The Role of Real Estate Attorneys as Real Estate Brokers
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Who is a Real Estate Attorney?
When you’re looking for help with a real estate transaction, it’s essential to look for attorneys who are both real estate brokers and attorneys.
Real estate lawyers are licensed legal professionals that help people complete their real estate transactions. Usually, they handle the legal aspects of property transfer.
Unlike other real estate professionals such as agents and brokers, real estate lawyers are familiar with the legal requirements of property transactions. Also, in some states, it is a legal necessity that property transactions be concluded with the assistance of real estate attorneys.
What Does a Real Estate Lawyer do in Property Transactions?
The role of a real state attorney includes the following;
Representing residential and commercial tenants in landlord-tenant issues
They help their clients cope with foreclosures, bankruptcies, and short sales.
Advising clients on important real estate laws
Creating a purchase agreement, title paperwork, and mortgage agreements
Assisting house buyers and sellers in completing the transaction and preparing home purchase documents
Real estate attorneys may also represent their clients in court
Helping landlords with rental applications and lease arrangements
Differences Between Real Estate Attorneys and Brokers
The following are some key differences between a real estate attorney and a real estate broker.
The first and most obvious difference between these professionals is their education. Real estate attorneys are lawyers, so they must have a law degree. Such attorneys must be graduates of approved colleges or universities and have completed their three-year degree programs.
On the other hand, realtors only need a high school diploma or equivalent. In addition, they must finish real estate education courses in management, sales and marketing, sales closing, taxes, and financing. Aspiring realtors must also complete many training hours to learn about the real estate industry.
Similarly, realtors need a real estate license to practice. Aspiring candidates must sit for and pass an exam to obtain these licenses. The following are the conditions for obtaining a license:
- Candidates must be at least 18 years old at the time of the exam
- Candidates must have completed their real estate courses;
- Candidates must write and pass the licensing test;
- The candidates must join the National Association of Realtors (NAR)
Realtors may also obtain extra qualifications to improve their job abilities like the following:
- Certified Commercial Investment Member (CCIM)
- Seller Representative Specialist (SRS) certification
- Accredited Buyers Representative (ABR) certification
On average, real estate attorney costs vary. Clients may pay attorney fees according to an hourly rate. Depending on the law firm, the lawyer, location, and other factors, the hourly rate can vary widely.
Transaction closing costs are usually an agreed percentage of the real property purchase price.
However, real estate brokers get their payments as a flat fee or percentage of the real estate transaction. This could be between 5% and 10% depending n negotiations between the seller and the agent.
Can a Real Estate Attorney Act as a Real Estate Broker?
What Should I Consider When Hiring a Real Estate Attorney as a Real Estate Broker?
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