Difference Between a Real Estate Lawyer and a Real Estate Agent

Are you conducting a real estate transaction? If so, you might wonder whether you need a real estate lawyer or a real estate agent to protect your rights and financial interests. Here’s what you need to know about the differences between these two types of real estate professionals.

What Does a Real Estate Attorney Do?

A real estate attorney can provide legal advice and advocacy during a real estate transaction. An attorney can review contracts and other legal documents in a real estate transaction and help you understand what the agreement’s terms mean and how they affect your rights and obligations. Attorneys can also conduct due diligence to identify any issues or encumbrances on the title.

In addition, a real estate attorney can advise you on other legal matters related to your transaction. These include providing a smart way to hold title to your property, resolving potential defects in a property’s title, or determining whether your contemplated use of a property complies with local zoning regulations.

What Does a Real Estate Agent Do?

In terms of a real estate agent vs. a lawyer, the real estate agent represents a buyer or seller and serves as an intermediary during a real estate transaction. They can help parties determine the fair market value of a property, set an asking or bid price, assist sellers with marketing their properties, and identify potential purchase opportunities for buyers based on a buyer’s needs, preferences, and budget. Based on the agent’s knowledge of market conditions, they can advise their clients whether they have reached a fair deal for a proposed transaction.

Key Differences Between a Real Estate Lawyer and a Real Estate Agent

The difference between a real estate agent vs. an attorney lies in their acumen and duties.

A real estate agent serves as a seller’s or buyer’s representative, using their knowledge and experience in real estate market analysis, marketing strategies, and negotiation tactics to help their clients obtain a fair deal. They can assist sellers with matters such as staging properties for show or help buyers with issues such as securing financing or conducting property inspections.

However, real estate agents cannot help clients with anything that would constitute legal advice, because real estate agents do not hold licenses to practice law. Real estate lawyers, on the other hand, assist parties in a real estate transaction with the legal aspects of the deal, such as drafting contracts and advising clients on their legal rights and obligations. Real estate lawyers also usually have a more in-depth understanding of real estate laws.

Real estate agents and attorneys also differ in how clients pay them. Agents work on a commission basis, receiving a fee based on a percentage of the property’s sale price. On the other hand, attorneys usually charge hourly fees, although some real estate lawyers may charge flat fees for routine services.

Why You Need a Lawyer for Your Real Estate Transaction

A real estate lawyer can help you during a transaction if legal issues or complications arise, in addition to looking out for and protecting your legal interests during the transaction. However, a real estate agent who helps you buy or sell a property cannot provide legal advice or advocacy should problems occur during a transaction.

Consult with a Qualified Real Estate Lawyer at 453 Trust Powered by Pennington Law Today

Are you in need of legal counsel during a real estate transaction? Contact 453 Trust Powered by Pennington Law today for an initial consultation with an experienced real estate lawyer. We’ll discuss how we can make the process as smooth for you as possible.