A realtor will likely advise hiring a real estate agent if you ask them if you should hire a lawyer or an agent to purchase a home.
However, if you ask an attorney who would represent you best, they will likely say the opposite.
Although each profession has a different purpose, neither of those may be the wisest course of action. It might be both.
The next question might sound like this: "If I'm already working with a real estate agent, why would I spend money on a lawyer?"
Here's a quick answer: Some homebuyers seek the legal safeguards and counsel that may only be obtained from a licensed and experienced real estate attorney.
Since a lawyer can do both, some attorneys may advise hiring a lawyer instead of a real estate agent. The issue with that idea is that not many lawyers work as real estate brokers.
Lawyers may not have the knowledge and experience of the real estate industry, the listing agent, the particular neighborhoods, how to create a comparative market analysis, or how to draft a real estate contract.
They might also lack the skills necessary to identify flaws in a house, bargain for repairs, or carry out the dozens of other duties that a seasoned buyer's agent is used to completing every day.
However, while real estate brokers can do all these, they are not authorized to offer legal counsel. This implies that even if they know the solution to a lawful issue, they are nevertheless unable to respond to it without violating the law.
Many real estate clients are unable to distinguish between a real estate question and a legal question. Many buyers do not consider it a legal question when it comes to real estate.
People may nod in agreement, for example, if their real estate agent tells them they are not qualified to offer legal advice. They may then proceed to say, "OK, I won't ask you a legal question, but how do you think I should hold the title?"
The thing is, that is a legal concern.
A realtor can now easily respond to a buyer's inquiry about the number of square feet in an acre. However, that is a legal inquiry if a buyer wishes to know the implications of a shared driveway easement.
Another legal query that resembles a real estate query is this one: The buyer wants to know if they may terminate this purchase agreement and receive their money back.
A seasoned agent may refer to the section in the purchase agreement that deals with the return of the earnest money deposit and may share their expertise on what typically occurs. However, a real estate agent cannot guarantee that the deposit will be recovered or suggest that a buyer sue the seller.
Bottom Line:
As mentioned above, they have their advocates. For instance, a buyer's agent can't provide legal advice not because they don't want to but because their legal opinion might violate the law.
A quick consultation with a lawyer is usually the best course of action, even though they usually charge several hundred dollars per hour. Getting genuine legal counsel is far preferable to trying to get it from an agent because they don't want to pay a lawyer.
On the other hand, you need a real estate agent to help achieve a seamless real estate transaction.
