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6 Misconceptions About Real Estate Attorneys

Purchasing a home is one of the most significant investments in a person’s life. As a result, most people hire a real estate agent to help them search for a house that fits their needs.

What you may not know is that you can hire a real estate attorney to work alongside, or in place of, your agent to assist you in your home buying journey. However, many people do not know exactly what a real estate attorney is or does. Here, we will discuss what exactly a real estate attorney does, and why you may want to hire one to assist you in your search of the perfect house.

What is a Real Estate Attorney

A real estate attorney is someone who is an expert on real estate law and can provide guidance on any legal issues that may arise during the house buying process. Do a quick search for a CT real estate attorney and you will find many in your area that can help you within a wealth of knowledge to help you in the home buying process. Due to their expertise, it may be beneficial to hire an attorney rather than an agent as an attorney can often assist with legal issues and house hunting, while an agent is legally forbidden from practicing the law.

If you are interested in hiring a real estate attorney, be sure to check that they do also professionally sell real estate. While it is a service they are qualified to provide, they do not all decide to do it.

An Attorney Will Make Closing a Deal Much Easier

Both an agent and an attorney will want to make closing a deal go as smoothly and efficiently as possible. However, having an attorney to help close a deal will mean that any potential legal problems that arise during the closing process will be addressed.

Contract disputes, tax situations, and title disputes are some of the circumstances in which an agent will not be able to assist you. In these situations, you will need to utilize an attorney’s expertise in order to complete the process of buying a house.

A Real Estate Attorney Isn’t As Expensive as you Might Think

For most people, the word ‘attorney’ implies ridiculously high rates. However, this is not always the case.

Compared to many other legal services, real estate attorneys have relatively low fees Usually, your real estate attorney will be able to provide you with a reasonable one-time fee for his or her services. Not to mention, having an attorney to help you complete your transaction can prevent you from incurring extremely high costs due to not properly closing the deal on your home.

Attorney Versus Broker

Real estate brokers have a unique professional skill set. They are able to very accurately assess the current and future values of any given property. This service is very useful once you have identified the home you are interested in.

However, you may be better suited by hiring an attorney. Websites such as Zillow.com can assist in determining the value of a property. While they may not be as accurate as a broker, they can give you a very good idea of what you should be paying for your chosen house.

After the value is determined, everything else can be handled by an attorney.

Real Estate Attorneys Can Be Helpful to Sellers as Well

Real estate attorneys are less likely to be hired by sellers than buyers simply because they don’t see how an attorney would be helpful.

Contrary to popular belief, there are a number of beneficial services attorneys can provide to people attempting to sell a property. For example, one of the most useful ways an attorney can be utilized is to help you understand the tax implications of selling your home. A real estate attorney can help you understand how much closing and selling costs and a home’s tax basis affect your tax situation.

Real Estate Attorneys Do More than you Think

Hiring a real estate attorney is one of those things that people often look at as a needless expense. This is because, as with many other professions, if all goes well, it will seem like you hired them for nothing. However, this is exactly why you should hire them.

Attorneys spend a lot of time behind the scenes to ensure that the home buying process goes as smoothly as possible for you. Whether it be making sure there are no title disputes, or that the purchase agreement is fair, your attorney is doing all they can to reduce the stress you experience from this process. Contact a real estate attorney today to help in

Law Office of Chris Albanese
Attorney
June 4, 2018