Lawyers and Real Estate Agent: Are They Really Necessary?

couple talking to a real estate agent

Now that you finally came up with one of the biggest decisions of your life and put your house or land for sale, the question is, what will be the next phase of the process? Should you hire a real estate agent or a property lawyer? Are they necessary for your sell out? Sound like an expensive cut to your bottom line, right?

Fortunately, although it is not necessary to hire a real estate lawyer to sell your land or home in Townsville, having one in your arsenal could be beneficial to your end. In addition, your lawyer can protect your interests and help you negotiate with the terms agreeable to everyone involved in the process, especially at documentation issues, titling errors, and costly lawsuits.

Mitigating Circumstances

While the law in general (depends on the state or country) does not require you to hire an attorney when opting to sell your home or land, the laws governing the real estate transactions are difficult. That is why having a lawyer will come in handy. In addition, a lawyer can also guide you to work with a potential buyer even if they currently live out of state. An experienced real estate lawyer will work the process for you in conveying a legally binding contract as well as solving problems that you may face.

The Sell-Out

When selling your home or land and decided not to hire an agent, having an attorney to represent you is somehow effective, cost-efficient, and beneficial. Additionally, according to the statistics from the National Association of Realtors, results show that 7% of home sales in 2017 was “for sale by owner” transactions. However, even though it is cost-efficient, still a lot of homeowners are having trouble understanding the extensive paperwork essential to the process. But, with a real estate lawyer at your side, surely you can close the deal without any difficulties.

man shaking hands with a lawyer

What if you did not hire a Lawyer?

As stated, a number of real estate transactions do not necessarily need an attorney, especially if you already decided on working with a licensed property agent who is an expert with the market and the process of real estate disclosures. If you course this path and decided to hire a knowledgeable agent, they can as well guide you throughout the selling process — except when problems get along the way, but if things are smooth, the presence of an attorney is not really necessary.

What About Commission Fees

If you decided on working with a property agent, make sure that the broker’s fee agreement states the terms and conditions about the work scope of the broker and yourself. In there as well, should be the brokerage or commission fee, which is the percentage of the total sale price of the property. It could be 5% or 10% depends on the agreement.

If you are having concerns, a lawyer can review the agreement and explain it to you in the best way you can understand it before signing the contract. From there, your lawyer will explain to you the scope and limitations, and the possible worst-case scenarios that may arise.

About The Author

Share On

Scroll to Top