There are a lot of pieces to the puzzle of a real estate transaction. There are also a lot of players on the team. While there are many experts in the field of real estate, each has their own sector that they focus on. Because of this, many of these experts work best when paired with each other.
While a real estate agent is the face of the transaction, there are a variety of other necessary parts that pair well with the real estate agent’s expertise. One of these players is a real estate attorney. There are a variety of ways that the expertise of a real estate attorney can assist the agent on a transaction.
Answer Legal Questions
Every real estate transaction is different, and each one faces a different set of complications and questions. This also means that every contract will look a little different. While real estate agents are well versed in many of the business details, there can often be legal components in the details. When you have an attorney with an eye well versed in these contract details, you can trust that nothing will be missed. In addition, the attorney will have experience translating the legal jargon and details to both the agent and the client so that everyone knows what is actually suggested in the contract.
Offer Legal Advice
In many cases, even when a real estate agent is well-versed on the legal side of the transaction, they could lose their license by offering legal advice to a client. A real estate attorney, on the other hand, is hired to offer this advice, and will be able to advise the client on the ways that are in their best interest. This could save the client a significant amount of money in the long-run, while the real estate agent gets to remain in compliance with their job and license criteria.
Work With the Contract
In addition to offering advice to the client, a real estate attorney can offer a significant amount of help in regards to the contract. At times, there can be loopholes in a contract that can make the client vulnerable to an item or position that they did not agree to. While this can often go overlooked, a real estate attorney can not only spot these loopholes, but also make any modifications necessary to add additional protections for the client during the “attorney review” period. An attorney is also a valuable resource if ever in the process the client faces legal pushback, as the attorney can enforce the contract as necessary if the opposing party is not honoring it. In most of these cases, you can be assured that the opposing party will have an attorney, so it is important that the client is represented as well to fight fire with fire.
Ensure That There Are no Surprises
Without appropriate representation, a client may be met with undiscussed fees, costs, or lawsuits at the end of the process. There are a variety of issues that can arise with the title from liens to debts. A Real estate attorney can make sure that the seller has no issue selling the property and ensure that the buyer does not incur costs or lawsuits. No matter what side is represented, an attorney would be a valuable resource to help avoid these types of issues.
Protect the Closing
Countless transactions make it all the way to the closing without issue, then get caught up at the very last minute. In most cases, the items that hold these transactions up are legal issues. Even if you don’t need the assistance of an attorney throughout the entire process, it is always a good idea to have one present at closing. While it might cost the client a little bit of money to contract an attorney to look over the final details, it costs way less than holding up the entire transaction or losing the transaction all together if a last minute problem occurs.
If you are a real estate agent, seeking professional legal advice and direction for your client, contact Gurney Law Group today. Our experienced real estate attorneys are happy to come alongside to assist you on all legal matters for the real estate transaction.