Real estate attorneys are often essential for closing property transactions, as they are experts on real estate law and are therefore able to provide invaluable guidance on the legal matters that can arise during the property buying process. But there are some common misconceptions about real estate attorneys that need to be set straight. Here are the ones you need to know.
Misconception No. 1: Real Estate Agents Can Do Everything Real Estate Attorneys Can
Although real estate agents and brokers can do many of the same things that real estate attorneys do, they cannot do all of them. Typically, real estate agents act like adjudicators. They ensure that everything is followed to the law. But they are also more adept at doing some things than real estate agents and brokers. For example, if there are concerns over a specific legal issue or a purchase agreement contains unusual terms and clauses, a real estate attorney can provide expert legal advice, whereas realtors and brokers cannot. However, in many instances, real estate agents and brokers can stay compliant and perform actions without the need for an attorney’s services. Here are five real estate laws that brokers need to know.
Misconception No. 2: You Never Need to Get an Attorney Involved in Real Estate Processes Legally
Sometimes it is crucial to get an attorney on board for the real estate process. Some states in the US legally require attorneys to be involved in a real estate closing, while in others, real estate agents can prepare purchase contracts by themselves. So, whether an attorney needs to be involved from a legal perspective largely depends on which state the transactions are being conducted.
Misconception No. 3: A Real Estate Attorney Does Not Make Closing a Deal Any Easier
Quite simply, real estate attorneys have numerous skills of expertise that real estate agents and brokers do not. So, it is simply untrue that attorneys never make closing a deal easier. By having an attorney involved in the process, he or she can deal with any potential legal problems that arise during the closing. Indeed, attorneys are much better placed to spot issues that could otherwise be overlooked by real estate agents. By highlighting legal issues like tax situations, contract disputes, and title disputes early on, the process of buying and selling a property can run much more smoothly.
Misconception No. 4: Real Estate Attorneys Are Paid a Lot of Money for Little Work
Wrong. Real estate attorneys are not paid a lot for little work in return, despite them often being portrayed that way in the media and in popular culture. Firstly, in comparison to many other legal services, real estate attorneys actually have relatively low fees. Also, those fees are often more than worth paying when an attorney can prevent people involved in transactions from incurring extremely high costs due to not closing property deals correctly. Secondly, real estate attorneys do much more than you may think. Property law is highly complex, and it requires expert knowledge. Furthermore, property law is often archaic. The work involves trawling through masses of records in boxes rather than performing quick online searches, so finding the right pieces of information for each real estate process can be a lot more time-consuming and complicated than it may seem.