Why a Real Estate Attorney can benefit your home transaction
Real Estate Agent vs. Real Estate Attorney which is better?
Do I want a Real Estate agent or a Real Estate Attorney to help me with closing on my property and home? There are many positive reasons why you would want a Real Estate Attorney to help you close on a home then a Real Estate Agent.
The biggest thing is money. Attorneys generally can be expensive but they are not as expensive when compared Real Estate Agents. Real Estate Agents will charge a portion of the profit of the home or a portion of the loan amount in purchasing the home.
This can lead to tens of thousands of dollars. A Real Estate Attorney will only charge his or her hourly rate in working with you on the closing of the home.
Real Estate Attorneys can charge a flat-rate so you will know how much it will cost in total or will charge their hourly rate. If it is a simple home transaction, that usually will not cost you tens of thousands of dollars to have a Real Estate Attorney help you with the transaction.
Additionally, here in Utah Real Estate Agents are allowed and able to represent both the buyer and the seller in a transaction.
Ethically, an attorney cannot do this as this is a conflict of interest. Attorney’s have the duty to represent their clients and their interests. With the strange role of dual representation that the law allows, a Real Estate Agent would know the maximum amount a buyer would be willing to buy a home for and the minimum amount a seller is willing to sell the home for.
This could allow both sides to get a bargain they weren’t wanting or expecting. A Real Estate Attorney would only represent one side of the transaction and help only the interest of his or her client. A Real Estate Attorney also has better understanding of contracts and can best advise you on the terms and conditions you are agreeing to and entering into.
A Real Estate Attorney will also know how to draft terms that are favorable to you in the case of some unforeseeable risk tailored to your situation. A Real Estate Agent would not know how to draft any such term and would use the same contract for all of its transactions and help you avoid any unforeseeable risk that may occur during the sales transaction of your home.
Contact our law firm today for a further inquiry into getting a Real Estate Attorney to help you with your transaction today.