Pitfalls that real estate professionals avoid by using a law firm

On Behalf of | Apr 11, 2022 | Real Estate Law

Real estate professionals have to have specialized education and a state license to represent buyers or sellers in Georgia. They provide guidance when searching for property or listing one and assist with the negotiation of an agreement.

Real estate professionals often have a topical understanding of Georgia real estate laws along with an in-depth understanding of the closing process. Many professionals will try to handle all of their transactions without support, but some will turn to law practices for help. These real estate professionals recognize that attorneys can help them avoid claims by clients that could affect their licenses.

Lawyer review takes the risk out of contracts

However familiar a real estate professional may be with purchase agreements and other real estate contracts, they may not fully understand legal language. Moreover, they may assume that a contract is a staple, boilerplate document like the others they have seen when it really contains problematic provisions, like an escalation clause in an offer by a buyer.

Having a legal professional review all of the paperwork associated with an offer for a pending transaction limits the risk of mistakes because of questionable contract inclusions. An attorney can also draft unique documents that better protect a buyer or a seller during the transaction.

There’s less risk of a rushed title search

The buyer in a real estate transaction has the right to choose their title company, but many buyers don’t make use of this right and just purchase their policy from a big corporation.

The problem with this approach is that big companies sometimes push out policies without doing enough of a title search or engaging in the proper curative steps for title blemishes. Working with a local real estate law office for title searches reduces the chance of a big mistake and that could later lead to expensive total claims against the property. 

The professional avoids direct personal liability

A real estate professional helps someone make a decision involving hundreds of thousands of dollars and years of payments. Sometimes, little mistakes in the guidance provided to buyers can have catastrophic consequences. Partnering with an attorney means there is always a chance to clarify the law before giving any guidance to someone hoping to buy or sell real estate.

Bringing in an attorney to help with real estate transactions reduces the likelihood of expensive complications for the buyer or the seller.