The first thing on people’s minds during a real estate transaction is lowering costs. The next thing that comes to mind is: legal fees. Whether it is for preventative or remedial measures, most people do not like spending much, if any, on attorneys’ fees or other legal costs. However, it can be the most valuable dollar spent for your real estate transaction in the present and future.
The role of a real estate attorney versus the role of a real estate broker are substantially different.
Generally, a “real estate broker” is someone who, for compensation, can perform , among other things, the following acts on behalf of another:
(CA BUS & PROF § 10131)
Because real estate agents and/or brokers are somewhat versatile in their professions, they sometimes take on the tasks of attorneys. They should not do this. But, it is all too common to have a broker perform legal work. However, there are certain functions that only attorneys can and should be hired to perform. Needless to say, the most crucial task for your attorney would be to review all the documents that are presented to you with the “legal eye”. Once you have a valid written fee agreement with an attorney, you can consider having your real estate attorney assist you with review the following TEN ITEMS:
The ten items mentioned above might not all be applicable to you. However, whether it would be a “simple” purchase of single-family dwelling, or a long-term ground lease, consult with a seasoned real estate attorney to ask about their scope of representation and expertise.
Are you currently waiting to get into a real estate transaction? Contact Schorr Law today to schedule a consultation with one of our attorneys. Call: (310) 954-1877 | Email: firstname.lastname@example.org | or Text us at: (323) 487-7533.
By Stephanie Yang, esq.
See related: 3 Things to Consider Before Switching Attorneys