Real Estate Showdown: Attorney or Realtor—What’s Right for Your Home?"
Buying or selling a home is often one of the most significant and intimidating financial decisions a person will encounter in their lifetime. Many individuals seek assistance during this process, prompting them to hire a real estate professional. This raises the question: should they work with a real estate agent or a real estate attorney? In some cases, individuals may choose to engage both types of professionals to effectively manage the complexities of their transactions. This article provides an overview of the distinct roles each of these real estate experts plays.
REAL ESTATE ATTORNEY
According to Indeed.com: A real estate attorney is a legal professional who assists home buyers and sellers complete the property transaction. They handle the legal aspect of property transfer. Unlike other real estate professionals such as agents and brokers, real estate attorneys have knowledge of the legal requirements of property transactions. In some jurisdictions, it is a legal requirement that property deals can only proceed with real estate attorneys.
Responsibilities
As the title would indicate, the real estate attorney will primarily deal with the legal aspects and documentation of the purchasing and selling of a home by:
Providing legal advice on pertinent real estate laws
Aids in preparing paperwork and documents
Mediating disputes that arise during the property transfer process
Advocating for clients in court on matters if real estate legal issues arise
Assisting clients with foreclosures, bankruptcies, and short sales
Negotiating settlements if the original agreement falls apart
Referring additional professionals to assist with transactions
REAL ESTATE AGENT/ REALTOR®
Real estate agents are licensed professionals who help buyers and sellers navigate the property market. For buyers, they play a crucial role in locating the ideal home, negotiating offers, and guiding them through each step of the process. For sellers, agents assist in setting the listing price, adding the property to the Multiple Listing Service (MLS) database, and marketing the home to attract potential buyers. A real estate agent can represent either a buyer, a seller, or both in a transaction.
The term "Realtor" refers to a licensed real estate agent who is a member of the National Association of Realtors (NAR). Agents who hold this trademarked title are required to adhere to the organization’s Code of Ethics, established in 1913. This Code of Ethics serves as a respected guideline for Realtors, consisting of 17 articles that outline their responsibilities to clients, the public, and fellow real estate professionals.
Responsibilities
Navigating the paperwork, contracts, and documents involved in purchasing and listing a home
Arranging stagers and assisting in preparing homes for viewing by prospective buyers
Scheduling professional photography of the seller’s property
Networking with other realtors to facilitate the faster sale of homes
Accompanying buyers to view listed properties
Advising home sellers on the most appropriate price for their homes by employing Comparative Market Analysis (CMA)
Offering specialized expertise and knowledge of local market conditions
Previewing homes before they officially enter the market
Guiding home sellers about making their properties appealing to buyers
Hosting open houses
Listing and searching for homes in the MLS database
Marketing property on social media and other real estate platforms
Overseeing contract closure between the seller and the buyer
Assessing mortgage financing options to assist clients in making the best home-buying decision
Advocating, representing and supporting their clients' interests
Negotiating, presenting, and evaluating the best offers for their clients
While hiring a real estate attorney can have its benefits, you might find yourself as just one of many clients. This could lead to missed opportunities and insufficient attention to your specific needs. Cost can be a significant consideration for those on a tight budget. It’s important to evaluate the price in relation to the services you’ll receive to make the most informed choice. Rachel Witkowski, Forbes Advisor states: It could become a battle. If your lawyer is looking for reasons to tangle with the other party—such as making a big deal about a small item on a contract—it might delay the transaction and could be costly if the fight drags on and you have to pay by the hour.
When choosing a real estate agent over an attorney, the main advantage of hiring an attorney is to ensure compliance with your state’s real estate laws. Your situation may warrant legal expertise, making it valuable to have a lawyer who can educate you on these regulations. Conversely, your real estate agent will be your strongest advocate throughout the entire buying or selling process. If any surprises or issues arise, your agent will clarify your options and work tirelessly to resolve them. If you feel overwhelmed, your agent will be there to answer your questions and help ease your concerns. A real estate agent has a deep understanding of each client’s unique needs and can utilize their network to help find the ideal home.
There are many websites offering home listings and guides for navigating the transaction process. Some may think they can handle selling their home independently to save on Realtor fees. While this is a possibility, the reality is that the process is often more complex than it seems. The buyer’s agents assist you in finding the perfect home, serve as a liaison with various parties involved, and support you every step of the way. For sellers, listing agents are invaluable partners. They help you attract potential buyers, highlight the best features of your home, and ensure a successful closing.
So, how do you decide between a real estate attorney and a real estate agent? Perhaps your situation—or state—calls for the expertise of both professionals to assist you in your purchase or sale. Regardless of the path you choose, it’s important to educate yourself to ensure you make the best decision for you and your family.
Sandi Downing Real Estate/Keller Williams
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