Real Estate Attorney vs. Real Estate Agent: Do You Need Both?
When you’re purchasing or selling a property, particularly in Suffolk County, Nassau County, and Long Island, you need to understand the various professionals engaged in real property transactions. Two of the most prominent professionals you will be dealing with are real estate attorneys and real estate agents. They will be doing some of the same things, but both have distinct expertise. But the million-dollar question is: Do you really need both a real estate attorney and a real estate agent in your transaction? Let’s find out-
What Is the Function of a Real Estate Agent?
A real estate agent is legally empowered to assist clients in purchasing, selling, or leasing properties. Agents in Suffolk County, Nassau County, and Long Island know the local market, property prices, and neighborhood trends. They can assist you in the process, advise, and recommend, but not provide legal advice.
The following are the key responsibilities of a real estate agent:
- Marketing the Property: When a home is sold, an agent will promote the property, help determine the price, and employ multiple means (including MLS listings and websites) to locate purchasers.
- Finding Properties: A buyer agent will find houses to your specifications, organize property viewings, and negotiate on your behalf.
- Negotiations: A real estate agent negotiates the price, terms, and other conditions of the contract.
- Coordinating Inspections and Appraisals: The agent will assist in getting the proper appraisals and inspections required to verify that the property is in line and at the appropriate price.
- Processing Paperwork: Agents assist in completing the necessary forms and contracts. They can advise on contingencies but may not discuss the legal interpretation of these documents.
While real estate agents are invaluable for bringing details of a transaction together and acting as an intermediary between buyers and sellers, they are limited in what legal advice they can provide.
What Is the Role of a Real Estate Attorney?
A real estate attorney specializes in the law of selling and buying property. In most states, such as New York (Suffolk County, Nassau County, and Long Island), real estate attorneys are commonly required to be a part of the process. They are contracted to provide advice on the law and to ensure any and all components of the transaction are legal.
The main duties of a property lawyer are:
- Drafting and Reviewing Contracts: A real estate attorney can assist with preparing or reviewing the purchase and sale agreement. This will safeguard your legal rights and ensure the agreement is equitable and inclusive.
- Title Review: Lawyers conduct a title search to confirm the property has a clear title, i.e., that it has no liens or legal problems. This guards against future ownership issues.
- Closing Process: Real estate attorneys carry out or help with the closing. They ensure everything is signed correctly, money is dispersed accordingly, and all rules of law are adhered to.
- Solving Legal Issues: If any legal issues arise, such as contract issues or zoning matters, a real estate attorney can negotiate on your behalf or represent you in court to resolve these issues.
- Handling Complex Transactions: If the property has complex legal issues (such as a foreclosure, a probate sale, or a title defect), having an attorney can be a significant assistance in ensuring that everything is done correctly.
Estate planning lawyers give you sound legal advice, ensuring the deal is legal, and you won’t end up with any legal problems later on.
Do You Need a Real Estate Attorney and a Real Estate Broker?
The short answer is yes. Having both a real estate agent and a real estate attorney represent you is something that you can benefit from. This is particularly true in markets such as Suffolk County, Nassau County, and Long Island, where the real estate market is very competitive and complex.
Here. ‘s why it is a good idea to have both professionals work on your transaction:
1. Complementary Expertise
Real estate agents help with the promotion, placement of homes, and coordination between sellers and buyers. They’re experienced at getting the details of the deal in place, including the coordination of tours, negotiating, and suggesting inspectors.
Real estate lawyers handle legal matters. They review contracts to ensure they protect you, resolve title issues, and comply with local laws and regulations. They are also good at identifying legal problems before they happen, which can help give you peace of mind when you sell or buy.
Having a good agent and an experienced lawyer ensures that you will get helpful guidance along the way.
2. Increased Protection
Purchasing or selling a piece of real estate is a delicate business, and a small error may result in costly issues in the future. The agent does not have to worry about handling legal matters or contract nuances, and the attorney will not handle the advertising or preparation of the sale. You are covered all around with two professionals in your corner, removing the possibility of surprises or issues.
3. Managing New York-Specific Legalities
In New York State, it is common (and often required) to have a real estate attorney participate in the closing. A real estate agent can help you at the beginning of buying or selling, but an attorney plays a key role in the end. Their role is to make sure the transaction is within New York’s laws, making everything easier.
When purchasing a home the attorney will review the contract. In order for the agreement to be binding the purchaser and seller must sign a contract and there must usually be a down payment that is held by the seller’s attorney until the closing. A reputable title company will be used to make sure there are no issues with the title to the home such as encroachments or judgments. If those issues are not resolved before purchasing the home they will transfer with the sale of the property and that is the reason for getting title insurance as they will insure the title of the home and they will bring to the attention of the parties and the attorney’s should there be any issues with the title. Should there be any issues with the title those would normally need to be resolved before the property is purchased which is called a closing.
When selling the home the attorney will prepare the contract and will be sent to the purchaser’s attorney. The seller’s attorney will hold the down payment in escrow should the contract or closing not take place so that the purchaser can lose their down payment. The purpose of the down payment is for a seller to be reassured when they are taking the property off of the market that the individual purchasing the property is going to proceed with the sale and purchase. Should that not occur the purchaser can lose a down payment and the seller can receive damages which is basically the down payment for removing the house from the market pending the sale to close.
4. Professional Negotiation Assistance
Real estate agents are good negotiators, but a real estate attorney is helpful when a legal issue comes up, like contract term issues or disagreements over conditions. They can create legally binding contracts and defend your rights at those pivotal moments, which is very valuable.
In Suffolk County’s busy real estate markets, Nassau County’s real estate markets, and Long Island’s busy real estate markets, a real estate attorney and a real estate agent can assist in ensuring your transaction goes smoothly and securely. At The Law Office of Shawn R. Kassman, we represent clients with intricate real estate transactions with our expertise. Whether you are buying or selling a home in Long Island or neighboring communities, we are here to assist you with the help you need for a smooth and successful transaction.
Need Legal Assistance? Contact Us Today! 631-232-9479,
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