Real Estate Attorney Vs. Buyer's Agent
When you're in the market to buy or sell a home, you might be thinking about getting professional real estate help. The most common route people take is to hire a real estate agent, but many real estate transactions are also conducted with the assistance of a real estate attorney. Both options have their merits and disadvantages.
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If you are selling your house, a buyer's agent can be invaluable at helping you market your home, locate potential buyers and conduct showings of your home. Likewise, if you are in the market for a new home, a qualified real estate agent can help you find the perfect home in the right price range. Typically, a real estate attorney does not get involved in the real estate purchase until it comes time to process the purchase and sales contract.
Knowledge
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If you are involved in frequent real estate transactions in multiple states, it may be worthwhile to have a real estate attorney on retainer. While a buyer's agent may be familiar with the contracts and real estate laws in the state in which he is licensed, a real estate attorney may have a broader knowledge of real estate law. If needed, a real estate attorney can research the respective laws of the state when you are ready to conduct a real estate transaction.
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Fees
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In a real estate transaction, your buyer's agent is paid a commission based on the sales price of the house. FindLaw.com notes the average commission is about 5 percent of the purchase price, which can add up to a substantial expense. Nolo indicates that real estate attorneys charge an hourly rate between $150 and $350. If your real estate transaction is simple and does not require extensive hours to prepare, you may save money using an attorney.
State Requirements
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Hiring a real estate attorney or a buyer's agent is an option some buyers and sellers choose, but it is not a requirement in every state. According to FindLaw, some states may require the use of a licensed buyer's agent, while others may require the use of a real estate attorney. Verify the laws in your state prior to conducting real estate transactions.
Special Transactions
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Although many buyer's agents are knowledgeable, there are times it may be advantageous to seek the advice of a real estate attorney instead of, or in addition to, a buyer's agent. If you are purchasing real estate from a foreclosure or tax sale, or if the property title is not clear, a real estate attorney can guide you through the process and take all necessary measures to protect your interests.
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