Should I use a Lawyer or a Real Estate Agent?

Question

I am thinking about buying a property in a community this time next year. In my research, I have noticed that many people do not use agents. However, I feel that I should use a lawyer at least, before closing the deal.

Recently, I have been overrun with requests from agents not to use a lawyer since they cost money (probably money that they want) and don't add value. I cannot believe this, since there is an industry that seems to specialize in it.

I have also been told that real estate lawyers don't negotiate prices for the clients and will not help with the selection of the homes. I know that maybe the general case, but in the case of a community-based property, I am not sure. It seems stupid to use only the agent, since I will find the property on my own (and still have to pay them the 3% or more).

What should I do? Should I use the real estate lawyer or the agent?

Answer 1

It it true that lawyers will help you negotiate prices for you or help you with the selection of the homes, but it's the out come of the property and contracts that count. You, as a consumer can negotiate and select the home yourself, only you know what you want. The Real Estate Lawyers will review the contract and go over it with you and if there are something that's not right, the will know it. The Real Estate Lawyer will fight for you in court if the sellers did not disclosed all pertinate information about the property, whereas the real estate agents won't review the contract or represent you in court.

Go with the Real Estate Lawyer, it saves you money in the long run if there's any problem with the property, unless you're buying a newly built property, than go with the agent.

Answer 2

If you want to pay a lot of money use a lawyer. If you don't want to pay anything use a good realtor. The seller pays the commission and the real estate agent will help you in negotiations and won't charge you like a lawyer would. The title company has attorney's that will handle the title search and the closing. You will be just fine using a realtor!

Answer 3

Real estate agents sell homes; lawyers do titles. Unless you have a lot of experience in this you would be a fool to not use both. If you had any experience, you wouldn't be asking the question. Another way you can tell you don't have any experience, you don't have any of your facts straight. The seller pays for any real estate commission. Another way is that a real estate person for the buyer is listed as a "BUYER BROKER" and is not the agent.

Answer 4

Wow. First, NEVER, never purchase a property without a Lawyer. The lawyer will handle title searches, lien searches, etc. Of course it adds to the closing costs, but well worth the money. As for a real estate agent, I have purchased several properties in my life and never used one. The obstacle will be if the home you are interested in is already listed with an agent. The sellers are under contract with the agent. Not too much you can do then.

I hope everybody else agrees with me on lawyer issue. I would love to hear myself reasons not to use one.

Good luck on the purchase of your home, especially if it's your first.

Answer 5

Every Real estate transaction should have a lawyer involved, for your own protection.
You don't want to find out there are , leans against the property title insurance not obtainable. The list is endless.
Many work with out an agent to save the commission fees, but a layer is a must.
It is your $$$$ cover yourself.

Answer 6

Use a lawyer, for sure. Real estate agents can help you sign something, but lawyers can help you be sure it's the right thing.

Answer 7

Ask a good real estate agent to be your "buyers agent." It won't cost you anything and they will negoiate for you. It's a win win deal. Good luck.