There are a number of advantages and disadvantages to review when considering including a 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.
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