Buying and selling property comes with its challenges. Fortunately, you can reduce the likelihood of the risks involved by working with experts in the field, such as a real estate agent and attorney. However, if you are planning to sell a house with a real estate attorney instead of an agent, you might have to rethink your move.
The fact is that while both the attorney and agent share the same field, they both bring specific skills to the table that the other lacks. Therefore, by working with both of them, you are at a better position for turning the odds in your favor.
Here is an in-depth look into the matter:
First things first – what’s the difference between the two?
Before deciding whether you should work with a real estate lawyer or agent, it is essential that you are clear about the expertise of each. Lawyers are licensed to provide legal advice. So they are better positioned to answer any legal questions that you may have.
On the flip side, a real estate agent knows specific neighborhoods, has the know-how for preparing comparative market analysis and chalks out a real estate contract too. An agent can help you spot property defects and negotiate repairs too.
Thus, a real estate lawyer offers legal expertise and assists in mitigating liability, whereas, a real estate agent ensure that you accomplish the best outcome from your property transaction. This difference between the two clarifies the role each plays and why should consider working with both instead of one.
Why do you need to work with a real estate agent?
Property transactions involve a lot of paperwork that entails closing documents, purposing contracts, and more. Someone who hasn’t been involved in a property transaction before won’t know these details.
However, inspections, negotiations, and extensive documentation are part and parcel of selling a house, so it’s best to have someone with you who is experienced about the proceedings.
A real estate agent brings years of experience and connection to the table. Plus, the agent helps you get the best price for your house. The agent can tell you what can increase your house’s worth.
For instance, kitchen remodeling can bump your sale price up by 3-7%. So if you have remodeled your house, you can sell your house for more. A real estate agent can help you figure that out.
Therefore, you need a real estate agent as your advocate who can help you get the best price for your house in the shortest possible time. The only thing is that these services don’t come for free.
A real estate agent’s commission typically totals to 6% of the final sales price. So most people tend to think that they are better off without an agent. However, the role that they play in selling your property demonstrates how important they are.
Selling without an agent or attorney – who should you choose should you have to hire only one of them
Selling a house without an agent is like going to a country without a tour guide. You miss most of the scenic beauty and must-visit tourist spots because you didn’t have a tour guide to take you there. Similarly, you are at risk of selling your house for a smaller amount when you don’t have a real estate agent on board.
Despite this, if you were to choose between a real estate lawyer and agent, you need to go for a lawyer. This is because you are not legally required to work with a real estate agent when transacting property. However, in certain states in the US, only a lawyer is supposed to officially close your property’s deal in addition to offering legal advice, preparing the sale contract, and so on.
Owing to this, you need to work with a lawyer for closing a deal as per your specific state’s legal requirements. Additionally, a real estate attorney may help you with getting the sale price of your house. However, a real estate agent can never meddle in legal affairs.
Thus, if you were to choose between an attorney and an agent for selling a house, then you should consider a lawyer over an agent. That said, it is important to keep in mind that without an agent, there is no one to represent your interest when you go to the negotiating table. This may feel like the listing agent is in complete charge of the process.
Take home message
It is always best that you loop in both a real estate attorney and the agent when you plan to sell your house. The lawyer will offer legal advice while handling other legal matters. On top of that, the agent will ensure that you get the best price for your house. It’s best to keep in mind that irrespective of whatever the situation, don’t agree to a dual agency relationship where a single agent represents both the seller and buyer.