Do You Need A Real Estate Lawyer When Buying Or Selling A Home?

Do You Need A Real Estate Lawyer When Buying Or Selling A Home?

There’s no doubt that you might need a real estate lawyer when you’re buying or selling a home. The process of buying or selling is extremely complicated and full of potential pitfalls. It’s almost always the largest purchase made in your lifetime, and if you make a mistake it can really cost you in terms of emotions, stress and dollars.State By StateAn attorney can be a great source of help and information for home buyers and sellers. In many states, they are required to participate in all property transactions and they’re considered legal agents of their clients. In other states, it’s a client option whether to include one or not. These states allow realtors, brokers and any other licensed home or land salespeople to complete the transaction. They can prepare all the documents needed to make it happen.In these states where a real estate lawyer isn’t required, licensed brokers and salespeople fall into two basic categories. One is called trasactional brokerages, only prepare sales paperwork and don’t actually participate in negotiations. In the second category, a licensed salesperson or broker acts in the full capacity of agent, handling negotiation as well as managing the transaction. Before making a decision, find out whether your state requires legal services or not.In both cases, you’re entitled to work with or be represented by a real estate lawyer if you want to. Whether a non-attorney property salesperson or broker provides document preparation or transaction management services, a good realtor will make sure that the buyer and seller clients know that they can have an attorney if they want to during the buying or selling process.Who CAN’T Give Legal AdviceOne really important point to consider is that salespeople and brokers who are not attorneys are not allowed to provide legal advice. What constitutes legal advice? This is a tricky question. Basically, anything that would answer the question “what should I do?” can be considered legal advice. In this case, a real estate lawyer who is representing you can give you strong suggestions and recommendations.What a non-attorney such as a realtor or broker should do in answer to the question “what should I do?” is to offer a range of options. They should tell their clients what options are available and give them the pros and cons of each. There should be no strong advice either way; rather, they should be simply presenting their client with the available options and what they mean.What this means is that if you’d like someone to help you with what you should do, you’ll want to hire a real estate lawyer.Other Benefits Of Using A Real Estate LawyerUsing a real estate lawyer during the buying and seller process may also prevent having to use an attorney later if unforeseen problems with the deal or property crop up after the purchase is made. Real estate professionals are second in lawsuits to physicians in the United States. Unhappy property buyer and sellers express any unhappiness and need to recover from damages via lawsuits.Regardless of the non-attorney help that may be available to property sellers a buyers, participation in a major commercial property purchase, large land purchase, and/or any irregularity in the sales process may signal the time to use a real estate lawyer when buying or selling property.