Real Estate Agency Term Paper

Open, View, and/or
Download this Document

Total Length: 1245 words ( 4 double-spaced pages)

Total Sources: 1+

Page 1 of 4

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 by doing a moderate amount of research.

Stuck Writing Your "Real Estate Agency" Term Paper?

View All Our Example Real Estate Agency Term Paper

Have A Custom Example Essay Written

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….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Real Estate Agency" (2005, October 13) Retrieved July 6, 2024, from
https://www.aceyourpaper.com/essays/real-estate-agency-69662

Latest MLA Format (8th edition)

Copy Reference
"Real Estate Agency" 13 October 2005. Web.6 July. 2024. <
https://www.aceyourpaper.com/essays/real-estate-agency-69662>

Latest Chicago Format (16th edition)

Copy Reference
"Real Estate Agency", 13 October 2005, Accessed.6 July. 2024,
https://www.aceyourpaper.com/essays/real-estate-agency-69662
   

Open, View, and/or
Download this Document
order custom essay example