Buyers Beware in States That Don't Regularly Use Real Estate Attorneys
We've said it before and we'll say it again, buying and selling real estate is complicated, cumbersome, and is not as as they make it look on television! In many States, particularly in the south, southwest, and western areas of the United States it is commonplace for Buyers and Sellers NOT to use real estate attorneys. In many areas the contracts are standardized and are created by the State Bar Association and the Realtor® Association of that particular State.
Does that mean that an attorney is not needed? Nope. It simply means that pretty much everyone in a standard real estate transaction is using the same documents whether they use an attorney or not. Just like we strongly advocate the use of Realtors® and Agents, even in States where real estate attorneys are common, we feel the exact same way! There is no requirement for either but there is also little to no excuse for not using either. Sadly, it's often only when a problem arises that those who failed to use either or both figure this out, and as is often the case, it can be costly by way of the transaction not getting done or even worse, having the failed deal bring with it legal and/or monetary ramifications as well!
In many cases, the purchase and sale of real estate are some of the largest financial transactions the average person may ever incur so why go into it without expert representation about the property and the process, as well as expert representation to make sure your rights are protected every step of the way? Hint: You shouldn't! As a percentage of the overall transaction, the use of either a Realtor® or a real estate Attorney (and preferably BOTH!) is some of the best money you'll spend and best advice you can heed.
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