In your next significant real estate transaction, are you debating whether to use a real estate agent or a real estate lawyer? While a real estate lawyer may be able to save you money in the short term, you’ll likely pay for it in the long term. Learn the benefits of working with a full-service real estate agent.
Real Estate Lawyer Vs Realtor
What are realtors?
Realtors are real estate industry experts who are National Association of Realtors (NAR) members. A real estate agent must subscribe to NAR by paying a membership fee, annual dues, and adhering to the Association’s code of ethics in order to join. Realtors are either real estate brokers or agents. However, without NAR, real estate brokers and agents are not regarded as realtors.
Responsibilities of realtors
Realtors’ involvement in a real estate transaction depends on whose interests they are representing, the buyer or the seller of the property. Their responsibilities overlap those of real estate brokers and agents. The primary responsibilities of realtors include the following:
What are real estate attorneys?
Real estate lawyers are experts in the law who help buyers and sellers of homes to complete the property transaction. They handle the legal aspect of property transfer. Real estate attorneys, as opposed to other real estate experts like agents and brokers, are familiar with the rules governing property transactions. Real estate attorneys must be involved in some jurisdictions for property deals to move forward as a legal requirement.
Responsibilities of a real estate attorney
Here are the primary responsibilities of a real estate attorney:
Differences between real estate attorneys and realtors
The following are the main distinctions between real estate lawyers and realtors:
Real estate agents must possess at least a high school diploma. Additionally, they must pass real estate education courses in management, sales and marketing, closing sales, taxes, and financing. Additionally, prospective realtors must complete a certain number of instruction hours in which they study the specifics of the real estate industry, home pricing, listing, and applicable real estate laws.
Real estate lawyers must possess at least a law degree. Students are tested on their comprehension and analytical skills over the course of the degree’s three-year duration, and they must have graduated from an accredited college or university. Students can enroll in specialized courses like business law, criminal law, or property law during their final year of study.
Realtors do much of their learning on the job. Some realtors may work for real estate agencies as agents before transitioning to the role of realtor after gaining relevant experience and certifications. Real estate firms that offer formal training are a good place for inexperienced and licensed realtors to get training. Through mentorship from a more seasoned professional, the training enables new realtors to understand how the real estate industry functions.
Experience working for a real estate-focused law firm makes up the majority of real estate attorneys’ training. Real estate attorneys who are just starting out are supervised by more seasoned attorneys. They frequently carry out legal duties like drafting tenancy agreements, educating clients about the law, and accompanying attorneys to mediation and court proceedings. Young real estate attorneys benefit from the exposure by honing soft skills like negotiation, persuasion, communication, and critical thinking.
Candidates must pass a test and obtain a working license in order to practice real estate. The primary requirements to qualify for a license include:
Real estate agents may also pursue additional certifications to advance their professional qualifications. These include:
A real estate attorney needs a license to practice. While the requirements for licensure vary from state to state, passing the bar exam is typically a requirement Real estate attorneys typically specialize in property or real estate law, despite the fact that law practice is broad. However, some real estate law firms have attorneys who practice in all related areas within the same organization.
Real estate agents divide their time between offices and the field. Realtors draft contracts and meet with clients, primarily home buyers and sellers, in the office. Realtors’ outside-the-office duties include accompanying clients on trips to view listings or evaluate the condition of homes. A realtor’s typical work week is longer than 40 hours. To accommodate the clients’ schedules, they might also be required to work on the weekends or in the late hours. Realtors may be self-employed or hired by real estate agencies.
Real estate attorneys work is mostly in the office. Additionally, they might need to go to court and visit clients in their homes. Real estate attorneys’ day-to-day tasks at the office include drafting contracts, counseling clients, concluding real estate deals, and supervising agreements between deal parties. When the property is the subject of litigation, a real estate lawyer may be required to visit the property out of office hours to evaluate its condition.
Real estate attorneys are required to dress professionally when appearing in court. Typically, a real estate lawyer will work more than 40 hours per week. For the purpose of conducting legal jurisprudence research and fitting into the clients’ schedule, they might be required to work into the night and occasionally on the weekends. Additionally, they communicate frequently with their clients, governmental bodies, and other attorneys.