Realtors help buy and sell homes; lawyers practice law. However, realtors and lawyers both work tirelessly to make many real estate transactions go off without a hitch. Commercial real estate transactions require a real estate lawyer’s involvement from the onset since they are usually quite complex. The same is true for more complicated residential transactions that involve multiple properties or buyers. Additionally, real estate as part of estate planning normally calls for legal advice.
Commercial and Complicated Residential Real Estate Transactions
Nearly all commercial real estate transactions require a real estate lawyer, and some residential real estate deals do as well. Lawyers offer legal advice that a realtor cannot give.
Diane Drain advises,
In Arizona, real estate lawyers are used in commercial transactions or more complicated residential situations. Most traditional residential transactions are handled through a title company. There are times that the realtor/broker oversteps their limitations and gives the client improper legal advice.”
Foreclosures, short-sales, defaults and other loan agreement problems are classic examples of residential transactions that are benefited by the presence of a lawyer. Commercial real estate transactions are often extremely detailed because of the amount of money that is changing hands. Multiple banks and buyers want to make sure that all paperwork involved is clear and complete.
Oftentimes, real estate and estate planning go hand in hand. Correspondingly, this means that both a realtor and real estate attorney are usually needed to make the planning go smoothly for those dividing their estate.
Jack McSweeney shares,
I regularly refer my clients to lawyers when estate planning involving real estate is required. Many times a client may be wondering how to best leave their property to their kids if something should happen to them. Lawyers can answer that question and guide them in this important topic.”
Estates plans often involve multiple parties and the division of funds is not always equal. A real estate lawyer resolves disagreements and ensures that estates are passed on with the respect and care that they deserve.
General Real Estate Lawyer Guideline
Hiring a real estate lawyer from the onset can save clients money during large real estate transactions. Since most real estate deals are the most notable transaction in someone’s lifetime, it is not a bad idea to seek legal counsel.
Brian A. Mills notes,
An attorney is never “necessary” in a real estate deal in the same fashion that an attorney might be necessary to go to Court. However, given that a real estate transaction is likely one of, if not the most, substantial transaction that an individual will ever enter into, it is highly recommended. I liken it to purchasing an insurance policy. If you wait until you know you need a lawyer, it is likely too late to get one.”