Verified Document

Real Estate Agency Term Paper

¶ … lawyer in a real estate transaction. Lawyers can be especially useful in navigating the complexity of real estate transactions, including zoning laws, condo by-laws, and tax and environmental issues. In foreign property transactions, hiring a real estate lawyer can be helpful in translation of sale and purchase agreements, and understanding country-specific laws. However, lawyers can increase the costs and time required for a real estate transaction in both domestic and foreign sales. Using a real estate agent, or completing a real estate transaction on your can reduce these disadvantages, but also leaves the buyer without some important legal advice. Overall, the choice to use a lawyer in a real estate transaction requires a careful analysis of a number of factors. Advantages and Disadvantages

A real estate lawyer can help a buyer navigate what is commonly a complicated minefield of considerations when buying property. Notes Dascar (2005), "zoning or permitted use laws, neighborhood or condo association by-laws, environmental restrictions, tax issues, and all of the other little gremlins ... can pop up..." A real estate transaction can often be complicated by issues of leasing, financing, restrictions, covenants, and construction costs (McGuireWoods, 2005). The use of a real estate lawyer to navigate these difficulties can potentially prevent a number of potential problems.

The alternatives to using a real estate lawyer in real estate transactions include using a real estate agent only, getting no additional advice, and using a family or corporate lawyer. Often, buyers complete real estate transactions with only the help of a real estate agent. An agent can be extremely helpful with other areas of the transaction, including advice on home inspectors, and mortgage lenders (Nolo.com).

It is often possible to complete a real estate transaction without getting additional advice from either an agent or lawyer. This can save time and money, and is often possible...

However, it is important to consider that having your own agent can prevent the seller's agent from dominating the sale. However, an agent cannot make judgments on specific legal questions (Nolo.com).
When considering using a real estate agent, or completing the transaction yourself, it is important to determine if your state requires a lawyer to be involved in the transaction. Some states require that a lawyer close a real estate transaction and prepare purchase documentation (Nolo.com).

Using a family or corporate lawyer to review a real estate transaction can have several serious pitfalls. The most important of these is that a family or corporate lawyer may not be well versed in specific areas of law related to real estate, including zoning laws, environmental laws, and tax issues. This is especially true in foreign property deals. Writes Dascar (2005), "if you want an iron-clad real estate purchase and sales agreement which addresses all of the unique and common issues that you face as a real estate buyer in a foreign country, then you need to hire a real estate lawyer who is licensed to practice in that country." When coupled with the fact that using a family or corporate lawyer is unlikely to save any money, using a real estate lawyer seems well advised in both foreign and domestic purchases.

A real estate lawyer can provide several important advantages to the homebuyer. A lawyer is especially useful in cases where specific legal concerns must be addressed. This is especially true when there are unusual plans for the property, such as adding a second story (Nolo.com).

Using a lawyer in a real estate transaction can reduce buyer stress and minimize misunderstandings. It can prevent the buyer from feeling pressured into signing documents prematurely, and give peace of mind (Nolo.com).

The advantages of hiring a real estate lawyer are especially important to consider when buying foreign property. In a…

Sources used in this document:
References

Dascar, Daniel. 2005. The Pros and Cons Of Hiring A Real Estate Lawyer. EzineArticles.com.

Accessed October 13, 2005. http://ezinearticles.com/?The-Pros-and-Cons-Of-Hiring-A-

Real-Estate-Lawyer& id=21411

McGuireWoods. 2005. Real Estate Transactions. Accessed October 13, 2005.
http://www.mcguirewoods.com/departments/real_estate/transactions.asp
October 13, 2005. http://www.nolo.com/article.cfm/ObjectID/0CE75422-F17C-45E0-
Accessed October 13, 2005. http://craigproctor.com/gold_affilform1.asp
http://www.bankrate.com/brm/news/DrDon/20011220a.asp
http://www.thenetwork.ca/NetworkPresentation.htm
Cite this Document:
Copy Bibliography Citation

Related Documents

Real Estate in Greece the
Words: 6076 Length: 20 Document Type: Research Proposal

(Economou and Trichias, 2009) Remuneration is stated to be as follows for each of these actors: (1) real estate brokers -- Commission based on percentage of the transaction value; (2) lawyers -- Commission based on percentage of the transaction value; (3) Notaries -- Commission base don percentage of the transaction value; (4) Civil Engineers -- According to specific regulations, taking into account elements of the property in question; and (5) Constructors -- percentage of

Real Estate Condominium Exhibits the
Words: 2337 Length: 5 Document Type: Term Paper

Moreover, to make certain that occupants on one of the level are being conscious of a fire on the other side the smoke alarms shall be linked so as to make the activation of one smoke alarm to echo a similar signal in the other smoke alarm; perceptible through the entire level they are situated on; and enlisted for application in an interlinked institution. Moreover, emergency lighting which have

Real Estate Funding Chapter How
Words: 11371 Length: 40 Document Type: Term Paper

A secondary mortgage market permits mortgage originators to be more responsive to dynamic mortgage demand and to lower mortgage rates for some homeowners when mortgage demand is higher. According to Koppell (2001): Government-sponsored enterprises (GSEs) are hybrids -- part public, part private -- that affect the lives of most Americans. Anyone who has borrowed money to purchase a home, farm, or pay for college, or invested in a mutual fund

Real Estate Management
Words: 2466 Length: 7 Document Type: Essay

Practices Associated With Real Estate Management In this paper, we will answer many questions regarding the practice of real estate management. We will also address the main question to the topic which is related to the underpinning or improving the value of assets and assess how this can be done alongside its extents. Additional information regarding the investor's point-of-view would also be included, here much of the emphasis would be pointed

When to Buy Sell and Invest in Real Estate
Words: 2569 Length: 9 Document Type: Research Paper

Real EstateIntroductionWhen it comes to buying, selling or investing in real estate there a few common issues that people will want to consider: these can include when to buy/sell, what kind of rate to expect, whether to use an agent to assist in the process, how to obtain a loan, how to negotiate, and how to identify an opportunity for investment. As Maher (2018) points out, real estate is an

Delegation: Real Estate Proper Use of Delegation
Words: 1444 Length: 4 Document Type: Term Paper

Delegation: Real Estate Proper use of delegation in any setting is an essential component of leadership. Delegation used by managers in a real estate office can improve the results management gets from their staff by not only assisting in the task completion process but also by improving the team oriented atmosphere of the office and staff. Delegation not only sharpens management skills but also increases the overall employee and managerial commitment to

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now