what should a real estate broker ask a real estate lawyer

Although the lawyer will not reveal specific details about past cases, ask about practical strategies for your circumstance. Asking about the tactics a lawyer might use to handle your situation offers a great deal of insight into how knowledgeable the professional is about real estate law.

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What are the requirements for a real estate broker?

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What are the duties of a real estate broker?

Some of these responsibilities include:

• Listing homes for sale, usually on the Multiple Listing Service (MLS)
• Sharing brokerage listings with other MLS brokers to get buyers to go to listings
• Advising home sellers on how they better prepare their home for listing and showings
• Supervising property showings
• Reporting results and feedback of the sale to sellers

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How to become a real estate broker?

senior students have a unique opportunity to take into the real world - becoming well-versed in real estate and potentially a licensed agent at age 18. Load Error A part of the career and technology education curriculum, a real estate course has been ...

What is the difference between a real estate agent and a broker?

Differences between Real Estate Agent and Broker

• Qualifications. While real estate agents do not have much qualification requirements in order to practice in real estate, brokers have more qualifications hence have more complete knowledge of real estate ...
• Responsibility. ...
• Independence. ...
• Income. ...
• Marketing opportunities. ...
• Running a Property Management Company. ...

Why is experience important in real estate?

In real estate law cases, the experience of the attorney or law firm is important. More complicated real estate matters suggest having a more experienced legal presence. You may have to pay more for experience, but the value of your investment in such cases probably warrants the higher expense. The potential financial loss in larger real estate ...

How much does a title company charge per hour?

Estimates for time-based fees range from $100 to $500 per hour depending on the complexity of your case. Flat fees can range into the thousands of dollars. There are many services that you may need such as reviewing contracts, loan and title commitments, closing, confirming the title company performed its job after the closing, handling all communications, and responding to any of your concerns.

Is it ok to fill out all real estate forms?

If the answer is filling out all the real estate forms, this is probably not the right attorney for you. This is not the kind of service you need. Filling out standard forms is not enough because not all real estate transactions are the same. Many are not standard.Ask if the attorney plans to do due diligence for you and will spend ...

Is real estate a unique deal?

Every real estate deal is unique with its own set of circumstances and potential problems. Your case is no different. It is wise to find an attorney who is familiar with those types of problems and who knows how to prevent them from happening.

Is real estate the largest transaction?

Whether you’re buying or selling a house, real estate is often the largest transaction most of us experience.

Can an attorney handle unexpected issues?

Unknown and/or unexpected issues can arise at any time during real estate transactions. You should feel that your attorney can handle whatever comes up. You should ask the attorney what kinds of problems might occur during the transaction. What have they experienced in the past?

Do lawyers handle real estate?

Some lawyers handle just residential real estate transactions while others deal with commercial deals or work with financial lenders. Try to be as specific as possible in your request for information on the type of real estate and contract experience the attorney has. 4.

What does a real estate attorney do?

Once real estate agents settle the selling price and terms and contracts are signed, the real estate attorney takes over. The attorney reviews the contracts, negotiates repairs, makes adjustments in accordance with the terms of the deal, and may attend the closing. Some states require that an attorney be present at closing, ...

How much does a real estate lawyer charge?

Most real estate lawyers charge by the hour, while some professionals charge a flat fee. Hourly fees range from $150 to $350; flat fees are often between $500 to $1,500.

Why do you need an attorney for a commercial property?

Buying commercial properties, those with structural issues and buildings located in hazardous areas warrant the services of an attorney. Sellers may hire an attorney if the property they are selling is in a state of distress. Another reason to involve an attorney is when an individual is trying to sell a property with an uncooperative partner.

Why is it important to ask a lawyer about their tactics?

It is important to come away with a detailed plan of action rather than a vague guarantee of success.

What is real estate law?

Real estate law itself is a specialization. Law school students normally begin with taking elective courses and continue with real estate certification after law school. Ideally, the real estate lawyer will have earned a law degree from an accredited school. The professional might have attended law school in another state.

