The roles and job of a real estate attorney and a realtor are quite different when it comes to purchasing or selling a property. But many a times, people do not know about the limitations of a real estate agent, and make the mistake of not involving an attorney in the process. Most real estate transactions are straightforward and can be handled by a realtor, but sometimes, disputes arise which lead to negotiations and often litigation, which otherwise could have been avoided if an attorney was present from the beginning.
Here are a few things that a real estate attorney can do for your home buying or selling that an agent cannot do:
Legal Documentation
One of the key responsibilities of a real estate attorney is to draft legal documents. They may include leases and agreements for property renting, deeds for conveyance, financing agreements, and purchase contracts. Real estate agents have pre-promulgated forms which they simply fill to meet the contractual needs of the parties involved. However, they are not qualified for drafting and revising such documentation.
Legal Advice
An agent may have superior knowledge of certain aspects of the real estate transaction, but they are not capable of providing advice about the legal aspects. For example, a real estate attorney can review contracts and agreements and gauge their legal soundness to ensure you do not face any issues down the line. Moreover, they may also warn you about any inconsistencies in titles and any other questionable parts of the deal.
Due Diligence
Some people prefer negotiating details of the real estate transactions directly with the buyer or seller, and keep their agent involved in the process. They may require the legal services of a real estate attorney to practice due diligence during the transaction. This means that the attorney will be required to overlook legal title issues, reports, liens, and environmental issues associated with the property. Because real estate attorneys are trained for pinpointing such issues, they ensure that clients do not fall prey to any unseen legal traps.
Negotiations
A real estate attorney knows about the ins and outs of state laws and have the inherent ability to effectively negotiate terms and conditions, and other aspects of a deal. A real estate attorney can work with other attorneys, brokers, developers, and other professionals, and vigorously negotiate on your behalf.
Litigation
Most real estate transactions go smoothly and generally work out in the favor of both parties. However, some cases do not go as planned, leading to potential disputes. If one party files a lawsuit on any grounds whatsoever, an attorney can provide aggressive representation, protect the rights and interests, and dramatically improve the chances of winning a case.
If you are thinking of buying or selling your home, you may want to consider hiring an attorney to ensure everything goes smoothly. Contact our experienced Naperville real estate attorney from the Fitzgerald Law Firm, P.C. to schedule a free consultation today.