Searching for a home and closing by signing a contract is a major milestone. However, people rarely get to this point alone. Usually, people have some sort of help when it comes to learning the intricacies of how to buy a home. However, some people may have trouble deciding what type of help they want. Some people believe that lawyers are the right way to go, while others believe that real estate agents can do the job better. So do you really need a lawyer during the real estate search and for closing, or are real estate agents the superior option? Let’s take a look.
Benefits of Lawyers
If you need legal advice during your home search or to close on a sale, then a lawyer would be the perfect option. Lawyers specialize in legal terms and jargon, meaning a lawyer should be able to guide you through any legal trouble that you may have throughout your real estate search. In this regard, lawyers are far superior to real estate agents. However, lawyers definitely do have their drawbacks. They likely won’t be familiar with particular neighborhoods and usually won’t have the network connections that a real estate agent has. Lawyers also may not be as good at spotting defects of a house during tours or assessing the real estate market in general. This usually stems from the fact that few lawyers specialize in this aspect of real estate, as most simply focus on the legal aspect. Not to mention that lawyers can be expensive, often charging northwards of a hundred dollars an hour. Due to these reasons, lawyers can be very valuable during the real estate search, but they should probably simply be reserved for simple consulting visits when legal issues arise.
Real Estate Agents
Usually, real estate agents either don’t have the legal expertise to answer your questions or are simply not qualified. However, real estate agents can still offer a lot to your real estate search. First, real estate agents can use their networking and connections to not only find you the best home to fit your needs but also the best price. In addition, real estate agents usually have extensive knowledge of the local neighborhoods and can read markets well thanks to their years of expertise. Real estate agents also know what to look for during house tours, allowing them to find problems in a home that would have otherwise gone unnoticed. Finally, real estate agents are usually much cheaper than lawyers, allowing you to use them for a variety of things without completely breaking the bank. When it comes to legal matters, lawyers are usually far superior, but in just about all other aspects, real estate agents should be the way to go.
As mentioned before, lawyers and real estate agents each have their own strengths and weaknesses, and each could be better depending on what you’re looking for. However, sometimes it isn’t just that simple. Some states have laws that only allow lawyers to close a deal and do other aspects of the real estate search. This means that although a real estate agent may be cheaper and/or better suited to carry out a task, you may have to hire a lawyer depending on your state’s real estate laws. Before making a decision on what you want, make sure that your familiar with your state’s real estate laws and what they require.