Are you preparing to purchase real estate, and wondering whether you should use an attorney?
There are many reasons to use an attorney instead of or in addition to a real estate agent or broker when purchasing property. Real estate closings are actually the practice of law, and in many states only attorneys are legally able to do them. In Washington state, brokers or agents become authorized to perform a limited practice of law in assisting in a real estate closing. However, they are unable to draft their own documents, and must only use those drafted by a licensed attorney.
There are many aspects of real estate law that attorneys must know that real estate agents do not learn. Various liabilities and duties that go into real estate sales and closings, mortgages, and other aspects of property law that come into play when owning property are areas that attorneys are well versed in. Many questions you may have about a potential property you would like to purchase can be easily answered by an attorney.
Also, attorneys may not charge as much as you would pay a real estate broker for closing. An attorneys fee must be reasonable, and it may not be as much as 2.5% or 3% commission on a purchase price that a broker would take.
Even if you decide to use an agent, it is beneficial to also utilize an attorney for the reasons named above.
Contact us today if you are considering purchasing real estate and would like to ensure you have your bases covered.