As a real estate broker, you’re well aware of the legal complexities surrounding most residential real estate transactions. From preparing purchase contracts to negotiating terms and conditions, there are plenty of things that you may need help with to ensure a successful transaction. Moreover, you must also make sure that your clients don’t end up facing unexpected legal problems after the transaction is complete. Hiring a qualified real estate attorney can make a significant difference here.
Some buyers and sellers may not be willing to pay what they consider to be a “premium” for an experienced real estate attorney, but a nominal difference in cost can make a huge difference.
Read on as we discuss why it’s in your client’s best interest to hire an experienced real estate attorney that charges a little extra to provide the necessary support system to your clients to ensure a stress-free real estate transaction.
They Can Provide a Broader Scope of Services
An experienced attorney is well-versed with all kinds of real estate transactions. Their knowledge and expertise can prove a valuable resource, and they can help your clients review purchase contracts and other legal documents to ensure everything is in order.
They can also provide a more holistic approach. From residential real estate closings and short sales to foreclosure and real estate litigation, they can represent your client’s interests across all types of real estate issues for a successful outcome and find ways of keeping the deal together that someone without the experience or incentive might not have the ability to address.
They Can Negotiate on Your Client’s Behalf
Many buyers and sellers believe that a purchase contract cannot be modified and therefore, they stick to standard templates. In addition, they may not be aware of how certain terms and conditions impact them. Having a real estate lawyer with deep knowledge in the real estate process can prove useful here. They can educate your clients on their rights and responsibilities under a purchase contract and, again, and most importantly, keep the deal together.
If required, a real estate attorney can also propose terms and conditions tailored to your client’s needs and requirements. They can negotiate with the other party to get an equitable deal, and they can draft a Rider that provides for modifications to a standard contract to assure that agreements not provided for in the contract are addressed.
Your clients should never assume that all attorneys possess the institutional knowledge that comes with working in the real estate industry. The more experienced ones, who might charge more, understand the ins and outs of local and state laws and can help your clients mitigate any potential risks that can delay or jeopardize a residential real estate transaction. Sometimes that difference is only $150. If this is the largest transaction of a client’s life--either getting their money from a sale or buying a new property, is the additional cost of $150 really that significant?
An attorney who is more experienced will likely charge more. But they will also be assisting in assuring that Disclosures were filled in properly to limit the likelihood of litigation, they will know when it makes sense to hold a deal together and when to let it terminate, they can assure that their clients are not bullied into positions they should not be taking, especially in this market where buyers can be at such a disadvantage.
In a Nutshell
Initially, your client may seem hesitant to invest a little more money into a more experienced real estate attorney, but it’s important to help them understand that by doing so, they will avoid the possible financial impact of a real estate transaction gone wrong.
At Minchella & Associates Ltd, we work to safeguard your client’s investment by reviewing all legal documents, managing negotiations, and identifying potential problem areas that could expose your client to financial losses. Get started by scheduling a consultation today.