FAQs (Frequently Asked Questions) About Real Estate
What's the difference between a
Realtor/Real Estate Agent and a Real Estate Lawyer?
Realtors and Agents are professionals who assist people in buying and
selling real estate. They help sellers market their properties, using
advertising, open houses, and special multiple-listing services to give
the property the widest exposure, and therefore a better chance of
selling it. They help buyers because they have access to the special
multiple-listing services, and therefore know about all the properties
available, and about the features of the properties. They can narrow
down the field to each buyer's needs, so that the buyer isn't looking
at lots of properties that won't suit the
buyer. Back
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Real Estate Lawyers are lawyers who concentrate on the legal
issues involved in real estate. They counsel buyers and sellers,
lenders, landlords and tenants, by drawing up contracts, or making
changes to contracts, that will protect the interest of the client,
provide for what the client expects from the transactions, and warn the
client about the pitfalls of the transaction. Unless lawyers are also
Realtors, they do not generally have access to to the listing services
and do not identify and show properties to
clients. Back
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So do I need a Realtor or a
Lawyer if I'm buying/selling a house?
You need both. The Realtor will help you find the house or find the
buyer for your house, and the lawyer will help with your contract, and
your preparations for closing or settlement [this includes ordering and
reviewing title insurance, a survey, if needed, and assisting you with
getting your mortgage, if you are the buyer] and will represent you at
the settlement. The Realtor provides other services to the buyer or
seller after the contract has been signed, such as assisting with
inspections, getting the certifications that are required by law for
the sale of a house, etc. Back
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Can buyers and sellers agree without
the involvement of a Realtor?
Yes, some sellers market their properties without Realtors' assistance.
Once a buyer is found, it is really essential for the Seller to have a
Real Estate Lawyer involved to prepare the contract and make sure that
conditions are met and that the seller is fully prepared to go to
settlement. The Buyer should also be represented by a Real Estate
Lawyer to protect the buyer's interest and help the buyer prepare for
settlement. Back
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How should I prepare for my
settlement?
Even with a lawyer representing you, there are steps you should take if
you are a buyer
or if you are a seller
.