What Is the Difference Between a Real Estate Broker and a Real Estate Attorney?
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Real Estate Brokers
Many first-time homeowners hire experienced real estate agents to help them navigate the complex real estate market. Others prefer hiring a real estate attorney.
Both real estate agents and lawyers play an essential role in the home-buying process. Understanding the key differences between the two real estate players can help you choose an excellent real estate partner.
Author: Stan Faulkner, Founder, Perigon Legal Services, LLC
Mr. Faulkner is an experienced counselor and litigator with 15 years of experience, having held bar licenses in four states (Mo, Il, Ct and Ga). Stan Faulkner uses this experience and focuses his skills in the pursuit of assisting individuals in probate (trust and estate) matters, guardianships and conservatorships, estate planning, business disputes and contract disputes. Published on March 09, 2022.
What Is a Real Estate Professional?
A real estate professional is an agent who represents a buyer or seller in a real estate transaction.
What Is a Real Estate Broker?
A real estate broker is merely an agent who has completed further training and acquired a broker license.
The license allows brokers to operate independently, open their own brokerage, and recruit other real estate agents. Overall, real estate brokers and agents perform many of the same tasks.
What Does a Real Estate Agent Do?
Real estate professionals support their clients, assist them with making informed decisions, and have a fair understanding of real estate law and transactions.
However, real estate lawyers have more knowledge of real estate laws and are properly licensed to handle real estate transactions.
Real Estate Attorneys
A real estate lawyer might serve in various roles when buying or selling a home. Their main job is to ensure that the purchase contract is accurate, your interests are fulfilled, and your rights are preserved.
What Is a Real Estate Attorney?
A qualified real estate attorney is someone who has is licensed to practice real estate law. Their knowledge and experience can advise parties involved in real estate transactions, like a home sale or short sale.
A real estate attorney specializes in the legal aspects of purchasing and selling property, including wills or trusts, disputes, and more.
Only a real estate lawyer is authorized to prepare the property purchase agreements, undertake the title search, and complete the purchase in many states.
The Perigon Legal Services
Who Are We?
Stan Faulkner is a real estate lawyer with over 16 years of legal experience and a deep understanding of Georgia’s real estate laws.
We aim to provide excellent customer service. We are dedicated to working hard to meet your requirements and act in your best interests.
Our law firm also assists real estate investors and agents with property disputes and residential closings.
What Can Perigon Legal Services Help Me With?
Let us help you:
- buy property
- sell property
- broker a deal
- evaluate real estate contracts
We provide additional business law services and can assist you with additional planning agreements.
Book a free case evaluation with a real estate attorney at Perigon Legal Services at +1-770-268-2475.
Real Estate Agent vs. Real Estate Attorney
Real Estate Agent
When listing a home, the seller’s agent performs the following duties and activities:
- Oversees the whole property transfer process
- Establishes the home sale price or market value
- Offers excellent advice on closing costs and title documents
- Prepares closing documents
- Enters the home into the MLS database.
- Markets the home and schedules home tours like open houses.
A real estate agent is legally required to inform the seller of any interest or feedback from potential purchasers who have visited the property.
An experienced agent negotiates the best price for the transaction and gets a signed purchase agreement when a buyer makes an offer. A real estate agent also plans and organizes the closing process, including scheduling inspections and preparing home purchase documents.
On the other hand:
- A real estate agent earns a minimum of 6% of the closing value.
- Only a lawyer can handle listing agreements, sale or purchase agreements, offers, counteroffers, financing, mortgages, easements, disclaimers, title insurance, etc.
- Closings can’t be done without a real estate lawyer because a closing lawyer must sign off on all real estate transactions.
Real Estate Lawyers at Perigon Legal Services
A real estate attorney at our law firm can help you understand and follow state laws to avoid attracting a legal problem.
We will:
- Assist and guide you with your purchase until the closing.
- Respond to all questions relating to the property purchase and closing.
- Act as the middlemen between you and the vendor.
- Establish closing dates and prepare a certificate of satisfaction (if necessary) to verify that all the seller has paid off all lenders. The certificate is recorded only after closing.
- Prepare or evaluate all paperwork for closing, including deeds and inspections related to the seller.
For a free consultation from a responsive real estate attorney in Atlanta, call +1-770-268-2475.
Lawyers Becoming Real Estate Brokers
A real estate attorney can wear many hats. Many real estate lawyers provide legal advice to their clients, but they also sell real estate. Attorneys can become real estate brokers, especially principal or designated brokers. These are top-tier real estate brokers trained in national real estate law.
A real estate attorney who has also become a broker can help you with the entire process. They can provide you with accurate legal information and work in your best interest in selling or buying a property.
Can Lawyers Be Real Estate Brokers?
In most jurisdictions, an attorney can act in the same capacity as a real estate agent when selling a piece of property. Some attorneys might list the residence through a broker because the broker would have access to multiple listing services.
Is an Attorney Automatically a Real Estate Broker?
A real estate attorney isn’t automatically a real estate broker. But, an attorney can buy and sell property on behalf of their clients where they are trustees.
In some states, licensed attorneys are exempted from the licensing requirements. A registered attorney can act in the capacity of a broker.
For example, lawyers who are accepted to the New York State Bar are exempt from the educational exam and experience requirements. As a result, attorneys usually represent themselves or their clients when purchasing residential real estate.
Conclusion
Consider selling your property yourself instead of hiring a real estate agent to avoid paying a hefty commission. Other than the closing costs, only certified real estate attorneys can give you professional counsel on legal issues about real estate transactions. For the best outcome, make sure you have the counsel of an experienced real estate lawyer.
For a free consultation on real estate closing, listing agreements, wills or trusts, guardianship, and analyzing contracts or agreements with an excellent attorney, contact Perigon Legal Services at +1-770-268-2475.
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