The real estate industry recently hit a record in houses sold for more than the asking price, with a maximum rise in asking price by 56.36% in July 2021. Meanwhile, around 44 million people are still renting and looking to buy their first home. But purchasing a house is something that shouldn’t be rushed.
Many first-time buyers hire a real estate agent that would help with the search, but others would prefer working with a real estate attorney. New York real estate laws are complicated. So while agents can help you find your dream home, a real estate lawyer in NYC can help you understand the legal process better.
As trusted real estate attorneys in NYC, Aminov Law Group, P.C. is here to tell you the difference between real estate agents and lawyers. Keep reading below.
What a Real Estate Agent Does
Real estate agents act as the bridge between you and the house seller. Simply put, these professionals take care of the whole process of buying and selling a property. They discuss your house preferences and budget with you. Then, they will search for your best options.
Every real estate agent works for or is an affiliate of a brokerage. Moreover, all NYC real estate agents have the minimum knowledge of the state’s real estate laws to guide you through the whole legal process of purchasing a house. But even if they know the law, they cannot substitute for a real estate lawyer.
Mainly, real estate agents are only hired to find a property and facilitate the transaction. For all further actions, you might need additional help from other professionals.
Benefits of Hiring a Real Estate Agent in NYC
Buying a house is complex and can be a lot to handle on your own. There are documents to fill out, inspectors to hire, conversations to have with the other party, etc. All of this can be too much for someone who isn’t familiar with the real estate industry. In this case, working with an agent will be good for you.
To give you a better picture, the following are several benefits you can get by hiring a real estate agent.
Knowledge of the Surroundings
Real estate agents practice in an area where they’re familiar with the surroundings. The local knowledge allows them to find the right property to suit your preferences and requirements.
Paid by Commission
Real estate agents are paid by commission, i.e., by a percentage of your real estate purchase. Considering that their pay depends on you purchasing a property, they put more effort into securing the deal and finishing the process as soon as possible.
Part of a Brokerage
These professionals usually don’t work independently; they are often part of a brokerage. This way, all transactions and every other aspect of the purchasing process are backed by the brokerage, providing a higher level of security for the customer.
What a Real Estate Attorney Does
A real estate attorney takes care of all legal matters when you want to purchase a property. Real estate agents can find the perfect property based on your requirements, but real estate attorneys don’t share that responsibility. Instead, they only handle the contract and other legal matters you may come across.
For example, if you want to purchase a commercial property and then rent it out, but it currently has tenants, then a real estate attorney can help you find a way to evict them.
Benefits of Hiring a Real Estate Attorney in NYC
Real estate laws differ in each state, meaning that if you want to own a house or other real estate legally, you must follow each provision carefully. Real estate attorneys know the laws in the state where they practice like the back of their hand, making it easier to assist you during the entire process.
Below are several benefits you can have from hiring a real estate attorney.
Answers All Legal Questions
You can turn to a real estate attorney when you have a law-related question regarding the purchase itself or other matters related to the house. They will provide you with full legal support and explain all documents’ terms and technical language before signing them. This way, you can have peace of mind that the process won’t be impeded at any stage because of a legal mistake.
Take Care of All Needed Documentation
In New York, the laws dictate that only a real estate lawyer can prepare the documents required to buy the house, alongside the title search. So if you want to buy a home, you must have a lawyer present to draft and review the contract. Additionally, a real estate lawyer is needed to prepare the closing paperwork to finalize the whole process.
Continue the Real Estate Agent’s Work
If a real estate agent addresses legal-related matters on their own and it isn’t handled correctly, they may lose their license. This is why, when legal problems arise, a real estate attorney is required. One of the distinctions between the two professions is that an attorney can carry on where the agent left off, whereas the other way around is not possible.
Represent You in Court
In case a legal proceeding arises from the purchase of a home, then the presence of a real estate attorney can save you time and money. These people know and practice real estate law daily, so they can help you address your concerns faster. A lawyer can help you gather the necessary documentation, fill out the required legal paperwork, and, if necessary, defend you in court.
Hire a Trusted Real Estate Lawyer in New York City
A real estate agent can aid you in finding the right real estate property for you. But a real estate attorney is needed when it comes to processing the purchase or creating the closing documents.
Aminov Law Group, P.C. specializes in real estate law in New York. If you need help with legal matters regarding real estate issues or want advice from a real estate lawyer, contact us to request a free consultation today.