If you are thinking of buying or selling a home, your first instinct is likely to contact a real estate agent…and that’s great! But of course, not every agent is the same, and many may look good, but do not have the skills to take care of you in such a major legal transaction.
There are few agents or brokers who are actually licensed attorneys, so if you want to buy or sell I suggest researching them and asking how they can best help you. Try to reach out to their past clients as well, because of course, being an attorney does not mean they have your best interests at heart (like any agent). Here are some reasons why working with a Broker/Attorney will benefit you in your real estate transactions:
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Perspective. Attorneys are taught to see issues from different perspectives, and to evaluate and weigh responses and solutions. While many agents can also come up with solutions and find ways to respond to problems within a real estate transaction, the attorney can see things differently. This is especially helpful when issues arise during the sale or purchase of a home.
- Training. Attorneys have gone through 3 years of intense graduate work after college, during which time they are specifically trained to represent people facing legal challenges. After completion and receipt of a doctorate of law (Juris Doctorate, or J.D.), they then must prepare for and take what is (in my opinion) the most difficult test known to humans – the Bar Exam. Afterwards they can be sworn into the state Bar and Courts as an officer of law.
A real estate agent needs to be 18 with no criminal record, and can sit for the real estate exam after completing required courses in real estate education, pass a licensing exam and apply for the license with the Department of Real Estate. Hopefully once this is accomplished the agent can get good training from the brokerage where they affiliate, but training varies from brokerage to brokerage. Now don’t get me wrong – there are some FABULOUS and highly skilled agents out there…but there are also those on the other side of that equation.
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Negotiation. Attorneys are specifically trained in negotiations, so when it comes to supporting your rights in a real estate transaction you can feel safe knowing one is on your side.
- Contract Review. Once again, attorneys are specifically trained in legalities, and this includes the drafting of contracts. If there is something specific you want to negotiate, or something the other party is asking from you, it is helpful to have an attorney look over the contract to come up with ways to respond. An agent can do this as well by getting their broker involved if necessary, and that broker can escalate to the law firm who represents the broker if necessary – but working with an attorney can avoid the extra steps.
Broker vs. Agent: It is also worth stating that a real estate broker is held to a higher standard than a real estate agent, and therefore has more responsibilities. They go through more difficult training (must work as an agent for a specified number of years prior to becoming a broker – unless they are an attorney), and must take the more challenging broker license exam.
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Whether you choose to work with a real estate agent or an agent, a broker, or someone who is a broker and attorney, is your choice. It often will depend on how complex your transaction may be and whether you have a relationship with an agent who has done a stellar job for you in the past. But for legal expertise and the highest skillset, you may want to consider the agent who is a broker and attorney.