What are some examples of cases our legal firm handles?

Examples of types of cases our legal firm handles include buying and selling residential homes . We provide legal representation for those interested in buying or selling a business or commercial property, facilitating the transfer of ownership, assisting with negotiations, and attending the closing.

Can you negotiate legal fees?

Legal fees can be negotiated. Although price is one consideration, it should not be the only deciding factor. Remember that involving a qualified real estate attorney early on can prevent larger disputes down the road, plus added attorney fees, costs, and time. 4.

Why do you need a real estate agent?

One of the best reasons to hire a real estate agent is that the sellers are likely to use their own agent— and you want to keep that agent from taking over the process. In fact, the seller's agent might pressure you to let him or her represent both seller and buyer, in a " dual agency " relationship that primarily benefits the seller.

What do experienced real estate agents do?

What's more, experienced agents usually have contacts with good inspectors, mortgage loan brokers, and others who can make your buying process easier. And they know what's considered appropriate behavior and practice in your geographical area.

How much commission does a seller pay?

The seller typically pays the commission to both the seller's agent and your agent—usually around 5% of the sales price, to be split between the two agents. This percentage isn't cast in stone, however. For example, the seller might negotiate the percentage down if the house is particularly expensive. (And in probate sales, the court sets the commission.) Some buyers' agents have even been known to offer the buyer a percentage of their commission at closing.

How to get through the process of buying a house?

The process of buying a house is complex, and most people find it's easiest to get through with an agent by their side. Paperwork will be flying around like a small tornado, and it can be helpful to have someone familiar with the process to deal with it. Other parts of the transaction will be happening quickly too—hiring inspectors, negotiating over who pays for needed repairs, keeping up good relations with the sellers (through their agent) and more.

Who wrote Nolo's Essential Guide to Buying Your First Home?

To learn more about working with agents and attorneys to bring about a smooth, affordable house purchase, see Nolo's Essential Guide to Buying Your First Home, by Ilona Bray, Ann O'Connell, and Marcia Stewart.

Can a real estate agent answer a legal question?

However, legal issues might arise that your real estate agent can't answer. In that case, you'll need an attorney's help. Although good agents know a lot about the negotiating and contracting part of the process, they can't make judgments on legal questions. For example, what if your prospective new home has an illegal in-law unit ...

Do you need an attorney to buy real estate?

Except in states where it's mandated, an ordinary real estate transaction doesn't require an attorney's help. By now, real estate transactions are so standardized that most people in your state will use the exact same purchase contract, just filling in a few blanks.

Who to ask when selling a house?

From a friend: Ask colleagues, family members, friends or neighbors who they used in their home sales.

Who do real estate agents refer to?

They may even have a referral for an attorney who is an expert in your specific type of sale.

How much does a real estate attorney cost?

How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction . Some attorneys charge hourly, ranging from $150 to $350 per hour.

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is an escrow manager?

Escrow manager: The escrow manager, officer or agent is a third-party representative responsible for holding funds during the transaction and making sure every party gets paid the correct amount at closing. In some cases, escrow officers work at title companies, blurring the lines of which party is distributing funds at the closing table.

What to do if you have liens on your home?

Liens: If there are outstanding liens on your home, an attorney can help resolve those issues and clear the path to closing. They can communicate with the title company to make sure all lien holders get paid correctly.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

What should a broker cover?

Part of your strategy as a broker should be to cover a variety of geographic areas, market niches, and price points through the real estate agents on your roster. It doesn’t make much sense to bring in someone who is already working areas that are being covered by your other agents. You don’t want to encourage unhealthy competition ...

What should an agent be?

This question allows you to find out what they’ve planned based on their past performance, market research, and client feedback. No plans for change or growth? That is information that you need to know as well and may indicate a complacency that you’d rather avoid .

What to beware of in an interview?

Beware of a disconnect between the agent’s self-identified strength and your own impressions based on the interview. For example, if an agent claims to be an outgoing people-person, but you don’t see any sign of this, they may have a distorted sense of their own performance.

