in which an attorney would be better to turn to is if your prospective new home has an illegal in-law unit with an existing tenant whom you want to evict to rent the place to someone else. Only a lawyer can tell you if these plans are feasible. There are so many other examples that could be used to describe scenarios in which you would need a lawyer's advice.
Another difference between a real estate agent and an attorney that you will want to be aware of, is how they are paid. Real estate agents usually work on commission. They get their compensation after your home search is over, the contract is negotiated, and the transaction is complete. Usually around 5% of the sales price is split between the agent that the individual is working with as well as the agent the other party is working with. There are also cases in which a buyer prefers to hire an agent and pay the commission themselves. They do this in order to gain the loyalty of the agent. There are very uncommon cases in which an agent might prefer tasks for an hourly rate rather than get commission.
Attorneys will usually charge you by the hour. These prices range, but on average are between $150 to $350. There are also some attorneys who may just change a flat fee for their service. This may be something you would want to negotiate with them if you can, if you are only looking for them to preform a specific task.
It's important to understand the difference between a real estate agent and a real estate lawyer. Both can help you in different ways depending on your situation.
If you are in need of an expert real estate lawyer, do not hesitate to give Palacios Law group a call. We are now offering free first time consultations.
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