With all the news about the turmoil in the real estate industry recently, especially with realtors, one may wonder whether they can use a real estate attorney instead of a realtor. The answer is yes. In New Jersey, it is possible to use a real estate attorney instead of a realtor for buying or selling property. However, understanding each role’s strengths can help you decide what fits your situation best.
What real estate attorneys do
Real estate attorneys manage the legal aspects of transactions from drafting contracts to ensuring all paperwork meets state regulations. They represent your interests in negotiations and closings, which is particularly helpful in complex deals, such as commercial real estate or transactions with legal complications.
What realtors do
Realtors, meanwhile, focus on the property side of things. They assist with locating properties, marketing homes, setting up showings and negotiating sale prices. Their knowledge of the local market can be invaluable for pricing, trends and neighborhood insights.
Some people choose to work solely with a real estate attorney. This is especially if they are comfortable managing the sales and marketing themselves or already have a buyer or seller. Attorneys also ensure compliance with laws and manage any legal issues, which provides you with peace of mind. And, by not hiring a realtor, you can avoid paying their commission fees.
Conversely, depending on the attorney, they may have limited market knowledge. This is because attorneys typically do not have a realtor’s deep understanding of property values or neighborhood trends. Though, this is not a universal truth. In addition, with attorney only transactions, the client may need to take on extra responsibilities. Without a realtor, clients typically need to handle open houses, marketing and sometimes, negotiations themselves, which can be time-consuming.
Choosing to work solely with a real estate attorney can be a practical and cost-effective approach if one is familiar with the selling or buying process and comfortable managing key aspects of a real estate transaction. However, if a seller or buyer needs support with the broader property transaction elements, a realtor’s services might be beneficial. Ultimately, this decision comes down to one’s needs, comfort level and the complexity of the real estate transaction.