What is important to know about an agent?

It is important to know what struggles the agent grapples with and, more importantly, what they are doing to address them. Beware of agents who can’t name a challenge or who produce an easy answer like, “I’ m too much of a perfection ist” or “I’m too dedicated to my work.”

How to build a robust and resilient business?

In order to build a robust and resilient business, agents should have a variety of ways to obtain and nurture leads. In addition, they should be tracking each of their marketing efforts to find out what’s working, what’s not, and what adjustments are necessary .

Can an agent quote testimonials?

The agent may be able to quote specific testimonials from past clients in answer to this question or may be able to give you personal insights based on past experience and client interactions. Either way, this is a good opportunity to find out more about how others see the agent and how the agent views his or her own performance.

What happens if you don't ask a real estate agent?

If you don’t ask real estate agents the right questions before buying your house, you could be stuck in another “wig” situation. Making a mistake with the home you choose could have devastating effects that will last much longer than a bad haircut. When you’re buying your first home, your first relationship with a real estate agent can mean ...

What happens when you enter an agent-buyer relationship?

If you enter an agent-buyer relationship with the understanding that the agent will be handling you personally, it can be alarming to be handed off to an assistant. Be clear about who you will primarily be dealing with, what your agent will handle personally, and what gets delegated to their support staff.

What does a real estate agent actually do?

After all, in today’s information age, a new home might feel like it’s just a click away and easily accessible without the help of an agent.

What percentage of buyers buy through an agent?

In 2019, 89% of buyers purchased their homes through an agent, so choosing the right agent is a critical step to ensuring your homebuying success. To make sure you’re working with the best agent for your needs, here are 26 questions every buyer should ask real estate agents for both vetting before and while working together.

What is a realtor?

Realtor®: A Realtor® is a licensed real estate agent that is also a member of the National Association of Realtors (NAR). These agents must abide by the association’s Code of Ethics and its governing rules outlining an agent’s duty to their clients, the public, and other real estate professionals. Of the estimated 2 million active real estate agents in the U.S., there are over 1.5 million Realtors®. Kauffman says if you work with a Realtor®, you’re usually getting “a step up.”

Why do you need an agent when buying a home?

An agent can make sure you find your perfect home and are protected every step of the way. But it’s essential you feel comfortable and fully trust them with this important investment. These questions will help you do that and make your homebuying process easy and successful.

What does it mean when a realtor has a balanced roster?

If they have a balanced roster of clients, it could mean they are very knowledgeable about both sides of the process.

How much does it cost to teach a broker class?

Many brokers offer lots of classes, but most are taught by agents in the office (i.e. your local competitors). The good classes that are taught by the brokerage may cost between $200 – $1,000 per class.

Who are the leaders of Building Better Agents?

All without cold calling, door knocking, and chasing expired listings. Building Better Agents Leaders Kerry Lucasse and Kary Perry are proud to be agents with eXp Realty.

How many agents does Kerry Lucasse have?

She currently manages a local team of ~20 agents and has over 9,000 agents in her organization across North America. Kerry's helped hundreds of agents grow successful real estate businesses, establish their brands, generate more leads, build multi-state teams, and diversify their income streams.

Is it hard to determine the culture of a real estate brokerage?

While it may be difficult to determine the atmosphere and company culture of a real estate brokerage, it is critical to learn as much as possible beforehand. As a real estate agent, you work independently much of the time, but also need a supportive environment when issues arise and/or when you want to take your business to the next level. ...

Questions to Ask When Choosing a Real Estate Brokerage

Investing in real estate can help you generate wealth and earn passive income. Here are the questions that you should ask before selecting your next real estate brokerage.

Conclusion

It can be difficult to determine which real estate agent is the right fit for you and your needs. Still, it’s important to seek out as much information as possible. It can also be helpful to ask these questions in person so you can get a better feel for what kind of person they may be and whether or not they’re a good fit.